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Sunday, December 5, 2021

What is Ethereum? Jan 2021


Hey, I’m Justin with MarketSquare, the new homepage for the decentralized Web. Let’s learn about Ethereum, a decentralized world computer. Ethereum is a Blockchain network and the first popularized Blockchain-powered Operating System. For example, normally you might run a software program on your computer at home, or on a server in the cloud.

Ethereum allows you to run code on a network of computers simultaneously, creating what they call ‘unstoppable code.’ The network is decentralized, so once the code executes, it can’t execute.

The mechanisms that make this possible are the network’s native crypto asset, Ether, and the code that runs on the network called a Smart Contract. All fees for running Smart Contracts are paid to network operators in Ether.

There are multiple co-founders of Ethereum but none so vocal and pivotal as Vitalik Buterin, software engineer and co-founder of Bitcoin Magazine.

Ethereum initially appeared in 2013within a whitepaper authored by Vitalik. It was publicly introduced in 2014 and launched in 2015. Ethereum is known as the father of the ICO, or Initial Coin Offering.

Ethereum was the first one, pulling in approximately $18million dollars from early supporters. After it launched, 3rd-party projects could also run ICOs on the network by launching tokens on the EthereumBlockchain, powered by Smart Contracts.

Smart Contracts can be applied to a variety of applications, including financial services, crowdfunding, asset tokenization, and contract law, just to name a few.

Read More: DBS Group Holdings to launch its own bitcoin exchange, cryptocurrencies. | AUS |

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