Ethereum: Some things to understand and who is Vitalik Buterin?

For those looking to diversify their investments, entering an innovative market such as the purchase of cryptocurrencies or digital currencies, for example, Ethereum, can be an advantageous path. Bitcoin and Ethereum are now popular trading commodities. That’s why there is much software created to facilitate crypto trading, one of which is the Crypto Genius.

The case of Ethereum, as we will see below, is quite specific. Contrary to what many people think, buying Ethereum currency is not the same as buying coins like Bitcoin. 

After all, what is Ethereum?

First of all, we need to make one thing very clear: Ethereum is not exactly a cryptocurrency, but rather a decentralized platform focused on executing “smart contracts”. Unlike Bitcoin, created to be a digital currency, the Ethereum currency emerged as an asset to reward developers who use the platform for their projects. In recent years, the platform has grown more and more and today Ethereum is one of the three most traded digital currencies in the world. Like Bitcoin, it also uses blockchain to validate its transactions, ensure security and prevent fraud.

And what is blockchain?

In short, blockchain is a system that allows the tracking of sending and receiving of some types of information on the internet. These are pieces of code generated online that carry information connected as a kind of data block connected to a chain. Hence the name: Blockchain.

See also  Why Cryptocurrency is down these days?

With cloud computing, blockchain technology is able to process a large amount of information on the internet in a decentralized and unalterable way. That is, all transactions are recorded (and available for public access) and cannot be changed. As this system is very secure and guarantees the privacy of everyone involved in its operations, it has become a viable way to develop cryptocurrencies.

However, this is not its only function. It can be use for validating documents such as contracts and stock exchanges, financial transactions, trading music, and movies, tracking remittances, and even votes.

How was Ethereum created?

The Ethereum project was conceive in 2013, the year in which its founder, Vitalik Buterin, began to put into practice the idea he had been carrying with him for some years. For this beginning to become a reality, Vitalik had to present the Ethereum project a few times to investors, until the moment when a group decide to bet on the idea. At this time, one of the factors that were decisive for investors to decide to support Vitalik’s idea was a successful case: Bitcoin.

The cryptocurrency and its proposal were a solid starting point for the young programmer to seek inspiration to create his own investment idea. For Vitalik, Ethereum would be a natural evolution of Bitcoin. With that came the idea of developing a platform for contract negotiations. For him, this was a much broader proposition than just a cryptocurrency. The concept behind the project has always been to have a secure online place, based on blockchain, for various financial operations.

The long-awaited release

Although its idealization began in 2013, Ethereum was only officially launch two years later, in July 2015. It was then that the general public, most people already attuned to cryptocurrencies and investments of the type, start operating on the platform.

See also  What are the advantages of virtual currency?

From then on, Vitalik’s work to optimize the service, correct errors, and improve the offer was constant and intense. Despite this, Ethereum has not yet reach a second version, something that seems to be imminent and generates expectations in investors.

After all, who is Vitalik Buterin?

Vitalik is simply a man who dreams up Ethereum at the age of 19 and, at 21, put it on the market. A prodigy who was born in Russia, but as a child went to live in Canada, where he became interest in programming.

He was a classic student with strong logical and exact science skills, especially math. Therefore, his path to programming was practically a natural one, which also made him interest in all the complexity behind Bitcoin. As a teenager, Vitalik was already a fan of the subject, which was fundamental to the creation of Ethereum.

Vitalik’s great interest in the cryptocurrency universe led him to develop articles on the subject. It was his way of expressing his views and understanding on the subject. As a result, Vitalik became increasingly immersed in this scenario, which made him question how Bitcoin work and, from that, create an optimize model. Ethereum!


Should You Use Price Comparison Websites?

Price comparison websites gather costs from many different providers to present the most competitive market rates for products and services. While they aren't directly selling...

5 Industries that Really Need to Use the Best Carbon Footprint Calculator

What are greenhouse gasses, and what do they do? Economic advancement is a good thing, but global warming is a serious problem that affects...

iPhone Activation Lock Removal For All iOS Users

What’s an iPhone Activation Lock Removal? If you have an iPhone and are stuck in an endless loop of iCloud restrictions, you can bypass it by...

How Crypto Is Expected to Embrace The Payments Industry In 2022

It's no secret that the payments industry is booming. It's expected to grow at 6.7% annually until 2022. It is excellent news for businesses...

How to Ensure Road Safety While Driving Across Streets of Paradise, Nevada?

You must follow all road safety rules while driving across the streets of Paradise. Negligent driving and road accidents result in loss of life...