Crypto Currency: ethereum

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 Crypto Currency: ethereum 

Ethereum is an open-source, public cryptocurrency. It is based on the blockchain distributed computing platform and operating system. It was developed by the Ethereum foundation on 30th July 2015. It uses EVM  1 Bytecode software and operates on a cross-platform operating system. It is written in different programming languages such as C++,  Scala, Python, Go, and Rust. Its size is 300 GB. It is generated by mining nodes for computations performed.  

Ethereum was proposed by Vtalik Buterin, a cryptocurrency researcher and programmer in late 2013. Development of this mining took place in July and August 2014 and was funded by an online crowd sale. As a result, on 30th July 2015, 72 million coins were minted which accounts for about 68 percent of the total circulating supply in 2019.  

Vtalik Buterin, the developer of Ethereum and co-founder of Bitcoin  Magazine, first described this concept on paper for building decentralized applications. When he did not gain support then he decided to develop a new platform for developing Ethereum.  Afterward, many people come to support this development.  

Initially, it gains huge praise for this technical innovation but afterward, questions start raising on its security and scalability. It happened when over US$ 50 million was stolen by an unknown hacker. 

After this event, the Decentralized Autonomous Organisation was exploited which has initially funded this project through a crowd sale.  As a result of this, the network splits into two halves. First, Ethereum continued on the forked blockchain and other Ethereum Classic continued on the original blockchain. By the end of November 2016,  Ethereum had increased its DDoS protection, de-bloated the blockchain, and prevented further attacks by hackers.  

By design, the blockchains are resistant to modification of any type of data. It is used for the transaction between two parties in a very efficient and permanent manner. It operates in a state transaction manner and does not rely upon unspent transaction outputs. A  cryptocurrency wallet stores the addresses of various keys that can be used to spend or receive ethers. Actually, ether accounts are not linked with the persons but with the specific addresses.  

Ethereum is different from Bitcoin which has the largest market capitalization. Its block time is 14 to 15 seconds as compared to  Bitcoin which has approx. 10 minutes of block time. In Ethereum transaction fee depends on the complexity of computation whereas for Bitcoin it depends on the means of transaction size. It is the only cryptocurrency accepted in the payment of transaction fees.  Ethereum can be traded by regular currency brokers, cryptocurrency exchanges as well as many online cryptocurrency wallets.  



Article by:- Abhas Raj 

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