Home Cryptocurrency Ethereum as a cryptocurrency

Ethereum as a cryptocurrency



CryptocurrencyA quick overview of what cryptocurrencies are

Just as the name implies, a cryptocurrency is a digital currency that is designed to work as a medium of exchange just like normal currencies. Cryptocurrencies are encrypted with cryptography technology to enable secure transactions.

The cryptography technology also allows the creation of additional cryptocurrency units and also for verification of the  Cryptocurrencies first became known in the digital world when bitcoin was introduced in 2009, which was the first decentralized cryptocurrency to be introduced. After then, a lot of other cryptocurrencies have been introduced.

The innovation that cryptocurrency is bringing upon us is unending. The dominant theme or focus that made the coin a very acceptable one worldwide is its decentralized nature. The wide acceptability of these coins is significant sources of concern to some countries are trying to clamp down on cryptocurrency.

What is Ethereum?

 Ethereum is an open-source, public, decentralized platform based on the blockchain technology. The aim of Ethereum is to make the concept of scripting become better, and give the developers ability to build consensus-based applications.

These applications, in turn, will be standard, scalable, and easy to develop. They brought this to plan by using a unique blockchain that allows anyone to write smart contracts and their decentralized applications where they can be able to create their specific features for the ownership, the functions and the format of transactions.

The History of Ethereum

Ethereum was proposed in late 2013 when Vitalik Buterin was working on his researches on bitcoin. After that time, Buterin published a white paper in which he explained distinctly the design and principles for the ethereum protocol and how the smart contracts would work. It was declared formally by Vitalik Buterin at the North American Bitcoin Conference in Miami, Florida, the USA in January 2014.

What is it? Who created ETH?

In 2013, a 19-year-old programmer and cryptocurrency expert, Vitalik Buterin proposed the idea of Ethereum while he was working on some bitcoin projects. Vitalik Buterin was born in Russia on 31st January 1994. He is a Russian-Canadian, he was born to Russian parents, but they moved to Canada when he was about six years old.

He grew up in Toronto, Canada and attended the University of Waterloo before dropping out in 2014. Because of his enthusiasm about cryptocurrencies, he learned about bitcoin from his father before proceeding further to study more about bitcoin. He is also known as a regular writer, and he was writing articles about bitcoin for some blogs before he co-founded Bitcoin Magazine in 2011 where he was also a regular writer due to his in-depth knowledge of bitcoin.




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