Ethereum (ether) is one of the ten best digital currencies on the crypto market, which has boomed significantly in recent times and managed to compete with Bitcoin for the top spot in the ranking of electronic currencies, but until this moment it is still in second place for it and Ethereum is a system of contract systems Smart, which differs from traditional contracts in that it is without an intermediary, Ethereum is a digital currency called Ether, the ether is similar to Bitcoin in many of the features and features, it is completely digital, open-source, and decentralized, not owned by anyone, and operates peer-to-peer system without any need for a party A third in it.
The Most Important Characteristic of Ethereum
What distinguishes Ethereum from other blockchain networks as we mentioned at the beginning of the article is that they are programmable, that is, programmers and application developers can build applications, by taking advantage of the blockchain decentralization and its immunity to change.
Who is the Founder of Ethereum and How Did it Start?
Vitalik Poterin is one of the first people interested in Bitcoin and in late 2013 Vitalik presented his research paper, and the idea remained under discussion and controversy until December 2014, where Vitalik and team members decided to put up the ether coin for what is called the Initial Offer of Currency (ICO) to finance the project Some 31,000 Bitcoins, equivalent to $ 18 million at the time, were considered by the community and investors, and considered one of the most successful ICO campaigns ever.
How Does Ethereum Work?
Blockchain, which is a blockchain that works on several computers connected around the world, using some applications through which many orders are executed according to smart contracts, which are information protocols that simulate the conclusion of traditional contracts as they require terms and requirements for their implementation without the need for authority or A certain party controls its operations and this is done through very complex and difficult algorithms that guarantee the safety and not to be tampered with, but despite all this, during the past months, it was subjected to breaches based on which $ 50 million was stolen, which led to a 30% decline in its value before it The platform is further modified and strengthened.
This project is considered one of the successful projects in crowdfunding, as it raised more than $ 18 million, through which they issued the digital contract platform to become a complete integrated system of developers and drew many giants and large companies such as Microsoft and IBM and the project financing process through a non-profit organization in Switzerland.