The History of Ethereum & How It Works
Vitalik Buterin, Ethereum’s co-founder envisioned a new use for blockchain after Bitcoin, one that went broader for a larger set of applications.
Ethereum was built on a neutral, open-access infrastructure, controlled by no central entity.
In 2013, Buterin released a white paper for Ethereum’s blockchain using the Turing complete programming language, based on Alan Turing’s concept of a Universal Turing machine, that allows any operation to be programmed within it.
Ethereum uses smart contracts which are programs that permit users to transact with each other according to a set of predetermined rules, removing the need for third-party enforcement.
These smart contracts allow developers to self-build and publish contracts onto the blockchain. Ethereum’s native currency, Ether, operates as a store of value for its users.
Ethereum allows developers to build and distribute other cryptocurrencies using the same protocol as Ether.
Ethereum consists of only one public blockchain. Developers must create a modified clone of Ethereum to use the technology on a private blockchain.
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