What is Ethereum?

Ethereum is a blockchain-based platform that can be used to create decentralized applications. It was created by Vitalik Buterin and launched in 2015. Ethereum uses smart contracts, which are programs that run on the blockchain and can automatically execute when certain conditions are met. For example, you could have an Ethereum smart contract that pays someone for posting a comment on your website or social media account if it gets 10 likes within 24 hours of posting it.

The benefits of Ethereum include:

• lower transaction fees than Bitcoin (BTC) because there are fewer miners involved in processing transactions;
• faster processing time for transactions compared with BTC;
• more flexibility when it comes to programming smart contracts

History of Ethereum

Ethereum was developed by Vitalik Buterin, a Russian-Canadian programmer who was just 19 years old when he created it. He first published a white paper about Ethereum on Bitcoin Magazine in 2013 and launched the platform in 2015. In 2014, Buterin won an award from World Technology Awards for being one of the top 100 innovators in the world under age 30 (alongside Mark Zuckerberg). In 2016, he received another prestigious award--the Thiel Fellowship which provides $100k per year for 2 years to young people who want to drop out of college and start their own companies instead. In 2017 alone there were more than 1 billion dollars invested in blockchain startups with over half going into cryptocurrency exchanges like Coinbase or Poloniex; however only 3% went towards developing new technologies like Ethereum's smart contracts protocol which allows users to create their own cryptocurrencies without having any coding skills whatsoever!

Ethereum's Blockchain

A blockchain is a public ledger that records transactions. It's a decentralized database, meaning it isn't stored on one central computer but instead on multiple computers across the internet. This means that no single person or organization controls the data in the blockchain, which makes it more secure than traditional databases. Ethereum's blockchain works similarly to Bitcoin's: send each other tokens (called Ether) and make smart contracts on top of this network. However, Ethereum has some key differences from Bitcoin--the most important being its programming language Solidity and its use of smart contracts.

Ethereum's Smart Contracts

Ethereum's Smart Contracts are a key feature of the Ethereum platform. They allow you to create applications that run exactly as they were programmed, without any possibility of downtime, censorship or fraud.

Smart contracts are applications that can be run on a blockchain by following a set of rules written in code. These rules cannot be changed once they're deployed onto the network, so there's no need for an intermediary like a bank or lawyer to verify them before they go live. This means that smart contracts can be used for things like financial transactions between two parties without requiring either party trust each other - all you need is trust in the underlying technology!

Ethereum's Cryptocurrency

Ethereum's cryptocurrency, Ether, is the second most popular digital currency in the world. It was created by Vitalik Buterin and launched in 2015 as an alternative to Bitcoin.

Ether works like any other cryptocurrency: it's a digital asset that can be traded on exchanges or used as a payment method for goods and services. The main difference between Ethereum and other cryptocurrencies is that it has its own blockchain--the technology behind all cryptocurrencies--and therefore operates independently of Bitcoin or any other system.

The benefits of using Ether include lower transaction fees than those associated with Bitcoin; faster transaction times (about 15 seconds); greater security due to smart contracts; and no cap on how many coins can be produced over time.

Ethereum Mining

Ethereum mining is the process of securing the Ethereum network, which involves confirming transactions on the blockchain and creating new blocks. It's a way to earn ether (ETH), the crypto token used in Ethereum, by providing your computing power to help run the network.

Ethereum uses Ethash as its PoW algorithm for mining new blocks on its blockchain. Ethash was designed to be ASIC resistant; this means that it's designed so that it's difficult for an ASIC chip to mine efficiently compared with other hardware like GPUs and CPUs. This means that anyone with a computer can participate in Ethereum mining without needing special equipment or large amounts of electricity, making it more accessible than Bitcoin or Bitcoin Cash mining--but also less profitable per unit hashrate due to higher difficulty levels involved in finding valid hashes.*

Ethereum Wallets

An Ethereum wallet is a software program that stores your private and public keys, as well as your Ether (ETH). Private keys are used to sign transactions, while public keys are used to send ETH from one wallet to another.

How Ethereum Wallets Work

There are three types of wallets: hardware, software and paper. The most common type of Ethereum wallet is a desktop or mobile wallet, which can be downloaded from the official Ethereum website at https://www.ethereum.org/wallet/#downloads-section . Hardware wallets allow you to store your coins offline on a piece of hardware like a thumb drive or USB stick that connects directly into your computer's USB port; these devices are considered more secure than other options because they aren't connected to the internet by default and therefore can't be hacked remotely by cybercriminals who would want access to your coins.* Benefits Of Using An Ethereum Wallet

The main benefit of using an ethereum wallet is convenience - it allows you to securely store ETH without having access problems like those found with exchange sites where users must wait hours (or sometimes days) before being able to withdraw their funds after making purchases through them.* Disadvantages Of Using An Ethereum Wallet

Ethereum's Applications

Ethereum's applications are what make it so exciting. They're also what makes Ethereum different from Bitcoin, and why many people think that it will be more successful than its older brother.

Ethereum's applications work by using smart contracts on the blockchain to automate tasks or perform specific functions without any human intervention. For example, one application called Augur allows users to create their own prediction markets around anything they want--whether it's sports games or elections--and bet money on their predictions while still getting paid if they're right! This is possible because Augur uses an algorithm called "oracles" which gathers information from outside sources like newspapers or websites (like CNN) to verify claims made by other users about events happening in real life; this way you can trust that someone isn't lying about whether something happened when they say it did!

Another great thing about these types of systems is that there aren't any middlemen involved: no banks needed here! You just need access to the internet and some ETH tokens (which we'll talk about next), which means anyone can participate regardless of where they live or how much money they have saved up at home."

Ethereum's Future

Ethereum's future is bright. The platform has a lot of potential, and it's only going to get better in the coming years. In this section, we'll talk about some of the ways that Ethereum could improve its technology and ecosystem.

We'll also look at some of the benefits that these changes could bring about for users and developers alike.

Conclusion

Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship or- interference.

Ethereum was first proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. It was launched on 30 July 2015 with 11 million coins pre-mined for the crowdsale. The Ethereum network went live on 30 July 2015, with 72 million coins "pre-mined". This accounts for about 13 percent of the total circulating supply in 2019. In 2016 an additional 5 million ether were generated through mining.

In 2017 there was a plan to move away from Proof of Work mining and switch to Proof of Stake, but this has been delayed until at least 2020.