In this world of cryptocurrency, if Bitcoin is king then Ethereum is Queen.
In the last few months Ethereum has also increased significantly and in today's time, it is one of the most promising Cryptocurrencies. In this article I will help you understand Ethereum and as a beginner you will learn everything about it that you should know
What is ethereum?
So as Etherem's official project website says
But what is special in it? All software works just as they are programmed.
So what Etherem's blockchain's code is, it can not be altered, tempered or hacked again. So the tamper-proof feature of this cryptography makes sure that it becomes a great application of blockchain technology.
History of Ethereum
A Russian programmer Vitalik Buterin created Ethereum at the end of 2013. She did this formally announce January 2014 at the North American Bitcoin Conference in Miami, USA.
Ethereum was created to do two things that bitcoin could not have done.
Rather, it was a try, smart contracts and DApps independently without any human interaction of code, run and execute.
In July 2014, as a co-founder, Dr. Ethereum Foundation, by joining Gavin Wood, bootstrapped the development of Ethereum software and raised Ether tokens in $ 18 million prescale
Etherem's Team
Vitalik Buterin (CEO) - With the help of Bitcoin in 2011, Vitalik discovered cryptocurrencies and blockchain technologies. He saw Bitcoin Magzine in 2012 to understand Bitcoin. After getting Theil Fellowship in 2014, she dropped out of University of Waterloo to work full-time at Ethereum. Vitalik understood that what blockchain technology has to offer in the future and in 2013 he invented Ethereum.
Gavin Wood (CTO) - Meet Gavin Vitalik through a mutual friend in 2014. He made the smart contract language Solidity. For Ethereum Virtual Machine (EVM), he also wrote the first yellow paper on the Etherem blockchain.
After Jeffery Wilcke - Inception, he is looking at the implementation of Go Programming at Ethereum.
Ming Chan - He is working as Etherem's Executive Director and oversees Ethereum Blockchain's regulatory and legal matters
Total how many Ethers will be produced?
Many people want to know how much bitcoins will be produced. But this is not Ethereum which will be produced or mine, but it is Ether.
Ethereum is a network that is based on blockchain technology, and Ether is a cryptocurrency that runs this network.
Ether will be issued by block mining process at constant annular linear rate. This total annual ETH which will be made in pre-sale, will be 0.3 times.
Made in Presale 60,102,216 Ether.
It's 0.3 times, 18,030,664.8
So this way about every year approx. Became 18 million ether
Mining of Ether
Ethereum blockchain is kept safe by Ether, which is an incentive for miners.
The supply of Ether is limited to 18 million annually. In every 12-14 second, there is a new Ethereum block mine, and 5 Ether's reward is given to the computer that has mine it.
Ether can be mine from CPU and GPU mining, by mine blocks on ethereum blockchain.
Market Capitalization (Market Cap)
Ethereum now has a market cap of $ 10 billion.
This is 1/3 of Bitcoin's market cap. Present value of 1 Ether is $ 220.
Now the question arises that whether Etherem powered by ETH coins will be a popular platform in the coming time or not. Now they will tell you the next day
Etherem's Popular Wallets
Hardware Wallets – Trezor, Ledger Nano S
Mobile Wallets – Jaxx (iOS, Android), Coinbase (iOS, Android), Ethereum Wallet (iOS)
Desktop Wallets – Jaxx (Windows, Mac OS, Linux), Coinbase
Web wallets: CoinPayments
Paper Wallets – MyEtherWallet, Classic Ether Wallet, EthAddress
The ETH, ETC split, The DAO, and The Hack
Decentralized Autonomous Organization (DAO in short) was added to Ethereum blockchain so that it could work as a Venture Capital Firm that no one neither owns nor operates. It was made with smart contracts that used to execute DAO tokens, with the possibility of working on their basis.
In June 2016 it was launched with a crowd funding of $ 150 million.
Hackers hacked immediately after the launch.
DAO Tokens of US $ 60 Million was removed due to a DAO faulty code.
Immediately after that, a Hard Fork was implemented on the Block 192000 of Ethereum blockchain, so that the loss of DAO token holders could be refunded. This Hard Fork created a new version of the blockchain by treating the hacked transaction as invalid.
With this, ETC (Ethereum Classic) was born.
Ethereum Classic's blockchain is similar to Ethereum Block 192000 where this Hard Fork was implemented.
Users who do not like Hard Fork's idea, instead of upgrading to a new version, keep doing mine only from the old version.
Since then, according to the versions of the block chains, it is different from each other. ETC (Ethereum Classic) is traded on an exchange platform and offers the same functionality of decentralized apps and smart contracts
Ethereum Use-Cases: Making Science Fiction a Reality
There are use-cases of Ethereum, which are being developed.
Golem is the world's first decentralized and open sourced super computer that is developed on Ethereum and anyone else can use it.
This computation power has been available from small personal laptops to the contribution of large data centers.
As a user of this platform, you have run a website, you can calculate a difficult computational problem or you can run a long code with additional computational code.
You can also run miners by using additional computer resources and can mine cryptocurrencies.
It gives birth to such an economy where computing power is unused, it can be used properly.
In this way anybody can take computers on rent in exchange for any money.
Brass Golem, which was introduced by Golem, is the first such application, which made the computer graphics computation much faster
Bitcoin VS. Ethereum
Bitcoin is a peer to poor electronic cash system.
Bitcoin is digital money. The blockchain of Bitcoin stores and handles all the transactions from the beginning of the network.
This posture helps in accounting and transfer of value.
But Ethereum blockchain also stores programming logic to handle accounts and transactions.
Here is a rectification:
On the 8th of May, if there is more than $ X in the account of A, then $ Y transfer will be done in the account of A from the account of A. If not, transfer $ Y to the account of B.
And when such codes are executed once, Etherem is stored forever on the blockchain. This helps in future decision-making processes.
Ethereum Bitcoin is mostly different from this, because in Ethereal you do not transfer any money only, you execute smart contracts.
There are many real world scenarios where we trust third parties, middlemen, and escrow agents to enforce the transaction. In this way they all cut their commission. In Ethereum's case, such parties become useless because technology is sensible. Some of these are Uber (which I have already explained), some freelancing platforms such as Upwork, Insurance Agents, Escrow agents, eBay, and Airbnb etc.
If all applications mentioned above on the decentralized platform of Ethereum be made replica, then on each industry it will have a low profit and positive disruption:
Failure or control of any single point will be eliminated.
Removes the interaction and makes the process fast.
Cost will decrease because Middlemen will be removed.
So as Ethereum is fundamentally different from Bitcoin, Ethereum and Bitcoins are not competitors. She is presently assembling and solving the problems of different types of real world and both show the potential of a new future
The future of ethereum
The future of Ethereum is not only bright as a digital currency, but it is also bright as a platform to run smart contracts and DApps.
It is accelerating from a centralized economy to the decentralized, borderless, and allowedless migration of global economy.
Decentralized applications will disrupt and change industries such as finance, entertainment, real estate, academia, insurance, healthcare, public sector, and social media.
As the internet's inventors had no idea that social media and cloud computing applications would reach this extent in the coming decades, similarly, what would be the future of based applications on Etherem blockchain.
After DAO Hack, the future of Ethereum seems promising. In Volume terms, Ethereum has already become the most traded cryptocurrency of 2018
