Ethereum Blockchain: Definition, Currency, Working & Components
Hello friends, Hope you are doing good. In my last tutorial, I gave you an introduction to blockchain technology and this article is the second one of this series. Today I am going to talk about Ethereum. In simple words, Ethereum is an open-source platform of blockchain technology. But unlike the bitcoin blockchain, it offers more functionality. The blockchain in bitcoin tracks bitcoins only. It tracks the ownership and transfer of bitcoins. While Ethereum is not only a payment network for cryptocurrency but also termed as the world computer due to its wide functionality. First, let’s go through the key introductory points of Ethereum, and then we will dive into the details:
In this section, I will give you an idea that how Ethereum was invented and why there was a need of developing such a platform. When bitcoin was invented and people realized the power of blockchain, developers tried to design new applications other than cryptocurrency. The limited functionality of the existing blockchain made it difficult to build different types of projects and hence, arose the need for a new blockchain.
In 2013, Vitalik Buterin presented a white paper giving the idea of the Ethereum blockchain. Afterward, Vitalik and Gavin Woods worked together and built upon that idea. And guys, finally in 2015, the first block of the Ethereum blockchain was mined. So, this was a little history and now before getting you bored, I will move towards the next section explaining the programmability of Ethereum.
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I am Syed Zain Nasir, the founder of The Engineering Projects (TEP). I am a programmer since 2009 before that I just search things, make small projects and now I am sharing my knowledge through this platform. I also work as a freelancer and did many projects related to programming and electrical circuitry. My Google Profile+
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