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Ethereum

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Ethereum

Ethereum Software
Original author(s) Vitalik Buterin, Gavin Wood
Developer(s) Gavin Wood, Jeffrey Wilcke, Vitalik Buterin, et al
Written in C++, Go, JavaScript, Python, Java, node.js
Operating system Linux, Windows, OS X, POSIX compliant
Type Decentralized computing
License GPL3, MIT, LGPL, et al
Website .org.ethereumwww

Ethereum is a cryptocurrency platform and Turing-complete programming framework intended to allow a network of peers to administer their own stateful user-created smart contracts in the absence of central authority. It features a blockchain-based virtual machine that securely records and incentivizes the validation of transactions, i.e. code executions, made through a cryptocurrency called Ether. This "crypto-fuel" or digital asset is what is used to pay for the decentralized computational instructions hosted in the smart contracts deployed on Ethereum's blockchain.

Ethereum was initially described by Vitalik Buterin in late 2013,[1] formally described by Gavin Wood in early 2014 in the so-called Yellow Paper[2] and launched 30 July 2015.[3] It is among a group of "next generation" (or "Bitcoin 2.0") platforms.[4]

Purpose

The stated purpose of the Ethereum project is to "decentralize the web" by introducing four components as part of its roadmap: static content publication, dynamic messages, trustless transactions and an integrated user-interface.[5] Each of these services is designed to replace some aspect of the systems currently used in the modern web, but to do so in a fully decentralised and pseudonymous manner.[6]

Smart contracts on Ethereum

Smart contracts are computer protocols which verify or enforce the performance of a contractual agreement. On Ethereum, contracts can be written in Solidity, Serpent or LLL. They are compiled into bytecode before being deployed to the blockchain.[7]

Development

Group photo from DEVCON-0, Berlin, 14 November 2014.

Ethereum is an open source project. Development began in December 2013, with the first Go and C++ proof of concept builds (PoC1) being released in early February 2014.[8] Since then, several further PoC builds have been released culminating with the public launch of the Ethereum blockchain on 30 July 2015.

Ether

Ether[9]
Currency type Cryptocurrency
Date of introduction 30 July 2015
 Source Genesis block
User(s) Worldwide
Issuance model Disinflation[10]
Subunit
 10−3 finney
 10−6 szabo
 10−18 wei
Symbol Ξ[11]

The currency unit of Ethereum is the Ether, used to pay for computational services on the network.

To finance development, Ethereum distributed the initial allocation of Ethers via a 42-day public crowdsale, netting 31,591 bitcoins, worth $18,439,086 at that time, in exchange for about 60,102,216 Ethers.

Ether is divided into smaller units of currency called finney, szabo, shannon, babbage, lovelace, and wei (named after Wei Dai, the creator of b-money). Each larger unit is equal to 1000 of the next lower unit.[12] In practice, however, the developers encourage the use of ether and wei. Wei is the base unit of implementation and can not be further divided.

Reception

The platform has been covered in Wired,[13] The Globe and Mail,[14] SiliconANGLE,[15] Al Jazeera,[16] The Telegraph[17] and the Keiser Report.[18]

References

  1. ^
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  9. ^ What is ether?
  10. ^ The Issuance Model in Ethereum
  11. ^
  12. ^
  13. ^
  14. ^
  15. ^
  16. ^ Nathan Schneider (7 April 2014). Code your own utopia: Meet Ethereum, bitcoin's most ambitious successor. Al Jazeera America. Retrieved 10 June 2014.
  17. ^ Soon, the internet will be impossible to control. Jamie Bartlett. Retrieved 19 December 2014.
  18. ^ Keiser Report: New Crypto Phenomenon Ethereum. Max Keiser. Retrieved 10 June 2014.

External links

  • Official website
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