Difference between revisions of "Ethereum"

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Revision as of 15:36, 7 July 2018

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Ethereum
Ethereum logo.jpg
Founded 2013
Headquarters Zug, Switzerland
Key People Vitalik Buterin, creator; Patrick Storchenegger, Legal Advisor
Employees 50-100
Products Ethereum, Ether
Twitter @ethereum
LinkedIn Profile
Facebook Ethereum
Website www.ethereum.org/
Blog blog.ethereum.org/

Ethereum (ETH) is both a cryptocurrency similar to bitcoin, and a decentralized application platform (dApp).[1] It is run by a decentralized peer-to-peer network of computers. Computers in this network run decentralized applications, which allow them to contribute to the network's total processing power by mining Ethereum's cryptocurrency (called ether). These computer programs can be anything, but the network is optimized to carry out rules that mechanically execute when certain conditions are met, like a contract. It uses its own distributed ledger based on the architecture of bitcoin's blockchain to store, execute, and protect these contracts via computerized cryptography.[2]

Ethereum is also a Turing complete programming language, used to help developers and publishers build and publish dApps.[3]

Background

float

The white paper for Ethereum was created by Vitalik Buterin, a Canadian programmer and co-founder of Bitcoin Magazine, in 2013.[4][5][6] After its release, additional developers signed on to the project, including Gavin Wood. Together, they and other founders launched a crowdfunding campaign in July of 2014 in which investors purchased Ethereum tokens (ether) to serve as shares in Ethereum. They raised $18 million from this campaign.[7]

The platform launched Frontier, the network's first live release, a year later, in July of 2015.[8] It was described by Ethereum's creators as "first in a series of releases that punctuate the roadmap for the development of Ethereum."[9]

Overview

Support for Ethereum has been strong. Forbes called the Ethereum network "great for innovation."[10] Furthermore, a collection of Fortune 500 companies known as the Enterprise Ethereum Alliance have pledged to help each other develop the Ethereum platform and further "smart contract" technology. This group includes the National Bank of Canada, Cisco, American Family Insurance, CME Group, Toyota Research Institute, Mastercard, and Microsoft.[11][12]

However, the SEC began in May of 2018 to look into whether Ether should fall under its authority as a security or under the authority of the CFTC as a commodity. Unlike bitcoin, which was determined to be a commodity because it held no pre-launch ICO, Ethereum's blockchain network was funded through a presale of Ether, which complicates the question of how to classify the coin.[13]

References