A Beginners Guide To Ethereum
By JLC
Introduction
If you're new to cryptocurrencies you may be wondering what is Ethereum? What are it's top features and why is Ethereum the leader of alternative coins. Why does Ethereum gather so much interest around the world? Ever since the creation of bitcoin many new blockchain technologies have emerged. In this article we will explore why Ethereum is on the leading edge of the ever growing field that we refer to as cryptocurrencies. One of the brightest aspects of Ethereum’s design is implemented at the very core, it is the simple concept that everyone in the world is invited freely to build applications upon Ethereum's framework.
A Brief History of Ethereum
The entire focus of the Ethereum project is to build a decentralized platform designed to securely run smart contracts. Applications on the Ethereum platform run exactly as programmed without possibilities of downtime, censorship, third party interference or fraud. Ethereum’s blockchain is actually like a court system that specializes in securely resolving any dispute. Originally proposed late in 2013 by Vitalik Buterin, Ethereum has found outstanding support via crowdfunding. The Ethereum project went live on July 30, 2015. Shortly after the Enterprise Ethereum Alliance (EEA) united Today this alliance headlines the best and brightest blockchain developers, tech startups and Fortune 500 companies. You can purchase Ethereum on exchanges like Coinbase
Today this list includes: ConsenSys, CME Group, Cornell University, Toyota Research Group, Samsung, Microsoft, Intel, J.P. Morgan, Cooley LLP, Merck KGaA, DTCC, Deloitte, Accenture, BNY, Mastercard and Cisco Systems. This impressive line up represents the world’s largest interest of business to business cryptocurrency development.
As a brilliant idea of a Vitalik Buterin and his team of developers, Ethereum was conceptualized and built from the ground up. As a young man Vitalik showed strong capacities for understanding mathematics and programming. One day, he had the idea to create a custom blockchains that would boast a powerfully shared global infrastructure. Ethereum crypto economics is built and founded upon theories of strong cryptography and privacy. Security of consensus protocols do not depend on any one person, rather they depend on mathematical proofs and systematic designs. A special thank you should be given to all who helped and funded along the way.
A Short Glossary of Ethereum Terms for Beginners
This introduction is designed to give readers a more in-depth understanding of the terms related to Ethereum and cryptocurrencies. Simply put, we must understand that a blockchain is a public ledger of cryptocurrency transactions. Ethereum is essentially a custom built blockchain that enables smart contract use. A smart contract is an enhanced computer protocol designed to verify and enforce performance. A consensus protocol refers to a defined protocol for solving consensus problems in a distributed network. Ethereum features enhance security at the core of the platform via cryptography. The term Cryptography refers to the specialized act of creating secure communications in the presence of adversaries.
How Do I Buy Ethereum?
Storing Ethereum anywhere other than an exchange requires downloading a Ethereum wallet. With your wallet you can send Ethereum to and from a public key. For every new wallet created a private key and a public key are generated via encryption. The key creation and encryption process are irreversible and secure. A public key is similar to an email address that can be shared with anyone. With your public key, you can send and receive Ethereum safely and securely.
Public Key Example: 0x0074709077B8AE5a245E4ED161C971Dc4c3C8E2B
A private key is a much longer unique signature that should never shared or revealed to anybody. With this key your funds can be accessed from anywhere in the world. Adding extra security protocols like 2 factor authentication to your accounts is always a good idea. Most cases of theft are caused by a mistake in either of the two aforementioned statements.
Best Features of Ethereum
Currently Ethereum holds the largest volume of pre-established applications running smart contracts. These applications are built to function solely on Ethereum smart contract scripting, they provide the largest total volume of business to business applications worldwide. No other alternative coins to date offer the same comparative strengths and proven history of success. Ethereum currently boasts a slightly faster transaction processing speed per second than Bitcoin. Ethereum comes with a clear vision statement and is designed from the ground up to support secure crypto economics. The Ethereum platform still has room for many new fields of development beyond just digital currencies on it’s secure global infrastructure, these fields of future developments include smart data registries, identity archive capabilities, digital data archiving of all kinds and large scale project management. Currently grant opportunities are still available for developers and scripters with bright ideas for potential use of Ethereum networks. It’s getting harder and harder to be a crypto skeptic. Live digital cryptocurrency exchanges allow Join noce at Coinbase.
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