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Ethereum – what's that?

Ethereum is an open-sourced currency platform for Ether (ETH) cryptocurrency. It's based entirely on blockchain technology, which is used to conclude smart contracts and to create applications using a decentralized peer-to-peer network. This net (composed entirely of user-created nodes) is called EVM (Ethereum Virtual Machine), and any applications created there are based on C ++ programming languages (such as JavaScript or Python). Ethereum's history starts in 2013. Vitalik Buterin, a Canadian developer with Russian roots created this technology. Inspired by the blockchain - earlier used on Bitcoin - he wanted to create a decentralized network for application design. Using this currency platform, users can build complex applications, create advanced scripts, or contracts that can then be saved in a blockchain. Ethereum has been designed in accordance with high standards of security and full transparency. They are promoted by Enterprise Ethereum Alliance - which brings together both developing startups and large American corporations. Ehereum - like Bitcoin - operates on a decentralized payment network, which allows for anonymous transactions, without the need to use the services of a bank or other financial institutions. The number of all available Ether coins is unknown. For now, the "prize" for mining a block is 5 ETH, because the entire network is based on the PoW (proof of Work) protocol. This value is unchangeable, and subsequent blocks are mined every 15 seconds. The first Ether tokens (ETH) were sold by the non-governmental organization, Ethereum Foundation, to raise funds for the start of the project. The sale lasted from July 20, 2014, to September 2, 2014. At that time, 31.529 BTC was collected, which amounted to $18.433.086 at that time! 60 million ETHs were distributed during the ICO. If you want to learn more about Ethereum, the basic technical conditions of the network and see the main directions of development of the platform - follow our Tokeneo News website!
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