foreword
Bitcoin was created and the blockchain is well known. Many people consider it a miracle. Vitalik Buterin's younger brother in 1994 is also one of the followers. he was exposed to Bitcoin at 17, and founded Ethereum at 19 because he was dissatisfied with blockchain technology for the use of virtual currency. At the age of 21, Ethereum is officially out. Yes, he is V God. So, not only does the US Securities Regulatory Commission hold a qualitative hearing on "what is security", but also what is Ethereum, which is the number one digital currency launched by the Digital Industry and Technology ?
introduction
Ethereum is an open source public blockchain platform with smart contract functionality. Via a special ETH cryptocurrency, it provides a decentralized virtual machine for processing peer-to-peer contracts, which is called "the next generation of decentralized cryptocurrency and application platforms". It is currently the second highest cryptocurrency by market capitalization, second only to Bitcoin.
solve the problem
The founder of Ethereum is called V God, a 94 year old Russian programming genius. He was originally a programmer involved in the Bitcoin community. It is said that God V once suggested to the core Bitcoin developers that the Bitcoin platform should have a more complete programming language for people to develop the program, but they did not get their adoption, so 2013 In 2014, he wrote the "Ethereum White Paper" and obtained development funds through public fundraising on the Internet in 2014. Early investors used Bitcoin to buy ether from foundations.
From God V's experience, it can be seen that the Ethereum proposal is a blockchain system redesigned to solve some of the Bitcoin network problems. As stated in the white paper, Ethereum's goal is to integrate and improve the concept of scripts, altcoins, and meta-protocols (smart contracts on the blockchain), enabling developers to create arbitrary consensus-based and scalable. , Standard, full featured, easy to develop and collaborative application.
If Bitcoin is a global ledger, then Ethereum can be considered a global computer: a place where anyone can upload and run applications, and the effective implementation of programs can be guaranteed, this guarantee depends on This is a decentralized Ethereum system, a consensus network consisting of thousands of computers around the world.
Ethereum operating mechanism
Ethereum requires thousands of people to run software on their personal computers to support the entire network. Every node on the network, every computer, runs something called an 'Ethereum Virtual Machine', which can be thought of as an operating system, which can understand and run a programming language written in Ethereum software. Software or applications executed by 'Ethereum Virtual Machines' are called 'smart contracts'.
The most valuable aspect of a smart contract is that it can run predefined computer programs to perform various operations, and the operations performed can be triggered based on specific events. For example, you and I bet on the weather tomorrow, I believe it will be sunny tomorrow, but you bet that it will rain tomorrow. Both parties agree that the losing side must give 100 yuan to the winning side. Then we can write contracts on Ethereum. This contract will lock in 100 yuan worth of Ether from each of us, and then the following day, through the opening. Weather API is used to check the weather. If it's sunny, transfer all Ether locked in the contract to my account.
Once a contract is written, it cannot be edited or modified. Therefore, you can guarantee that no matter what the contract is, it will be performed unconditionally. No breach of contract after that.
In addition, if a user wants to use and execute a smart contract, he has to pay a certain fee to execute the smart contract. This fee is given to the nodes that actually consume resources such as memory, storage, compute, and electricity to carry out the contract. However, instead of paying in regular currency such as US dollars or British pounds, you pay the ether-related fees. Ether plays a dual role in the Ethereum system, providing primary liquidity for various digital asset transactions, and more importantly, it provides a mechanism for paying transaction fees. Regarding the total amount of Ether, it is always a strange thing. The white paper only provides the method of publication, and does not give a clear total.
score
Although Bitcoin and Ethereum are two words that are often referred to together, in fact Bitcoin and Ethereum are very different. The only thing they have in common is that Ethereum is also an encrypted asset that runs on the blockchain. As the open platform of blockchain, Ethereum, because of its programmability and scalability, has also produced many ecological applications. Among the current top 300 blockchain projects by market value, more than 80% are built on the Ethereum platform, and the applications cover the underlying technology, financial and non-financial fields, with a total of 42 subsectors.
The intrinsic value of the Ethereum ecological chain ultimately depends on the breadth and depth of the various applications based on the Ethereum blockchain development platform, as well as the number and strength of connection users of various applications. With the improved Ethereum consensus mechanism and improved transaction efficiency, the prospects for Ethereum's ecological value are still worth looking forward to and focusing on.
There are actually many ways to get Ethereum. Some of the applications are very convenient to use you don't need to spend money to buy a mining machine, you can operate it with your mobile, and you can withdraw coins at any time. Now mining Ethereum is the same as mining Bitcoin before, with high volume and low price. You have missed Bitcoin, so don't miss Ethereum.
reference:https://help.pool.btc.com/hc/en-us/articles/360020218012-What-is-ETH-