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Ethereum

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Ethereum Software
Original author(s)Vitalik Buterin, Gavin Wood
Developer(s)Gavin Wood, Jeffrey Wilcke, Vitalik Buterin, et al
Repository
Written inC++, Go, JavaScript, Python, Java, node.js
Operating systemLinux, Windows, OS X, POSIX compliant
TypeDecentralized computing
LicenseGPL3, MIT, LGPL, et al
Websitewww.ethereum.org

Ethereum is a blockchain-based cryptocurrency that includes a virtual machine featuring stateful user-created smart contracts and a Turing-complete contract language. Ethereum uses its currency unit, Ether, as payment to incentivise a network of peers to provide computational services defined by the smart contracts deployed on the 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 are 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 are created and deployed to the blockchain by users as computer code that is intended to remain on the blockchain forever, unalterable by a third party.[7]

Development

File:DEVCON 0 group photo.jpeg
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.

Ether

Ether[9]
Unit
SymbolΞ[10]‎
Denominations
Subunit
 10−3finney
 10−6szabo
 10−18wei
Demographics
Date of introduction30 July 2015Genesis block
User(s)Worldwide
Issuance
Currency typeCryptocurrency
Valuation
Issuance modelDisinflation[11]

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

In order to finance development, Ethereum distributed the initial allocation of Ethers via a 42-day public sale, netting 31,591 bitcoins,[12] 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. Each larger unit is equal to 1000 of the next lower unit.[13] 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,[14] The Globe and Mail,[15] SiliconANGLE,[16] Al Jazeera,[17] The Telegraph[18] and the Keiser Report.[19]

References

  1. ^ Buterin, Vitalik (2014-01-23). "Ethereum: A Next-Generation Cryptocurrency and Decentralized Application Platform". Bitcoin Magazine. Retrieved 9 April 2014.
  2. ^ Wood, Gavin (2014-04-06). "Ethereum: A Secure Decentralised Generalised Transaction Ledger" (PDF). Self published. Retrieved 20 February 2015.
  3. ^ Tual, Stephan. "Ethereum Launches". blog.ethereum.org. Retrieved 31 July 2015.
  4. ^ Kharif, Olga (2014-03-28). "Bitcoin 2.0 Shows Technology Evolving Beyond Use as Money". Bloomberg News. Retrieved 11 April 2014.
  5. ^ Gerring, Taylor (2014-08-18). "building the decentralized web 3.0". Retrieved 20 April 2015.
  6. ^ Winters, Tristan (2014-04-25). "Web 3.0 – A Chat With Ethereum's Gavin Wood". Retrieved January 2015. {{cite web}}: Check date values in: |accessdate= (help)
  7. ^ Buterin, Vitalik. "The Problem of Censorship". Ethereum Blog. Retrieved 6 June 2015.
  8. ^ Tual, Stephan. "C++ Code+Build FAQ". Ethereum. Retrieved 3 September 2014.
  9. ^ What is ether?
  10. ^ "The symbol for Ether is..." 7 June 2014. Retrieved August 14, 2014.
  11. ^ The Issuance Model in Ethereum
  12. ^ Buterin, Vitalik. "Ethereum was second largest crowdsale in history?". Reddit. Retrieved 8 September 2014.
  13. ^ Buterin, Vitalik. "[English] White Paper: A Next-Generation Smart Contract and Decentralized Application Platform". ethereum / wiki on GitHub. Self-published. Retrieved 11 April 2014.
  14. ^ Finley, Kurt (2014-01-27). "Out in the Open: Teenage Hacker Transforms Web Into One Giant Bitcoin Network". Wired. Retrieved 6 April 2014.
  15. ^ Gray, Jeff (2014-04-07). "Bitcoin believers: Why digital currency backers are keeping the faith". The Globe and Mail. Phillip Crawley. Retrieved 6 April 2014.
  16. ^ Cox, Ryan. "Can Ethereum kill Bitcoin with self-executing contracts?". SiliconANGLE. Retrieved 6 April 2014.
  17. ^ Nathan Schneider (7 April 2014). Code your own utopia: Meet Ethereum, bitcoin's most ambitious successor. Al Jazeera America. Retrieved 10 June 2014.
  18. ^ Soon, the internet will be impossible to control. Jamie Bartlett. Retrieved 19 December 2014.
  19. ^ Keiser Report: New Crypto Phenomenon Ethereum. Max Keiser. Retrieved 10 June 2014.
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