What is Ethereum? Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called “ether”, which can be transferred between accounts and used to compensate participant nodes for computations performed. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network. Ether is used by developers to build and promote new applications within the Ethereum ecosystem.
- Ethereum was developed by Vitalik Buterin and a team of developers in 2014.
- Ethereum is a global, open-source platform for decentralized applications. On Ethereum, you can write code that controls money, and build applications accessible anywhere in the world.
- Ethereum is a platform that makes it possible for any developer to build and publish next-generation decentralized applications.
What can Ethereum do?
Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship or third-party interference.
Decentralization in Ethereum is achieved by keeping most of the services on the network and its blockchain stored and executed on the computers of each individual user rather than a central server. The reason why this makes it more secure is because there’s no single point of failure: if one computer goes offline, the others can still keep running and serving requests. It also spreads out responsibility for maintenance across all users (or “miners”).
A smart contract is an agreement between two parties that has been recorded in computer code and stored on an immutable blockchain so it cannot be altered once published. This allows people who don’t trust each other to exchange assets without having to go through a middleman like a bank, lawyer etc…
Why are apps built on Ethereum better than apps built on other platforms?
Ethereum is the most secure platform available because of its smart contract system. Smart contracts are self-executing, meaning that they automatically execute when conditions specified in their code are met. For example, a smart contract could be used to ensure that funds are transferred only when a specified action has been completed (like shipping an order).
In addition to being secure and transparent, Ethereum also offers flexibility by allowing developers to create tokens which represent new cryptocurrencies and use them for whatever purpose they want. For example, the ERC20 token standard was created so that anyone could build their own cryptocurrency using Ethereum as a base layer for security. Similarly, an ICO (Initial Coin Offering) can be used to raise money for start-ups by issuing their own digital currency in exchange for capital investment from investors in exchange for tokens or coins based on blockchain technology
How can I get started?
- Download the Ethereum Wallet. You can download a wallet for free from the Ethereum website. The wallet is available as an app, which you can install on your computer or smartphone, and as a browser-based version that works in any connected device (though it may not work with all browsers).
- Install the Ethereum Wallet. Once you’ve downloaded and installed your chosen version of the wallet, create an account by entering your email address into the box provided and then clicking “Create New Account.” You’ll get an email containing a link to verify your email address; follow this link to activate your account and log in via web browser or mobile app.
- Create Your First Account on Your Computer: To create an account using Mist (the desktop version of Geth), go to https://www.geth1.eth/builds/windows/latest/, download Geth-Win64 v2.0-beta2 exe file according to whether you’re running Windows 8 64bit or Windows 7 32bit/64bit systems respectively; run the executable file after downloading it; select “yes” when prompted if this is okay for unknown software; click Next; choose “Use existing Keystore” from File menu at top of window that pops up next; enter password for new keystore when prompted by username@yourmailaddress herewith1234567890
With Ethereum, you can build unstoppable applications.
Ethereum is a platform for building applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk. The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation which is primarily funded by donations from Ether miners and businesses within the Ethereum ecosystem.
We hope this article has been helpful to you in understanding what Ethereum is and how it can be used. If you want to learn more about Ethereum, check out some of our other articles on the topic!