{"id":83718,"date":"2019-11-28T19:10:16","date_gmt":"2019-11-28T19:10:16","guid":{"rendered":"https:\/\/johnnyhuntington.com\/2020\/?p=83718"},"modified":"2020-04-21T14:25:09","modified_gmt":"2020-04-21T14:25:09","slug":"ethereum-eth-what-does-it-mean","status":"publish","type":"post","link":"https:\/\/johnnyhuntington.com\/projects\/ethereum-eth-what-does-it-mean\/","title":{"rendered":"Ethereum (ETH): What does it mean?"},"content":{"rendered":"

Ethereum represents a cryptocurrency which enables the operation of Dapps and smart contracts on the net. The founder is Vitalik Buterin, a software programmer, and it is considered a further development of the Bitcoin.<\/strong><\/p>\n

Ethereum is a new way of imagining the operating of the Internet. It has a big idea to change how things run on the net starting from purchasing items, application designing and saving records. This article will explain the idea behind the Ethereum and Ether\u2019s function in this.<\/p>\n

<\/p>\n

What is Ethereum?<\/strong><\/p>\n

It all started with Bitcoin and then it advanced to Ethereum- it came as natural technological development. Bitcoin proved that one community can create a currency and everyone who has a wallet that contains this cryptocurrency can participate in the process of buying and selling. The problem of double-spending was overcome with the assistance of Bitcoin.<\/p>\n

Ethereum represents a net whose purpose is to amend the way organizations operate on the net. In order to create, structure and keep the network, Ethereum designed the cryptocurrency Ethereum.<\/p>\n

Ethereum gave much bigger value to blockchain rather than the usual value storing, as it showed that there are plenty of options for using it, such as organizing notions, firms, money, people, etc. If you want to build something on Ethereum you need to create it in code language and apply the smart contact.<\/p>\n

This brilliant concept made possible for companies to exploit Ethereum for many things among which property management, contracts and stocks management, game playing and creating almost everything you can imagine. You can go in-depth on projects and assist them in building an entire blockchain state.<\/p>\n

An interesting fact <\/strong><\/p>\n

One of the founders of the cryptocurrency Wei Dai was an inspiration for naming the two sub-units of Ether called Wei and Gwei.<\/p>\n

Where does Ethereum come from?<\/strong><\/p>\n

Ethereum was not built by the only founder although the man who started it is called Vitalik Buterin, a computer programmer. Later there are other names that assisted in its development such as Charles Hoskinson,\u00a0 Gavin Wood, Anthony Di Loria, Joseph Lubin, Miha Alisie and Amir Chetrit.<\/p>\n

The origin of Ethereum<\/strong><\/p>\n

The beginning of Ethereum was in 2013 when Vitalik Buterin created its concept. However, its release in the public was not until the beginning of 2014. The first developments came with the buying of Ether with the help of the Bitcoin. In July 2016 an unfortunate thing that happened was the loss of 50 million dollars that were stolen in a crowdsale. However, thanks to organizations such as Samsung, Intel, Toyota, Microsoft and J.P. Morgan which established Ethereum Alliance in March 2017, we expect to see Ethereum more and more applicable for the big businesses.<\/p>\n

Special Features<\/strong><\/p>\n

Etherium is developing Bitcoin technology and expands the use beyond the meaning of only currency. It makes possible for the developers to develop applications that are famous under the name dapps, and they on their side put the smart contracts in a package in a form of friendly-use interface. If interested make sure you read our article on dapps and meaning of smart contracts.<\/p>\n

You can even build your own currency on top of Ethereum. Building a currency within Ethereum is also an option that is worth exploring as Ethereum is a power that drives the engines as compared to Bitcoin that is a final outcome or product in cryptocurrency.<\/p>\n

Have you heard?<\/strong><\/p>\n

The term Ethereum was invented by Vitalik Buterin and it is based on research into science fiction and elements articles on Wikipedia.<\/p>\n

Meaning and Production of Ether<\/strong><\/p>\n

Ethereum represents a net whose intention is to make changes in the way of operation of companies. The cryptocurrency in Ethereum is called Ether. It is used for building and maintenance of the net. Ether is developed by miners who very similar to Bitcoin solve puzzles and create blocks. This process is called mining!<\/p>\n

Every 15 seconds Ethereum blockchain grows for a block thanks to the puzzle-solving of miners and computers, which get an Ether reward. Ethereum at the moment exploits Bitcoin\u2019s mining techniques but is in the process of developing new ones.<\/p>\n

Get Ether<\/strong><\/p>\n

There are two options to get Ether: the first one is to purchase it on the exchange or the second to mine it!<\/p>\n

Where can you use Ethereum?<\/strong><\/p>\n

There are many things you can do with Ethereum!<\/p>\n

Social Networks – Receive payment for all the social media postings you do!<\/p>\n

File Storage – As a part of the value, there is a storage of files that is decentralized.<\/p>\n

Overseas Payments – Significant reduction of the expenses for cash transfer overseas.<\/p>\n

Payment Cards – If you want to pay in a cryptocurrency such as Ethereum now you can do that with a debit card that is contactless.<\/p>\n

Online advertising – With Ethereum you will not need a middleman and you receive payment directly from the advertisements just by watching them<\/p>\n

Loans – Blockchain supports loaning without making checks in reference to the credit.<\/p>\n

These ideas are at their beginnings and are yet to be developed. The structure of Ethereum will allow the development and accomplishment of all these concepts.<\/p>\n

Have you heard?<\/strong><\/p>\n

There is no limit to the production of Ether as opposed to Bitcoin.<\/p>\n

What to expect<\/strong><\/p>\n

The aspiration of Ethereum is to become the main platform for the development of decentralized applications. Yet, in the process of growing, there are some drawbacks. The major one is the speed of the transaction. What Ethereum needs to work on is developing the chance for more than one transaction to occur simultaneously. Just for comparison, Visa manages 24.000 transactions in a sec., while Ethereum can manage only 15. This data shows a lot.<\/p>\n

In addition, Ethereum has competition in Tron, NEO and EOS networks among the others. They are all working on developing speed and improving security at the same time. So what is left to see is who will master these and reach the top.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum represents a cryptocurrency which enables the operation of Dapps and smart contracts on the net. The founder is Vitalik Buterin, a software programmer, and it is considered a further development of the Bitcoin. […]<\/p>\n","protected":false},"author":1,"featured_media":83856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194],"tags":[193],"class_list":["post-83718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-currency","tag-crypto-currency"],"_links":{"self":[{"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/posts\/83718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/comments?post=83718"}],"version-history":[{"count":1,"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/posts\/83718\/revisions"}],"predecessor-version":[{"id":83857,"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/posts\/83718\/revisions\/83857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/media\/83856"}],"wp:attachment":[{"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/media?parent=83718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/categories?post=83718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johnnyhuntington.com\/projects\/wp-json\/wp\/v2\/tags?post=83718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}