Monday, January 20, 2020

What is Ethereum (ETH)?

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

Ethereum (ETH) is currently the second largest cryptocurrency by market capitalization after Bitcoin. We look at the things you probably do not know about the Ethereum blockchain that makes it tick.

What is Ethereum?

Ethereum is currently the blockchain that hosts the second biggest cryptocurrency Ether—also referred to as Ethereum itself— (ETH). Ethereum was first proposed in the later parts of 2013 by present co-founder Vitalik Buterin who was 19 and was then the founder of Bitcoin Magazine.   Buterin had since suggested a scripting language for Bitcoin to diversify Bitcoin purpose which was strictly limited to the transaction of money/ currency only. But After being turned down, Buterin decided to create a more robust platform itself that could support more use cases than just monetary transactions.

An Interesting Fact

The first Ethereum is famed to have been hastily pitched for the first time on a rough piece of paper drafts by the young Buterin. July 2014 saw Ethereum officially launch with the longest list of founders than has ever been seen in the crypto community, with Gavin Wood and ConsenSys Joseph Lubin also making the list.  Since then Ethereum has grown into one of the biggest blockchain and cryptocurrency forces in the crypto space.

Is Ethereum Similar to Bitcoin?

Definitely, but only in a limited sense. While there are technical similarities between Bitcoin and Ethereum since they are both publicly distributed blockchain networks, there are enough differences than shared similarities between the two. The underlying blockchain technology serving Bitcoin only has one application which can be summed up into tracked electronic payments, while Ethereum’s, on the other hand, is focused on running the programming code of any decentralized application whatsoever.

Ethereum allows developers to create whatever operations they want. This means developers can build thousands of different applications that go way beyond anything we have seen before.

Why Ethereum is called the Digital Oil

Bitcoin, the first and the current biggest digital currency is often referred to as a digital gold, while Ethereum has been touted as the Digital Oil in many circles. This is basically because of Ethereum’s flexibility and diversity: a consequence of its exceptional smart contracts. While blockchain is limited in the extent to which it can process codes, Ethereum is different, given developers to set terms and use cases completely different from electronic payments. Smart contracts become terms and set clauses that automatically execute on a blockchain without being reversible.

The Future of Ethereum

Ethereum has successfully outperformed many cryptocurrencies and holding out its own due to the diversity it offers to the cryptocurrency space. The blockchain hosts the highest number of decentralized applications in the crypto space and continues to define pioneer breakthrough areas of its own that emerging third-generation blockchains such as EOS are now emulating.  It is only going to get bigger as the world of cryptocurrency continues to push for mainstream adoption.

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