Ethereum, the world's first supercomputer. You've heard of it in the news; CNN. Bloomberg, Wall Street Journal, you name it. Love it or hate it, at one point you have to really contemplate and think, "What is this Ethereum thing and why are people going crazy over it?".
Well look no further, because in this article we'll be outlining what Ethereum is, what it can be used for, and a multitude of other features this blockchain application platform has to offer to the world. Stay tuned!
What is Ethereum?
Ethereum is a platform that was proposed in late 2013 by Vitalik Buterin, a CryptoCurrency researcher and programmer. The development of Ethereum was funded by an online crowdsale called an ICO, Initial Coin Offering, which took place from July to August of 2014.
In short, Ethereum is a decentralized platform that runs a new sort of applications called smart contracts. You might be wondering, "What is a smart contract?".
Well, a smart contract is a type of application that runs exactly as programmed without any possibility of downtime, censorship, fraud, or third party interference. With traditional centralized servers and platforms, every application has to set up its own servers that run their own code in isolated silos, making sharing of data hard. They are compiled to Ethereum Virtual Machine bytecode and run on the blockchain.
This means that there is no central authority that can decide to remove or alter whatever you put on the blockchain. The blockchain for Ethereum is an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
In Ethereum, every smart contract is stored publicly on every node, a connection point such as a host computer, of the blockchain, creating a more accessible developer and consumer environment for everyone.
On the flip side though there are some downsides to this. Performance issues start to appear due to the reason that every active node on the blockchain is calculating every smart contract in real time, causing the blockchain to at times be slow.
There have been debates on whether or not the Ethereum platform is able to scale because of how the technology works, though Vitalik Buterin and Ethereum engineers are fervently working on solutions to these problems.
This gives people the opportunity to create markets and start issuing their own assets. Thanks to the power of smart contracts, no middle man is required to move around these assets, contracts run exactly as programmed.
Ethereum has four planned phases for the network. These are in order: Frontier, Homestead, Metropolis, and Serenity. Currently at the time of this article we are on the second phase, Homestead.
Since Ethereum is still an experimental technology that allows programs to run on the Ethereum Virtual Machine, it is possible that there could be bugs due to smart contracts not being written correctly or network congestion.
Why should I use Ethereum?
Contrary to Bitcoin, Ethereum is the worlds first decentralized super computer. Ethereum allows you to participate in a global computational network where anyone from anywhere at anytime can run code on the network for anything they desire.
Ethereum is still in its infancy, so as of now there are not many direct use cases for the platform, though in the future, with the help of developers and the community, it is realistic to say Ethereum will start having influence on industries and disrupt their traditional ways of working.
Such areas that Ethereum could likely disrupt include but are not limited to the follow areas such as logistics and supply chain management, healthcare, the internet of things, finance, prediction markets, electricity sourcing and pricing, sports betting, and many more we have yet to discover.
Some really cool things you can already do with the Ethereum platform are:
- Deploy your own CryptoCurrency or token
- Crowdfund for a project
- Run a crowdsale for a product
- Create your own decentralized autonomous organization
- Create a smart contract for virtually anything
So what are you waiting for? Start developing on the Ethereum network and make that awesome game changing decentralized application!
Or maybe you're not a developer, but you'd still like to participate in this disruptive revolutionary technology.
Fortunately you are in luck if that is the case. There is an option for you, to buy Ethereum. If you believe in the future of the Ethereum network and community and believe it will continue to grow, these are the fundamentals you are investing in.
During ICO, Ethereum was priced at around $0.33. At it's recent all time high, Ethereum was around nearly $400! If you do the math, it's easy to see that opportunity has huge potential. Don't miss out on the next gold rush, invest in the future now.
How do I buy Ethereum?
Buying Ethereum is simple with coinbase. They are the most trusted exchange with some of the best technology in this field right now. We highly recommend you sign up with coinbase with this partner link here as you get a special offer just for Bitpam readers.
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And that's that for now! Best of luck in your CryptoCurrency Journey! Feel free to let us know what you think about CryptoCurrency and this article in the comments, we read and respond to every single comment! 😊