Ethereum ETH

Ethereum ETH
Ethereum ETH

“Ethereum ETH is a global, open-source platform for decentralized applications.”

Ethereum ETH was proposed by Vitalik Buterin, by publishing the white paper in late 2013. Ethereum is an open-source, decentralized, and distributed computing netwok that allows the development of smart contracts based decentralized applications known as dapps.

Website White Paper Source Code Explorer

Founded Year2014
Founding MembersVitalik Buterin, Joseph Lubin, Anthony Di Lorio,
Charles Hoskinson, Gavin Wood, Mihai Alisie
Launching Year2015
Circulation Supply111,596,451 ETH
TypeCoin, Mineable

What is Ethereum ETH?

Ethereum ((ETH) is a global, open-source, decentralized and distributed, state Turing-complete machine for smart computing, capable of creating and running decentralized applications (dapps).

Ethereum nodes use a decentralized virtual machine EVM (Ethereum Virtual Machine) for the execution of the smart contracts. EVM acts as a backbone for the ethereum network and allows anyone to execute transactions safely and securely using the consensus algorithms.

Ethereum (ETH) uses a scripting language, a Turing-complete EVM, an internal pricing mechanism (GAS) and consensus algorithms to create a platform that can be used to create, run smart programs.

Smart Contract is a self-executing software program (automatically executes when specific conditions are met) that ensures trust for the execution and verification of transactions carried out anonymously between different participants with-in the ethereum network without using a central authority or third party.

Ether (ETH) is the cryptocurrency used by the Ethereum network to reward the participating nodes for the verification of transactions and maintaining network health.

Ethereum (ETH) network allows organizations to create applications and smart contracts that can run without any interference and downtime. Ethereum network provides support for creating any type of application in a decentralized, distributed network like cryptocurrency wallets, financial applications, decentralized markets, games, and many more.

Ethereum (ETH) is creating a network where digital assets and their transfer mechanism can be built, where users own and control their data, where everyone has equal rights to participate, where no person and company control the network.

What is the problem Ethereum ETH trying to solve?

Satoshi Nakamoto created and implemented an electronic cash system named Bitcoin. The bitcoin network is a peer-to-peer, decentralized, distributed network that uses cryptographic proofs and consensus algorithms to create and transfer Bitcoin safely, securely around the globe, without using any central authority or middlemen.

Even though Bitcoin network is one of the most secure and trusted networks to track ownership of digital currency, but it has some limitations:

Lack of Turing-completeness: that is to say, while there is a large subset of computation that the Bitcoin scripting language supports, it does not nearly support everything. The main category that is missing loops.

Value-blindness: there is no way for a UTXO (unspent output from bitcoin transactions) script to provide fine-grained control over the amount that can be withdrawn.

Lack of State: UTXO can either be spent or unspent; there is no opportunity for multi-stage contracts or scripts which (unspent output from bitcoin transactions) keep any other internal state beyond that.

Blockchain-blindness: UTXO (unspent output from bitcoin transactions) is blind to blockchain data such as the nonce, the timestamp, and previous block hash.

Ethereum ETH is created to overcome these limitations that provide a state Turning-complete network of nodes running ethereum virtual machine capable of creating, deploying, and executing smart contracts.

Ethereum (ETH) provides a simpler, universal, modular, agile, non-discrimination, and non-censorship complete ecosystem to the users for creating decentralized applications, that have all the features of the blockchain technology.

If you are interested in knowing more, you join the Ethereum ETH Communities

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