Ethereum
By JAKE FRANKENFIELD
Reviewed By SOMER ANDERSON
Updated Jun 27, 2020
What Is Ethereum
Launched in 2015, Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether. It enables SmartContracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, control, or interference from a third party.
Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications.
KEY TAKEAWAYS
Etherium is an open-source computing platform and operating system.
Is also has its own associated cryptocurrency, ether.
One of the big projects around Ethereum is Microsoft’s partnership with ConsenSys.
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Ethereum founder Joe Lubin explains what it is %story% why it matters
Understanding Ethereum
The applications run on Ethereum are run on a platform-specific cryptographic token, ether. During 2014, Ethereum had launched a pre-sale for ether which had received an overwhelming response. Ether is like a vehicle for moving around on the Ethereum platform and is mostly sought by developers looking to develop and run applications inside Ethereum. Ether is used broadly for two purposes: it is traded as a digital currency exchange like other cryptocurrencies, and it is used inside Ethereum to run applications and even to monetize work.
According to Ethereum, it can be used to “codify, decentralize, secure, and trade just about anything.” One of the big projects around Ethereum is Microsoft’s partnership with ConsenSys which offers “Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so Enterprise clients and developers can have a single click cloud-based blockchain developer environment.”
In 2016, Ethereum was split into two separate blockchains, Ethereum, and Ethereum Classic, after a malicious actor stole more than $50 million worth of funds which had been raised on the DAO, a set of smart contracts originating from Ethereum's software platform. The new Ethereum was a hard fork from the original software intended to protect against further malware attacks. As of September 2019, Ethereum was the second-largest virtual currency on the market, behind only Bitcoin. It is much faster to acquire ether currency than bitcoin (about 14 or 15 seconds to bitcoin's near-uniform 10 minutes), and there are far more ether units in circulation than there is bitcoin.
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The two main choices in the above model are (1) the existence and size of an endowment pool, and (2) the existence of a permanently growing linear supply, as opposed to a capped supply as in Bitcoin. The justification of the endowment pool is as follows. If the endowment pool did not exist, and the linear issuance reduced to 0.217x to provide the same inflation rate, then the total quantity of ether would be 16.5% less and so each unit would be 19.8% more valuable. Hence, in the equilibrium 19.8% more ether would be purchased in the sale, so each unit would once again be exactly as valuable as before. The organization would also then have 1.198x as much BTC, which can be considered to be split into two slices: the original BTC, and the additional 0.198x. Hence, this situation is exactly equivalent to the endowment, but with one important difference: the organization holds purely BTC, and so is not incentivized to support the value of the ether unit.cryptocurrency price bitcoin auto
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