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Mayank Kumar
Mayank Kumar

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What is Ethereum?

🤔What ??

Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It's a community-built technology behind the cryptocurrency ether (ETH) and thousands of applications you can use today.

So, what basically Ethereum does is that it is a cryptocurrency but is way different from Bitcoin. Bitcoin only deals with money transactions, but Ethereum trades in money & also it is a platform for developers to come to and create smart contracts for anything such as insurance, deals, and many more things!

🤔When ??

Ethereum was founded by Vitalik Buterin on 30th July 2015.

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Vitalik Buterin was introduced and intrigued by blockchain technology when he got involved in Bitcoin as a 17-year-old programmer in 2011 and co-founded Bitcoin Magazine. He started to imagine a platform that went beyond the financial use cases allowed by Bitcoin and released a white paper in 2013 describing what would ultimately become Ethereum using a general scripting language.

The key differentiator from Bitcoin was the platform’s ability to trade more than just cryptocurrency.

In 2014, Buterin and the other co-founders of Ethereum launched a crowdsourcing campaign where they sold participants Ether (Ethereum tokens) to get their vision off the ground and raised more than $18 million. The first live release of Ethereum known as Frontier was launched in 2015. Since then, the platform has grown rapidly and today there are hundreds of developers involved.

🤔Why ??

  • Banking for everyone:
    Not everyone has access to financial services. But all you need to access Ethereum and its lending, borrowing, and savings products is an internet connection.

  • A more private internet:

    You don't need to provide all your personal details to use an Ethereum app. Ethereum is building an economy based on value, not surveillance.

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  • A peer-to-peer network:

    Ethereum allows you to move money, or make agreements, directly with someone else. You don't need to go through intermediary companies.

  • Censorship-resistant:

    No government or company has control over Ethereum. This decentralization makes it nearly impossible for anyone to stop you from receiving payments or using services on Ethereum.

  • Commerce guarantees:

    Ethereum creates a more level playing field. Customers have a secure, built-in guarantee that funds will only change hands if you provide what was agreed. You don’t need a large company clout to do business.

  • Compatibility for the win:

    Better products and experiences are being built all the time because Ethereum products are compatible by default. Companies can build on each other's success.

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