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/

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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