What is the Ethereum?

Ethereum is a form of cryptocurrency that does not have a central administrator and entirely works using a user-to-user approach. Only the users have control over their transactions. The Ethereum approach fully functions on a border-free system that uses nodes. Nodes are individuals that have automated the Ethereum system into their PCs by download and are rewarded for this forming an honest global network.

The nodes take part in enforcing the rules that make the Ethereum platform legit and secure through a term, smart contract. With these contracts, users who do not even trust each can quickly go about with their transactions. The Ethereum platform has already prepared terms, which on completion complete deals.

How they were developed and years in use (history)

One can confuse Ethereum to Bitcoin, but in this case, only history ties them though they share different developments. A teenage programmer, Vitalik Buterin, developed the Ethereum Cryptocurrency.  The idea of Ethereum was conceived as Buterin worked on Bitcoin, based on the challenges faced in designing it on the blockchain. Whereas the Bitcoin blockchain focused on commercial uses, Buterin felt the need to develop an all-purpose blockchain platform.    

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Being among the founding contributors to the Bitcoin, Buterin was also among the founders of its magazine, the Bitcoin Magazine. He also contributed to various writings on the future of digital currencies. In 2013, Vitalik helped develop other coins like the Mastercoin before releasing the Ethereum white paper.

More other contributors also came in during the release of Ethereum in 2014, among Dr. Gavin Wood and Joseph Lubin who released the Ethereum yellow paper and ConsenSys respectively.

The Ethereum has been in use for over four years since its dawn in 2013.


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