Ethereum is a digital platform based on blockhain technology, known in Spanish as a block chain. This cryptocurrency was designed and created by Vitalik Buterin, who is a programmer and a fan of video games of Russian origin. He became known as the co-founder of Bitcoin Magazine and made him become a celebrity in the world. of the cryptocurrency industry.

His whitepaper was launched in 2013 becoming official in the Bitcointalk forum that was held in 2014. In addition to Vitalik, there are other founders such as Anthony di Lorio, Charles Hoskinson and Mihai Alisie, as well as the developers were working with Vitalik, as is the case of Gavin Wood and Joseph Lubin in the creation of a new cryptocurrency which they called Ether, based on Ethereum technology.

What is the goal of Ethereum

It was born with the aim of becoming an open source platform, based on blockhain technology, so as to allow any developer with capacity to create and execute decentralized applications. It is designed so that applications can be executed exactly as they were programmed, without at any time stop working, suffer from some censorship, interference from a third party or fraud attempts.

Just as bitcoin or BTC is used as a payment method between peers, the Ether or ETH also performs the same function. Another similarity with bitcoin or BTC and other cryptocurrencies is that it is not controlled by any government or any regulator. Of similar characteristic of the mining through the proof or work, although it is based on another different protocol.

Difference with Bitcoin

The main difference with bitcoin is that in Ethereum there is still the possibility of being mined on a small scale through a graphics card. The mining is used to verify the validity of the blocks, certifying the operations carried out. It’s main feature are Smart Contracts. A Smart Contract is an application created with open source acting as the only intermediary between two or more people when making an exchange of anything that has value, such as money, property, physical or intellectual property, etc. Ethereum is a network, which after Bitcoin, is the most relevant project in the world of cryptocurrencies, since it was born and is for the utility provided by Smart Contracts.

The current and future of Ethereum

In the previous article about the Launch of Ethereum 2.0, a functional test phase, in which we work to create a platform that is totally decentralized and without permission for said cryptocurrency. The objective of this launch is to be a complete update of the Blockchain of the current work test of Ethereum and to provide a substantial increase in the security, decentralization and scalability of the platform.

Also in another article related to the creator of Ethereum, Vitalik Buterin, which points out that the world of cryptocurrencies is advancing by leaps and bounds, besides being revolutionizing this world in the way of conceiving the economy, creating the way to conclude contracts in a very novel way, making financial transactions or any other type of commercial operation.

Ethereum fulfills a function as a method of payment and services and the ability to contain other cryptocurrencies in its network. For these reasons, Ethereum becomes one of the very important cryptocurrencies of the market, currently. Having implemented Ethereum, has allowed to know concepts such as DApps, the token for initial offers for cryptocurrencies (ICO) and has led to the creation of the Decentralized Autonomous Organization (DAO).

The creator of Ethereum, Vitalik Buterin states that “the blockchain are politically decentralized (no one controls them) and architecturally decentralized (there is no infrastructural center point of failure), but they are logically centralized (there is a commonly agreed state and the system behaves like a single computer) “.

What do you think about this topic? Did you know the fundamental elements of distributed accounting?

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