What is Ethereum?
Ethereum is characterized by its unique nature as it is a completely decentralized system, meaning not controlled by any one specific entity and it is fully autonomous. It was created in 2013 by a cryptocurrency developer and then sold in the form of crowd selling later in 2014.
Though many people confuse and compare Bitcoin with Ethereum, they are in fact not comparable at all. Ethereum leveraged the technology used to power and create Bitcoin and vastly expanded its capabilities and functionality. It is not a cryptocurrency, but an entire network with its own characteristics and autonomous governance.
What makes ethereum unique?
As mentioned, Ethereum is a standalone, entirely decentralized system. This in and of itself makes it unique. Some other unique elements and characteristics of the system worth noting include:
- Security; because it is decentralized, Ethereum allows users' data to remain on their own computers.
- nline; there is no possibility of it going offline
- It has its own internet browser; Ethereum comes equipped with its own internet browser, coding language and even payment system.
- Users can create their own applications; using Ethereum, users can create their own decentralized apps. These range from brand new ideas to slight tweaks to something that already exists or is out there.
Who created ethereum?
Vitalik Buterin is the brains behind Ethereum. He first noted and put his idea on paper (quite literally) in a white paper that was only seen by and shared with a few friends. When these friends shared with other friends, interest started to be peaked in developing the concept
It took about a year to get the project out in front of the public. It was first presented at a Bitcoin conference in January 2014 by Buterin and some of those who helped him develop the concept. A few months after the announcement, a crowd sale occurred to help fund the idea.