Ethereum

WHAT IS ETHEREUM?

Ethereum is a blockchain platform with its cryptocurrency, called Ether (ETH) or Ethereum, and its programming language, called Solidity.

As a blockchain network, Ethereum is a decentralized public ledger for verifying and recording transactions. The network's users can create, publish, monetize, and use applications on the platform, and use its Ether cryptocurrency as payment. Insiders call the decentralized applications on the network "dapps."

As a cryptocurrency, Ethereum is second in market value only to Bitcoin, as of May 2021. Ethereum is an open-source blockchain-based platform used to create and share business, financial services, and entertainment applications.

Ethereum users pay fees to use dapps. The fees are called "gas" because they vary depending on the amount of computational power required.

Ethereum has its associated cryptocurrency, Ether or ETH.

Its cryptocurrency is now second only to Bitcoin in market value.

UNDERSTANDING ETHEREUM:

Ethereum was created to enable developers to build and publish smart contracts and distributed applications (dapps) that can be used without the risks of downtime, fraud, or interference from a third party.

Ethereum describes itself as "the world's programmable blockchain." It distinguishes itself from Bitcoin as a programmable network that serves as a marketplace for financial services, games, and apps, all of which can be paid for in Ether cryptocurrency and are safe from fraud, theft, or censorship.

ETHEREUM'S FOUNDERS:

Ethereum was launched in July 2015 by a small group of blockchain enthusiasts. They included Joe Lubin, founder of ConsenSys, a blockchain applications developer that uses the Ethereum network. Another co-founder, Vitalik Buterin, is credited with originating the Ethereum concept and now serves as the company's CEO and its public face. Buterin is sometimes described as the world's youngest crypto billionaire. (He was born in 1994.)

The Ether cryptocurrency was designed to be used within the Ethereum network. However, like Bitcoin, Ether is now an accepted form of payment by some merchants and service vendors. Overstock, Shopify, and CheapAir are among the online sites that accept Ether as payment.

THE ETHEREUM BUSINESS:

Ethereum's main competitors for businesses investing in a blockchain software platform, according to Gartner Research, include Bitcoin, Ripple, IBM, IOTA, Microsoft, Blockstream, JP Morgan, and NEO.

Separately, Ether is a contender in the highly volatile cryptocurrency market. As of May 2021, Ethereum was the second-largest cryptocurrency based on value, after Bitcoin. Its market cap was estimated at $500 billion compared to $1.080 trillion for Bitcoin, according to Analytics Insight.

(The other eight on Analytics Insight's Top 10 list include Binance Coin, Dogecoin, Cardano, Tether, XRP, Internet Computer, Polkadot, and Bitcoin Cash.)

ETHEREUM-BASED PROJECTS:

Ethereum claims its platform can be used to “codify, decentralize, secure, and trade just about anything.” Several projects are underway to test the concept.6

Microsoft is in partnership with ConsenSys to offer Ethereum Blockchain as a Service (EBaaS) on the Microsoft Azure cloud. It is intended to offer Enterprise clients and developers a single click cloud-based blockchain developer environment.

In 2020, Advanced Micro Devices (AMD) and ConsenSys announced a joint venture to create a network of data centres built on the Ethereum infrastructure.

ETHEREUM'S CONTINUING EVOLUTION:

The founders of Ethereum were among the first to consider the potential of blockchain technology for uses beyond the secure trading of virtual currency. Its ETH cryptocurrency was created primarily as a medium of payment for apps built on its platform.

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