Introduction to Ethereum

ByJayanthi

Introduction to Ethereum

Just like Bitcoin, which is highly known, ‘Ethereum’ is yet another open source implementation of the Blockchain concept. However, the similarity between ‘Ethereum’ and ‘Bitcoin’ ends just there. While ‘Bitcoin’ is a cryptocurrency,  ‘Ethereum’ is a decentralized network for implementing ‘Smart contracts’. Recall, that ‘smart contracts’ are similar to normal contract clauses, but are automatically enforced without any interference from third parties.

The ‘Ethereum’ logo was first used in 2014 and the project was live on 30th July 2015 – so,  it is an absolutely brand new blockchain concept!  The ‘Ethereum’ idea was first conceived by Vitalik Buterin.

Now moving onto the article, the basic idea behind the blockchain technology  is the different nodes agreeing on transactions and having the same copy of the transaction. Instead of all the nodes in a network agreeing on the the coins moving towards and  away from a user(like in a Bitcoin), in a Ethereum network, the nodes have to agree on the smart contract transactions.

So, what can we do with a Ethereum blockchain?

Have an idea for an application? You can get it deployed on the ‘Ethereum’ blockchain. It is no longer a huge chore to build blockchain applications and definitely much more easier to get applications deployed on the Ethereum blockchin.

 You can create your own cryptocurrency, voting ballots, crowdsale or any idea of for a decentralized application without feelings and human emotions entwined in it. For more information about creating your own decentralized applications on the Ethereum blockchain please visit: https://www.ethereum.org/

Ethereum

To conclude, here are a few terms associated with ‘Ethereum’:

  1. Ether – is a form of currency that fuels the Ethereum network. It is specifically called as a “crypto fuel” and not as a cryptocurrency as it is used to pay for the smart contract services.
  2. Ethereum wallet – where will the ‘ethers’ be stored? In a Ethereum wallet of course! The Ethereum wallet is also used to “write, deploy and use smart contracts”
  3.  ‘EVM’ or ‘Ethereum virtual machine’- The EVM almost reminds me of the JVM or the ‘Java virtual machine’. The EVM runs on the Ethereum network and is a Turing  software. Similar to the JVM of the 90s, the EVM simplifies the process of creating applications. 

It should be noted that Ethereum  is another rapidly evolving technology. How the world will react to it and how the governments will react to it is left to be seen. This article is largely for informational purposes only!

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About the author

Jayanthi administrator

Jayanthi Manikandan has an undergraduate degree in Computer Science from India and a Master's degree in Information systems with a specialization in Information security from Detroit, MI, USA. She has been passionate about Information security and has several years of experience writing on various technical topics. Additionally, she loves to pen a few personal thoughts here as well! :)

11 Comments so far

LavanyaPosted on11:24 am - Sep 11, 2018

Jayanti, that was a great post. I am a finance professional but have never read anyone put across the differences between ethereum and other crytocurrencies quite this way.

Shree JananiPosted on2:50 pm - Sep 11, 2018

Informative post. Looks like digital currency is something to look out for here after.

Ranjini SankarPosted on10:18 pm - Sep 11, 2018

Wow! I am so grateful to you to have written about this. It’s good to know about new stuff. I learned about bitcoins from a Novel. Now this. There are so many things that we don’t know.

Pratikshya MishraPosted on11:37 pm - Sep 11, 2018

Interesting article. Quite informative. Cryptocurrencies are so intriguing and advanced.

AnksPosted on1:25 pm - Sep 12, 2018

For a techie, my knowledge about blockchain is quite limited. This article has intrigued me to learn more!

NupurPosted on5:27 pm - Sep 12, 2018

Gaseous cash, not even liquid!

SonamPosted on7:25 pm - Sep 12, 2018

A short and crisp piece! Will surely read your previous posts to read more on block chain and cryptos. Thanks Jayanthi!

Pragnya MishraPosted on10:43 pm - Sep 12, 2018

Thanks for sharing this Jayanthi. The idea of crypto currency is exciting, Further I got to know something new, Ethereum. New learning of the day

Prisha LalwaniPosted on4:00 pm - Sep 19, 2018

i got intrigued as i never knew what ethereum is. now im further more confused as i dont understand it either hahah

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