Beginners Guide to Ethereum

Beginner's Guide to Ethereum

In the past few years Developers have begun to use Bitcoin's underlying technology, the blockchain. Adapted to the development of Ethereum, it is a new generation platform that allows everyone. Both developers and consumers It can take advantage of decentralized networks and consider the benefits of blockchain technology.

Enter Ethereum

Ethereum's vision is to decentralize the internet by creating a platform where applications can be built and run on a decentralized network. Ethereum is fast and flexible without the inherent limitations of the Bitcoin protocol. ”

“What Bitcoin does for payments, Ethereum does for everything programmable.”

What is a decentralized network?

A decentralized network distributes functions and power away from a central server. Terminate peer-to-peer communication.

strength:

• There is no central point of failure.
• Highly reliable
• good value

Blockchain?

Most networks operate with a central authority making final decisions. Blockchain is a type of decentralized network. Agreements can be made across the network. without having to rely on central authority

Mist

Mist will be an Ethereum end-user interface to bring blockchain technology to non-technical users. It includes a catalog for many types of decentralized applications and other tools.

Ether

Ether is Ethereum's native token and serves two primary purposes. First, it requires applications to pay Ether for every operation they perform. Corrupt or malicious programs are kept out of control. Second, ether is given as a reward to those who donate resources to the decentralized network.

What is built on Ethereum

There is a rapidly developing ecosystem developing.

Here are some notable projects:

• MAKER : Independent bank and market maker.
• Slock.it : Rent, sell or share anything. without going through a middleman
• Uport : Encrypted Digital Identity Option: Move Trust to Others
• augur : Decentralized prediction market platform

Funding to support the vision

On July 22, 2014, the non-profit Ethereum Foundation launched the public sale of Ether. The funds collected help in the development of the project. The sale lasted 42 days and raised 31,591 BTC, or $18,439,086, making it (at the time) the largest completed crowdfunding project of all time.

Fundraising numbers

42 days,310,000 Bitcoin Accumulation,$18 million equivalent,The largest fundraising project 5 in history,9 thousand participants.

What will Ethereum be used for?

Decentralization of existing services

Traditionally centralized services can be decentralized using Ethereum, leading to lower costs and fees by connecting people directly and removing third parties. Imagine a service like Uber or eBay that doesn't have a central fee company.

Bring Sci-Fi to life.I

BM and Samsung use Ethereum to prove the concept that washing machines can:

• Order your own detergent when you run out.
• Call your own repairman when it breaks.
• Do laundry when electricity is cheapest.
• unexpected possibilities

The creators of the internet did not foresee social media or cloud computing. We have no way of predicting what technological breakthroughs will occur on the Ethereum blockchain.

Ethereum software release date

• Technical document released Nov 2014
• Proof of Concept(POC) 1 1 Feb 2014
• POC 2 Feb 20, 2014
• POC 3 1 Mar 2014
• POC 4 9 Apr 2014
• POC 5 22 July 2014
• Ether on sale 22 July - 2 September 2014
• POC 6 5 Oct 2014
• POC 7 13 Jan 2015
• POC 8 24 Feb 2015
• Olympic 9 May 2015
• Frontier 30 July 2015
• 1M Blocks 13 Feb 2016
• Homestead 14 Mar 2016
• Metropolis Oct 2017
• Serenity 10-20 Sept. 2022
• Ethereum 2.0 10-20 Sep 2022
• Ethereum 3.0 TBA