Smart Contracts allow you to program contracts that can be automatically enforced by computer code. Smart contracts are small computer programs that are replicated and processed on all the computers on the Ethereum network without a central coordinator. This token is required to pay transaction fees for transactions done on the Ethereum network. What is EtherĮthereum has a native currency called "Ether", or "Eth". They then established the Ethereum Foundation, a non-profit based in Switzerland which was tasked with seeing Ethereum's open source development early on. The team raised over 31,000 BTC, which at the time was around $18 million USD. A few months later, the team held an Initial Coin Offering (ICO) for the Ether token to fund the development. In 2014, the project was publicly announced, and the core team consisted of Vitalik Buterin, Mihai Alise, Anthony Di Iorio, Charles Hoskinson, Joe Lubin and Gavin Wood. However, after being refused by the existing projects, he decided to do it himself.He went ahead and proposed the development of a new blockchain platform with a Turing-complete programming language (Solidity), that went on to be what we know as Ethereum. He traveled across the world looking at various crypto projects, and realized it is possible to generalize the functionality of most of these projects by integrating a Turing-complete general-purpose programming language into a blockchain.īuterin tried to convince the Bitcoin core developers, among devs from other projects, that the blockchain technology can have much wider impact than just monetary exchanges and blockchain needed a general purpose programming language to go with it. In late 2011, he co-founded the Bitcoin Magazine and went full time into crypto. He wanted to formally contribute, so he started writing articles about it in exchange for a few Bitcoin per article. In 2011, he came across Bitcoin, and got quite fascinated by the idea. He used to play World of Warcraft from 2007-2010, however, when Blizzard decided to remove the damage component from his favorite warlock's Siphon Life skill, Buterin was very upset and quit the game altogether. He was a curious student, and a gifted programmer even at a young age. Ethereum Basics HistoryĮthereum was originally proposed by Vitalik Buterin, a young programmer and co-founder of the Bitcoin Magazine. In the near future, with the Serenity patch, Ethereum will be moving to a Proof of Stake (PoS) mechanism. It maintains consensus across all the computers in it's network with Proof of Work (PoW). You can write smart contracts using Solidity and deploy the smart contracts to the Ethereum Network. The global state of Ethereum therefore consists of more than just the balance of every account, but also the state of each dApp.ĭApps are built on Ethereum using it's programming language, Solidity. Unlike Bitcoin, which only supports the transfer of the Bitcoin token around the network, Ethereum is more general purpose.ĭevelopers can build dApps, or decentralized applications, which can be executed on the Ethereum network on the Ethereum Virtual Machine (EVM). Theory What is EthereumĮthereum is a decentralized blockchain that supports smart contracts.
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