ETH - Ethereum


Rank Logo Symbol Normalized USD USD Volume Percentage Market Cap
3 ETH 967.880 138.291 37.384 $14.29 B

Last Updated: Nov 18, 2018. 10:27 PM

What is Ethereum?


Wikipedia

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014. The system went live on 30 July 2015, with 72 million coins "premined". This accounts for about 70 percent of the total circulating supply in 2018.

In 2016, as a result of the exploitation of a flaw in The DAO project's smart contract software, and subsequent theft of $50 million worth of Ether, Ethereum was split into two separate blockchains – the new separate version became Ethereum (ETH) with the theft reversed, and the original continued as Ethereum Classic (ETC). The value of the Ethereum currency grew over 13,000 percent in 2017, to over $1400. By September 2018, it had fallen back to $200.


CoiningAI

What problem does this coin solve?

Ethereum was created in 2013, following Bitcoin, aiming to build decentralized applications. Ethereum creator Vitalik Buterin argued in the white paper (linked below) that with a more general scripting language, Ethereum could be offered in a wider variety of applications, whereas Bitcoin is limited in scope.

Thus, the goal of Ethereum, in contrary to Bitcoin, was to allow for decentralized applications and for companies to build their own platforms based on Ethereum.

With the combination of the platform and coin, Ethereum is unique in that it allows an all-in-one solution to build contracts and applications for enterprise and consumer uses.

What’s unique about this coin?

Perhaps more than anything, what’s unique about Ether is the combination the currency and the platform, which opens up to major corporations, users, and much more.

What are the use cases for this coin?

The biggest and most widely-publicized use case of Ethereum is its peer-to-peer smart contract system. This enables users to create contracts between each other without the need for an additional middle-man or third party. For instance, you can set up a smart contract for a concert, where tickets and attendees can be managed, as well as the transactions themselves using Ether.

Of course, another use case for Ether is the cryptocurrency itself. Ether is known for its lower fees compared to other cryptocurrencies, making it a viable option for people to send compensation to each other.

Development status

Ethereum is in active development and an open standard, thus anyone can contribute to the project. With the open nature of Ethereum, it is likely that it will be in active development for many years to come.

Currently, Ethereum is facing issues scaling – meaning that as more companies and developers take advantage of the platform, it slows down and faces delays in processing tasks. This is an issue currently being worked on by developers.

Ethereum versus other cryptocurrencies

There are actually two versions of Ethereum: Ether (ETH) and Ether Classic (ETC), though the former is by far the most popular and most widely accepted. The two were split in September of 2016 when a decentralized autonomous organization called the DAO, which raised money to fund Ethereum, was exploited.

Furthermore, it’s important to note that there is Ethereum, as well as Ether. The former is the open-source platform that allows developers to build their own applications. The latter is a cryptocurrency based on the Ethereum platform.

In comparison to Bitcoin, the differences with Ether are stark. Bitcoin aims to replace cash, acting as a form of currency. Ether, however, aims to facilitate contracts between parties and act as a platform on which developers can build.

With the differences so apparent, it’s hard to compare Ether to Bitcoin. In terms of the cryptocurrency itself, Ether is known for its lower fees, but again, what really sets it apart is the platform.

References

From the web

What is Ethereum? | Coin Center
coincenter.org
Vitalik Buterin, creator of Ethereum, explains what this new technology is and what the vision of a shared world computing platform could one day make possible. In a nutshell, Ethereum is a new innovation in computing built from technologies and concepts originally pioneered in Bitcoin. Bitcoin is ...
What is Ethereum? - CoinDesk Guides
coindesk.com
Before you can understand ethereum, it helps to first understand the internet. Today, our personal data, passwords and financial information are all largely stored on other people's computers ...
Crypto Startup Wala Is Reaching Africans with Ethereum ...
coindesk.com
South Africa startup Wala is using microraiden for high volume, low-value, off-chain ethereum transactions. And people are using it in the thousands.
How Ethereum Works - CoinDesk
coindesk.com
How Ethereum Works 'Turing-complete' programming, 'state' and the 'EVM' ... Initial Coin Offerings refer to the distribution of digital tokens. Subscribe View all Podcasts .
Hotel Aspen St. Regis Sells Real Estate Tokens on Ethereum ...
fortune.com
The coin sellers intend to use Templum Markets, a registered broker dealer that operates an alternative trading system, as the financial partner that will provide the infrastructure on which the ...
What is Ethereum? The Most Comprehensive Beginners Guide
blockgeeks.com
What is Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship or third-party interference.If you want to know what is Ethereum, how it works, this guide is perfect for you.
What is Ethereum - Cointelegraph
cointelegraph.com
Ethereum is a decentralized ledger protocol and a platform that promises unprecedented opportunities for developers of applications running on blockchain, both financial and non-financial.
Ethereum Partners with R3CEV on Lizardcoin, Bringing ...
ethereum.org
The Ethereum Foundation has announced that it will be working with the New York-based banking consortium R3CEV on creating a new blockchain-based cryptocurrency, Lizardcoin, which aims to showcase the benefits of blockchain technology as well as the consortium's ability to bring the technology to institutional clients and the regulation-loving masses...
What Is Ethereum? Here's What You Need To Know
kingpassive.com
Initial Coin Offerings (ICOs). Initial coin offerings, or ICOs, are one of the most famous uses of Ethereum. Though ICOs take place on other platforms too, the overwhelming majority are Ethereum-based.
How Does Ethereum Work? | CryptoManiaks
cryptomaniaks.com
What does Ethereum do? Ethereum is widely regarded as the first and largest Blockchain 2.0 platform. While the cryptocurrencies that came before Ethereum allowed users to store and transfer wealth, Ethereum goes beyond these capabilities by allowing its users to create decentralized apps .
What is Ethereum? | CryptoCompare.com
cryptocompare.com
Ethereum is the new and improved crypto currency that is often called Bitcoin 2.0 – except it allows you to do more through its internal programming language, so it isn’t just a currency it is a lot more.
What is Ethereum? | Ethereum Basics, Everything You Need ...
cryptocurrencynews.com
What does Ethereum’s blockchain do? Ethereum’s blockchain structure is a shared record, through the multitude of nodes around the world, of a complete transaction history for the user – everything that the user does with Ethereum, or stores via Ethereum, is tracked by the nodes.

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