Ethereum description

NAME AND LOGO
Ethereum - from the word ether (ether) which is a hypothetical substance in which electromagnetic waves propagate

CREATORS AND DEVELOPERS

Ethereum was initiated by the Russian programmer Vitalik Buterin at the end of 2013. Inspired by the blockchain technology used in Bitcoin, he wanted to create a decentralized network for application design. The network was designed by the Swiss companies Ethereum Switzerland GmBH. Funds for the start of the project were collected through the sale of the first ETH tokens on a crowdfunding basis. The blockchain was launched on July 30, 2015.

CRITERAL DESCRIPTION
Ethereum is a platform based on blockchain technology for entering into smart contracts and creating applications using a decentralized peer-to-peer network. This network composed of user-created nodes is called EVM (Ethereum Virtual Machine).

The token that is the payment means is 1 Ether (1ETH). Currently, after the division of the network, which is a result of the hard-drive conducted in 2016 and the lack of communication between all users of the network, we have two currencies: Ethereum (ETH) and Ethereum Classic (ETC).

SPECIFICATION

Ethereum Virtual Machine is a complex environment node for creating intelligent contracts. Each node has the same instructions implemented and can process different programming languages ​​based on C ++, Java, Python, or Go. The EVM environment is completely separated from the other processes of the machine with the node running for security purposes.

Intelligent Contracts (smart contracts) are digital contracts, scripts and applications that in the case of Ethereum are stored in its chain of blocks. An example of such a contract may be, for example, Golem who uses ETH to send transactions for participation in the creation of a distributed computing computer.

Maximum number of coins: None

Extracted coins: 92.2221,271 ETH

First block: 2015-07-30

Number of blocks: 3823578

Average time between blocks: about 15s

Reward in the block: 5 Ether (ETH)

Blockchain size: 61.66 GB

Number of nodes: 23529

Algorithm: Ethash

DISTRIBUTION
Supply - the maximum number of Ethereum coins is unknown, while Ethereum Classic users have limited this number to 230 million. Currently, the unchanging reward for the block is 5 tokens.

ICO - The first Ethereum or Ether tokens were sold by the Ethereum Foundation non-profit organization to raise funds to start the project. Sales lasted from July 20, 2014 to September 2, 2014. In this way, 31.529 BTC was collected, which amounted to USD 18.43996.86. 60,000,000 ETH were distributed during the ICO.

Premining - missing

WHAT IS DIFFERENT FROM BITCOIN?
Unlike Bitcoin, which blockchain is used mainly for purposes related to the production and trading of this currency, Ethereum is primarily a platform for entering into contracts, i.e. scripts and applications stored in the block chain. Ether currency is just one part of the entire Ethereum protocol. This protocol creates an excellent environment for creating new solutions for companies wishing to take advantage of the possibility of concluding contracts in a decentralized network and ensuring maximum security.

Similarly to Bitcoin, Proof-of-Work extraction is used here, using excavators, while Ethereum will also have the opportunity to extract using Proof-of-Stake, or, in short, create new coins with the help of those present in the official portfolio at the same time. node.