Ethereum: the next big thing in cryptocurrency?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is a public blockchain-based distributed computing platform, featuring smart contract functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called “Ether”, which can be transferred between accounts and used to compensate participant nodes for computations performed. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
Ethereum was initially described in a white paper by Vitalik Buterin in 2013. He later went on to found the Ethereum Foundation with others. The development was funded by an online crowdsale that took place between July and August 2014. The system went live on 30 July 2015, with 11.9 million coins “premined” for the crowdsale. This accounts for approximately 13 percent of the total circulating supply.
Ethereum has been described as a decentralized world computer that allows developers to build decentralized applications. The applications run on a blockchain, which is a shared global infrastructure that can move value around and represent ownership. The Ethereum blockchain is a public ledger that records every transaction made on the network.
The Ethereum platform has been described as “the most general purpose blockchain” as it is the first blockchain platform to allow for the development of decentralized applications. Decentralized applications are not subject to censorship or third-party interference.
The Ethereum platform is also the most widely used blockchain platform for initial coin offerings (ICOs). ICOs are a way for startups to raise capital by issuing their own cryptocurrency tokens in exchange for ether.
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Ethereum has been used to create a variety of tokens, including utility tokens, security tokens, and asset-backed tokens. These tokens can be used to represent a wide variety of assets, such as traditional fiat currencies, commodities, stocks, and even other cryptocurrencies.
Asset-backed tokens are particularly interesting because they have the potential to revolutionize the way we think about ownership. For example, a traditional stock can be represented as an asset-backed token on the Ethereum blockchain. This would allow for the fractional ownership of a company, which could open up a whole new world of investment opportunities.
Ethereum is still in its early stages, and it remains to be seen whether it will fulfill its promise as the next big thing in cryptocurrency. However, it has already made a big impact on the cryptocurrency world, and it is definitely worth keeping an eye on.