Ethereum Explained

Photo by Nick Chong on Unsplash

Ether (ETH), the world’s second-largest cryptocurrency after Bitcoin in market capitalization, is backed by its blockchain-based software platform, Ethereum. Ethereum, like other cryptocurrencies, can be used to send and receive value internationally without the interference of a third party. 

First Proposed by a 19-year-old Developer

Ethereum was first proposed in 2013 by Vitalik Buterin, a 19-year-old developer who was one of the forerunners of the concept of using the blockchain technology that underpins Bitcoin for something besides transactions. The platform went live in 2015, translating the principle of Ethereum into a real-world network.

Ethereum, The World Computer

Ethereum has been nicknamed the “world computer” by this bold concept and has been met with skepticism from those who think it would fail. However, suppose this experiment goes as expected, it will result in apps that are very different from those generated by Facebook and Google, which users knowingly or unknowingly trust with their data.

Ethereum Returns Control to Users

With the aid of a blockchain, Ethereum supporters plan to return control to users. A blockchain is a technology that decentralizes data and distributes copies to thousands of people worldwide. Developers may use Ethereum to create leaderless applications, ensuring that the service’s developers cannot tamper with a user’s data.

Supports Everyday Life more than just Transactions 

Ethereum’s developers intend to use the same technology to replace internet third parties, such as storing data, moving mortgages, and keeping track of complex financial instruments. Compare Ethereum with Bitcoin that was developed to disrupt online banking and daily transactions. These apps support users more on an everyday life basis, like sharing information on social media with peers. Albeit being accused of exploiting this power by censoring data or, in the case of hacks, unintentionally spilling confidential user data.

Ethereum Aims to Eliminate Intermediaries

Intermediaries are common, as they assist us with a range of digital activities behind the scenes. Gmail, for example, enables us to send emails. This means that our personal information, financial information, and other confidential information are primarily stored on other people’s computers – in cloud and server networks operated by companies including Facebook, Google, and PayPal. According to advocates of decentralization, this structure may be problematic. It means users have less direct influence. It also opens the door to censorship. The intermediary may step in and discourage a user from taking any action, such as purchasing a particular stock or posting a specific message on social media or even ban them entirely.

Revolutionizing the Internet 

Ultimately, Ethereum’s goal is to revolutionize how apps operate on the internet by eliminating intermediaries and replacing them with smart contracts that automatically execute rules. 

Many people, including the internet’s founders, assume the internet was built to be decentralized from the outset, and a factionalized movement came up using digital technologies to achieve this goal. One of the technologies that have entered this movement is Ethereum.

You can share this post on

Reletad Post

What Is NFT Real Estate and How Is It Changing the Real Estate Industry?

NFT real estate is virtual property you can purchase on a metaverse platform. 

There are many use cases for NFT real estate but it is most commonly used as a space to socialize, work, and game.

The value of NFT real estate can be affected by its utility, project, and demand. 

Thanks to blockchain technology, the tokenization of real-world assets (such as real estate) has made the industry’s processes more efficient, transparent, and secure.

Arbitrum Project Introduction

From 2020 to now, many public blockchains such BSC, Solana, Polkadot, and Avalanche raced to take over ETH’s users and market. Their advantages on low gas fee and quick transaction time made ETH eager to release effective Layer2 program to expand the capacity. Since Arbitrum was released, its ecosystem grew up rapidly and already owned many mature and popular featured projects on different race tracks.

Polkadot, the King of Cross-chain Explained

What is Polkadot? Polkadot is a heterogeneous blockchain founded by Gavin Wood, former CTO of Ethereum, is an impeccable blockchain project that is perfect in every sense. Its founder, Gavin Wood, is the author of the Ethereum White Paper and the person who knows the defects of Ethereum at heart. Polkadot was founded with the idea to solve Ethereum’s shortcomings and replace it as the “King of the Public Chain”. Read to find out more!

Fil Mooned Right Away After I Sold It. Am I One of the Weak Hands?

“Fil mooned right away after I sold it. I am the weakest hand in the crypto world.” said one of my friend who has been trading cryptocurrency for many years. He is a user during the public sale and bought FIL at the price of $2. After the FIL is unlocked, he sells coins wildly every day. But even so, he still hates the slow process of unlocking, so he directly sold all the publicly purchased Fil at the price of dozens of dollars.

What is EIP-1559? How will it affect Everyday Users? Will it Pump Up ETH Price?

What is EIP-1559? How will it affect Everyday Users? Will it Pump Up ETH Price? The EIP-1559 we will be talking about in this article is an example of Ethereum improvement proposal. This proposal was first put forward in November 2018 by Eric Conner, an ETH developer. It aims to reform the GAS fee bidding system of ETH, so to reduce the cost for users to transfer money on ETH.

DigiFinex Apollo IEO Project HGOLD Token Sale Announcement & Sponsoring Michael Madsen’s Imprint Ceremony in Hollywood

5 rounds of HollyGold Limited Token Sale came to an end smoothly last Friday, Nov 13rd, 2020. Not only was it a successful token sale, its’ results were indicating a positive growth in the project HollyGold. HollyGold has also sponsored Michael Madsen at his celebratory imprint ceremony in Hollywood recently.

%d bloggers like this: