Ethereum Cryptocurrency: Everything I need to know who a Beginner

Ethereum Cryptocurrency: Everything I need to know who a Beginner

The world Cryptocurrency, if Bitcoin is king so Ethereum Queen.

The price is also significantly increased and today the Ethereum in the last few months, it is one of the most promising Cryptocurrencies. In this article I will help you understand the Ethereum and as a beginner, you will learn all that a thing about it, which you should know.

What Ethereum?

So as she website project official of Ethereum:

“Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship, and third-party interference.”

“Ethereum is decentralized platform for applications that run as programmed by any chance, without fraud, censorship, or third-party interference.”

But what’s special? All software as the same thing as that made them program.

Which  is code for blockchain of Ethereum it can not be altered, tempered or hack. So that these  cryptography of  tamper-proof to be a great application of this feature is sure that these blockchain technology is.

History Ethereum

A Russian Programmer  Vitalik Buterin did create at the end of 2013 Ethereum. He received it formally announce January 2014 in Miami, USA The North American Bitcoin was the Conference.

Was Ethereum was made to such two things can not bitcoin beginning.

But it was a try,  Smart Contracts and DApps to independently code, run and any human interaction without having to execute.

In July 2014, as Co-founder, Dr. Gavin Wood from joining the  Ethereum Foundation has  been a bootstrapped the Ethereum software’s development and raise the Ether tokens for $ 18 million prescale.

Ethereum’s Team

Vitalik Buterin

Vitalik Buterin

Vitalik Buterin (CEO) –  2011 helped Bitcoin, Vitalik did discover the cryptocurrencies and blockchain technologies. He saw Bitcoin Magzine 2012 to understand Bitcoin. In 2014, after Theil Fellowship, he can drop out of the University of Waterloo to work full-time on Ethereum. Vitalik is near blockchain to offer in explaining that future technology and in 2013, he did invent the Ethereum.

Gavin Wood (CTO) –  met Gavin Vitalik 2014 through a mutual friend. He made the smart contract language Solidity. The Ethereum Virtual Machine (EVM), he wrote the first yellow paper on Ethereum blockchain.

Jeffery Wilcke –  Since Inception, he would be looking at the work of implementation of the Go programming on Ethereum.

Ming Chan –  he is working as the executive director of Ethereum and monitoring of regulatory Ethereum blockchain and legal matters.

Total number of Ether will be produce?

Many people will be produce how bitcoins would like to know this. But this is not Ethereum which will produce or mine, but that’s Ether.

Ethereum is a network which is based on blockchain technology, and Ether is a cryptocurrency which runs the network.

Ether will be issue at constant annular linear rate by block mining process. The total annual ETH, which will be in the pre-sale, will be 0.3 times.

In Presale  60,l02,2l6  made Ether.

The 0.3 times up,  18030664.8.

Such approx every year. 18 million made Ether K

Ether of Mining

Ethereum blockchain are kept safe by the Ether, is an incentive for which miners.

Ether to supply is limited to an annual 18 million. Every 12-14 second, a new Ethereum block mine, and the reward of 5 Ether is the computer, which has him mine.

Ether can be used to mine the CPU and GPU mining is to mine the blocks on Ethereum blockchain.

Market capitalization (market cap)

Near Ethereum has market cap of $ 10 Billion.

This is 1/3 of the market cap of Bitcoin. Just 1 Ether present value is $ 220.

Now the question that arises is whether there will be a popular platform in the coming Ethereum be powered from ETH coins or not. Now that the coming days will tell.

Ethereum the Popular Wallets

The ETH, ETC split, The DAO, and were hacked

Decentralized Autonomous Organization (short was DAO) was added with the Ethereum blockchain so it’s a Venture Capital Firm Could Mark work on which no one nor own nor operate. This smart contracts which DAO tokens was created with the potential to act on the use by not execute, their basis.

In June 2016 it  with crowd funding of $ 150 million  was launch.

Immediately after Launch the hackers it has hack.

US $ DAO Tokens of 60 Million taken out due to a faulty code of the DAO.

Soon afterwards, at Block 192000 of Ethereum Blockchain Hard Fork has been implement so that the DAO refund the loss of token holders. Made this Hard Fork a new version of blockchain while the invalid agreement hacked transaction.

It was born of the ETC (Ethereum Classic).

Ethereum Classic’s like blockchain Ethereum the same as far as Block 192000 The Hard Fork was implement.

Users that are only mine began good idea of ​​Hard Fork They replace the old to upgrade to the new version version.

Since then, different from each other according to the versions of block chains. ETC (Ethereum Classic) is one of the trade on the exchange platform and the decentralized apps and smart contracts of the same functionality offer.

Ethereum Use-Cases: Science Fiction to Reality

Ethereum is use-cases of that being the develop.

Some of them are:

Golaen

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Golem has developed the world’s first decentralized and open is sourced super computer which Ethereum and it no one can use.

It is found to be available from the contribution of large data centres from computation power small personal laptops.

On the basis of the platform of the user, you can run a website, you can make a difficult computational problem calculate may or run the additional computational code a long code to.

You can mine can miners also run by use of additional computer resources and cryptocurrencies.

This gives birth to an economy where when computing power unused, could be the right use.

None of the methods can take on rent the computers in exchange for money.

Brass Golem, the Golem was present, is a first practical application, making too much fast the computer graphics computation.

Similarly,   the Slock.it (Blockchain + IoTs).

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At this Based  UPort ,  EtherTweet  and  SingularDTV  too.

Bitcoin VS. Athereum

Ether-VS-Bitchoin

Bitcoin is a peer to poor electronic cash system.

Bitcoin digital is money. blockchain of Bitcoin only took place from the beginning of the network store and handle all transactions.

This posture helps in transfer of accounting and value.

In addition to the handle the Ethereum blockchain, accounts and transactions programming logic is also used to store.

There has been a reclamation:

May 8 date to, if more than $ X in A’s account money A visit made $ Y transfer in B’s account by account. If not, go unused $ Y transfer in B’s account.

And such codes once become execute, get store forever blockchain the Ethereum. It helps in future decision-making processes.

The Ethereum Bitcoin mostly this is different, because Ethereum only money do not just transfer, you execute the smart contracts.

Many such real world scenarios, where we trust to enforce the transaction to third parties, middlemen, and escrow agents. In this way they all cut their commission. technology is sensible because Ethereum the case become such parties useless. Of these, some Uber (which I already explain), some freelancing platforms like Upwork, Insurance Agents, Escrow agents, eBay, Airbnb and more.

If it made replica of the applications described above on decentralized platform of Ethereum, then the following benefits to every single industry and positive will be disruption:

  • On a single point will be elimination of failure or control.
  • Gives Interaction remove and process to create fast.
  • Cost will be reduced because Middlemen remove.

So like Ethereum, is fundamentally different from Bitcoin, Ethereum and not Bitcoins competitors. He has been assembled exist and are solve the problems of the real world of different types and both displays possibility of a new future.

Ethereum the future

Ethereum the future is not only bright nor as a digital currency, the smart contracts and bright as a platform to run the DApps too.

It is accelerate the migration to a centralized decentralized the economy, borderless, and permissionless global economy.

Decentralized applications finance, entertainment, real estate, academia, insurance, healthcare, public sector, and disrupt the industries such as social media will change.

As Social Media in the coming decades that the inventors of the internet had no idea of ​​that and cloud computing applications will reach the point, what will happen in the same way, future of based applications on Ethereum blockchain.

after AO Hack, Ethereum think the future promising. In terms of Volume, Ethereum already has become a cryptocurrency to most trade 2017.

In other words, hardly increase prices of Ethereum.

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