Technology is truly, madly and absolutely unruly.
First, it whips up an appetite for an immortal idea and then, almost immediately threatens its extinction. Something similar is happening with Ethereum- Vitalik Buterin’s answer to Blockchain.
Ethereum – An interesting past
It all started in 2009 when an unknown entity called Satoshi Nakamoto created a cryptocurrency and an electronic payment system called Bitcoin and released it as an open-source software to enable peer-to-peer transactions.
Bitcoins were virtual value tokens, unaffiliated with any nation. So, anyone could open an online wallet and receive Bitcoins without providing any identifying information. The transactions got recorded on a universal ledger or database referred to as the Blockchain because, “all the activities were sorted into “blocks,” and each block was chained to the ones before it, all the way back to the very first transaction — a structure that made it tough for anyone to change the records .”
Truly the first-ever moment for business on the internet, Bitcoin offered a transparent digital medium for value access. Stocks, bonds, money, digital property, titles, deeds, even things like identity and votes could now be moved, stored and managed securely –with complete immutability, security and absolute privacy.
Ethereum – A dynamic present
An open software platform, Ethereum was based on Blockchain technology but it now enabled developers to build and deploy decentralized applications as opposed to one new Blockchain for each new application.
VITALIK EXPLAINS ETHEREUM
With Smart Contracts, one could now create a virtual decentralized autonomous organization. (And yes, it was created- DAO raised an impressive $150 million! From Ethereum enthusiasts).
- Bitcoins six confirmations and 10 minutes processing was now replaced with Ethereum’s 12- 15 seconds.
- Ethereum could scale up from 25 transactions per second to more than 1 million transactions per second, thanks to its proof-of-stake consensus algorithm.
- Theft was impossible with a feature like Hashed TimeLock Contracts. https://www.yumpu.com/en/document/view/37238761/lightning-network/34
- Tampering was impossible because the Apps were based on a network formed on consensus.
- Data was secured using cryptography.
Ethereum- a bright future
Today Ether has a market value of $50.59 with a market capitalization of $4,469,204,016. JPMorgan, IBM, Microsoft, and Intel have already initiated exploratory projects based on this technology.
PROJECTS USING ETHEREUM
Early days, one would say for this virtual idea that’s about to usher in crypto-economic democracy and transparent governance. Not impossible though if one were to share Vitalik’s optimism -“Building this future is an enormous task, but one can’t have it any other way.”
ETHEREUM- The Indian Chapter
The easiest way is to use its native Mist browser -a user-friendly interface & digital wallet for users to trade & store Ether as well as write, manage, deploy and use smart contracts.
There is also the MetaMask browser extension, which turns Google chrome into an Ethereum browser.
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