Why Ethereum?

Bitcoin provides a peer-to-peer electronic cash system that enables online Bitcoin payments through the use of a decentralized, peer-to-peer digital currency without a central authority or bank.

Unlike Bitcoin, which is used to track ownership of the digital currency Bitcoin, Ethereum focuses on executing the programming code of decentralized applications. Rather than mining bitcoins, miners at Ethereum are working to earn ether, a type of crypto-token that powers the network. As a tradable cryptocurrency, ether is also used by application developers to pay transaction fees for services on the Ethereum network and for other purposes.

Ethereum is based on blockchain technology, where transactions are supposed to be irreversible and immutable. By executing a hard fork and rewriting blockchain rules to do so, Ethereum has set a dangerous precedent that runs counter to the very nature of blockchain.

If the blockchain is altered at any time with enough money, or if enough people are negatively affected, its main value is lost.

The developers and founders of Ethereum were forced to deal with this mess, and after a long debate, the Ethereum community decided to recover the stolen funds by executing a so-called hard fork, a code change. While a less aggressive "soft fork" solution was proposed, it put both the Ethereum community and its founders in a dangerous position.

The fork moved the stolen money into a new smart contract that would allow the original owners to withdraw their tokens, but only after a certain amount of time.

This means that everything that happened during the Ethereum fork is also valid on Ethereum Classic. Both Ethereum blockchains have the same properties and are identical, except for certain blocks where a hard fork has been implemented. The two ethereum blockchains act as a single block chain from the block in which the forks and code changes are executed.

Since decentralized applications run on blockchains, they benefit from the properties of blockchain. Ethereum accelerates the decentralization of the global economy by providing a user-friendly platform that enables people to harness the power of blockchain technology.

Smart Contracts and Distributed Applications (DApps) build and run on and build on the Ethereum blockchain. Apps are based on a network that builds consensus and makes censorship impossible. Applications are protected by cryptography against hacks, attacks and fraudulent activities.

In 2014, Ethereum launched a pre-sale of Ether, which met with an overwhelming response. Applications running on Ethereum run on a platform - a special cryptographic token - and run outside the blockchain. Turing to help developers build and release distributed applications.

Ethereum recently developed a new standard called ERC20 Tokenbebe, a unique digital asset that can be tracked. A digital collector's item is an infrastructure that enables people to prove ownership of scarce digital goods.

Currently, many games are built with this technology, such as CryptoKitties, which became a hit overnight, a game in which you can collect and breed digital cats.

Although decentralized applications consist of code running on the blockchain network, they are not controlled by a single or centralized entity. Bitcoin, for example, is a dapp that provides its users with a peer-to-peer electronic cash system that enables online Bitcoin payments.

Previously undreamt of applications, such as the ability to capture real estate and assets digitally, are now being actively developed and deployed faster than ever before. Banks offer a switching service that most people rarely think of, but it is an important part of the digital economy.

Ethereum makes all this possible by providing developers with the tools to build decentralized applications. The original Ethereum development team consisted of a small group of developers from the University of California, Berkeley, and the Ethereum Foundation. The DAO hack happened, and more than $50 million worth of ether was back in circulation at the time, representing 15% of the total ether circulation.

The industry, both public and confidential, continues to contribute to Ethereum and is working together to help this promising toddler age codebase mature. Jeff Wilcke and his team developed and designed the Go Ethereum Client. Microsoft has anchored its Bletchley platform on the basic blockchain elements of Ethereum, and several other major banks use Ethereum as part of their digital asset management systems.

All these efforts have contributed significantly to the development of the Ethereum ecosystem and its future as an open source platform for digital asset management.

Instead of giving you a series of limited operations, Ethereum allows developers to create any operations they want. This means that developers can create thousands of different applications that go far beyond anything we've seen before.

While it is still in its infancy, crap, MetaMask, and a host of other browser blockchain-based applications appear to be coming to fruition in the near future. There is no doubt that blockchain technology could bring decentralized applications into the mainstream, but until this development, Ethereum applications are designed for a very limited number of operations.

Ethereum, Cryptocurrency, DApps, Notary, Contracts