If you track the crypto-currency news, you definitely have heard about a new promising rival to Bitcoin – Ethereum. This crypto-currency grows its volumes rapidly, and its price on the market increases as well. So what is this new digital currency and who thought it up?
Actually, Ethereum is a platform that helps to create decentralized application and, in particular, “make” new crypto-currency. To finance the project, Ethereum owners created and sold their own currency – ether. Selling had an outstanding success – they sold ether for about$15 million.
The creator of Ethereum is a 21 year old Vitalik Buterin, a genuine programmer, who wrote his first code in the age of 10. And Ethereum – the ideal blockchain – is his creation. Buterin says that the idea of Ethereum creation came from Daniel Suarez books (IT professional, author of techno-thriller novels). The moment when he got acquainted with Bitcoin, was crucial for his further career.
Let’s compare Ethereum and Bitcoin. Bitcoin system, blockchain, dealswith accounts and transactions only. Ethereum can deal with more complex problems and several more components. The program set up on Ethereum will be stored forever (because it is a decentralized system, and will be actually stored on many computers around the world). So, if we look from another side, all these computers, that havecertain information, are connected with Ethereum database and can be understood as one single powerful computer.
So, if we think of Ethereum as Facebook, for instance, our photos, personal info, etc. is shared with others, like programs through Ethereum. However, Facebook is centralized, and all the information iscollected in its servers and databases. So it has some regulations, terms, etc. Since Ethereum is decentralized, it doesn’t have any policy and is more democratic, giving the power to users.
As you may have noticed the price of Ethereum is currently skyrocketing (~ 10 USD) and the market cap became the second highest for all cryptocurrencies (~ 380 Mio USD). An easy to use Ethereum wallet is integrated at Bleutrade :
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