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What is Ethereum?
Ethereum is an open and public platform for creating decentralized online services that operate on the basis of smart contracts. The platform is decentralized, based on the blockchain, like Bitcoin.
Interestingly, according to Joseph Lubin (founder of ConsenSys and co- founder of Ethereum), the broadcasting is fundamentally different from the BTC, and ETH “will be issued at a constant annual linear rate through the block mining process. This rate is 0.3 times higher than the total amount of ETH, which will be acquired during the preliminary sale."
Ethereum can be seen as a universal platform with the advantage of blockchain validation. This is due to the fact that, compared to Bitcoin, each transaction in Ethereum has a code that sets certain logic or conditions for the transaction to be executed. It also makes the system very flexible. For example, if you want to buy a watch, you connect the smart contract code to the watch seller’s database, as well as to your wallet / account. The platform will see the transaction as completed as soon as both parties receive confirmation of transactions (both for hours and for money). At the same time, the payment itself should not be in ETH.
The creation of Ethereum
Unlike Bitcoin, Ethereum creator is a real person. This person is Vitalik Buterin, a programmer who leads the Ethereum development team and is constantly upgrading the platform. He is an extremely prominent personality in the crypto and blockchain space.
The Ethereum White Book was published in 2013, and Ethereum was officially publicly announced at the 2014 Bitcoin North American Conference in Miami, Florida, USA.
The project was very well received, and Vitalik and his team created the Ethereum Foundation, a non-profit organization with the mission “to promote and support the Ethereum platform, research, development and education at a basic level for the distribution of decentralized protocols and tools in the world”. The development was funded by ICOs in July 2014, and Ethereum was finally released. The platform was launched in 2015 and was fully operational in 2016 by implementing the Homestead protocol.
The main advantage is that Ethereum is extremely flexible, so the system can be easily upgraded, modified or modernized. The platform is universal, supports different languages and algorithms. Another strong point is the clear management of the project and the clear leadership of Vitalik. Vitalik defines a project as: “Ethereum is a decentralized platform that executes any smart contract: applications that work exactly as programmed, without any possibility of downtime, censorship, fraud or third-party interference.”
The biggest problem is that Ethereum has a huge scalability problem, because the system is currently not very fast.