What is Ethereum?
Ethereum is a decentralized application platform built on blockchain technology. It allows anyone to build and use decentralized applications that run through blockchain technology in the platform. More simply, Ethereum is a platform for sharing information that cannot be forged or changed globally.
Ethereum provides a decentralized virtual machine (called the Ethereum Virtual Machine) through its dedicated cryptocurrency Ether (Ether, also known as "Ethernet") to handle peer-to-peer contracts. Ethereum is a decentralized digital currency. In addition to being a tradable cryptocurrency, Ethereum promotes the development of the Ethereum network by paying transaction service fees and calculating service fees. Ethereum paves the way for a smarter financial platform.
The concept of Ethereum was first introduced in 2013 to 2014 by programmer Vitalik Buterin inspired by Bitcoin. The idea was “Next Generation Cryptographic and Decentralized Application Platform”, which was launched in July 2014 through ICO crowdfunding.
Compared to most other cryptocurrency or blockchain technologies, Ethereum features the following:
- Smart contract: A program stored on a blockchain that is run by each node and requires the person running the program to pay a commission to the miner or equity of the node.
- Tokens: Smart contracts can create tokens for distributed applications. The tokenization of distributed applications allows users, investors, and managers to have the same interests. Tokens can also be used for the first token release.
- Uncle block: It will be incorporated into the shorter blockchain of the parent chain because it is slower to increase the transaction volume. The related technology of directed acyclic graphs is used.
- Proof-of-stake: It is more efficient than proof of workload, saving a lot of computer resources wasted when mining, and avoiding network integration by special application integrated circuits. (testing)
- Plasma: With a smaller branch block chain operation, only the final result is written to the main chain, which can increase the workload for unit time. (not yet implemented)
- State channels: A bitcoin-like flash mine network that speeds up transactions, reduces the burden on blockchains, and increases scalability. Not yet implemented, the development team includes the Raiden Network and the Liquidity Network.
- Sharding: Reduces the amount of data required for each node and improves efficiency through parallel operations (not yet implemented).
Intro to Ethereum
Issue Date: 2014-07-24 Total Issues: No Clear Quantity
Total Liquidity: 101,800,000 Circulation Market Value: 23.6 billion $
White paper: https://github.com/ethereum/wiki/wiki/White-Paper
Official website: https://www.ethereum.org/
Block query: https://etherscan.io/