What is Ethereum?

Ethereum – This is a platform based on blockchain, designed to create online services without a single control center, as well as applications whose work depends on the base of smart contracts. The light came out as a virtual machine that does not have a single control center. The main developer was Vitaliy Buterin, he owns the magazine Bitcoin Magazine. The network, conceived in 2013, was implemented in 2015.

Since Ethereum is an open platform, the implementation of blocking technology becomes much easier than in other platforms. This feature attracted interest from both start-up companies and the world’s largest developers of software. Surprisingly, financial companies, major banks and airlines showed great interest in this platform.
In just a few months, Ether’s EtherExum, working on the same platform, could add as much as 1200% to itself. With such success, the currency managed to break out into second place, yielding the most famous crypto currency to bitcoin. The market capital of the air has become equal to 882 000 000 $, for three months it has overtaken such currencies as Ripple with a capital of $ 273,000,000 and Litecoin $ 148,000,000.

In March, the rate of the air, one of the leading crypto-currencies, rose to $ 25. This is very pleased investors Ethereum (ether, etherium) – distributed computing platform based on the blockbuster, which uses crypto ether as the main means of exchange – especially considering that since the launch in July 2015 the cost of crypto currency has fallen below $ 10. But the sharp growth had another important consequence: for the first time in the history of the Ethereum crypto currency, mining has become really profitable.

Ethereum and bitcoin work on the same blockchain technology, but the Ethereum gives users something more than bitcoin – a lot of subsequent operations with a database that can be controlled, this technology has its name “smart contracts”. This technology was implemented in 2013 by a programmer from Canada who in the future created Ethereum.

A smart contract is an electronic algorithm that describes a set of conditions, the execution of which entails some events in the real world or digital systems. Thus, many types of contractual relations can be partially or completely self-executing, for example, payment of insurance, payment of taxes, transfer of wages, payment of a winnings at a bookmaker office or augmented payment in a financial pyramid of the MMM type – everything is done automatically.

In addition, on the Ethereum platform, anyone can emit their own crypto-currencies. This is useful for startups, various bonus programs, etc. For the release of its crypto currency, no special programming skills are required. IBM even experimented with Ethereum to use things on the Internet.

In early 2016, several dozens of applications for Ethereum have already been created – and the project is finally taking off.

1 Comment
  1. Ethereum is the best crypto!

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