The pioneer of smart contracts: the second most valuable cryptocurrency behind the queen Bitcoin was created in 2015 by the young Russian-Canadian developer Vitalik Buterin. Seeing limitations in the Bitcoin blockchain, which by its nature is only” dedicated to making peer-to-peer payment applications, the young computer prodigy then launched Ethereum, which is intended to be more flexible, more accessible and more ambitious than the queen of cryptos. Although the blockchain he imagines takes many characteristics of the one developed by Satoshi Nakamoto, it makes its own way on the exploitation side. Beyond the transmission of value, the technology extends to the programming and development of decentralized applications (Dapps). This master stroke has allowed many IT professionals to deploy their know-how in order to offer innovative services specific to the decentralized nature that blockchain represents. Many experts believe that the young visionary would have invented the new decentralized web allowing to eliminate intermediaries between customers and services. Vitalik Buterin and his team have developed the Ethereum Virtual Machine, behind this futuristic name that makes us think of a technology straight out of a Steven Spielberg movie, hides the very essence of Ethereum. It is the first sub-layer of the system that guarantees the security, interpretation and compilation of smart contracts.
The heart of Ethereum’s potential lies in the implementation of these famous contracts that allow the automatic execution of certain operations according to predefined conditions. Let’s take an example: To make it simple, if your train is 2 hours late, then the railway company could compensate you automatically through a smart contract by triggering conditional clauses without you having to do anything. The execution of the smart contract does not require the intervention of a trusted third party thanks to the blockchain which takes on this role. This technological revolution has allowed thousands of developers to build Dapps in different sectors such as finance, video games, real estate, logistics, cloud. It gives programmers the possibility to create their own currency through a smart contract. These digital currencies must however respect the standard called ERC-20 imposed by Ethereum. Moreover the revolutionary blockchain has its own cryptocurrency.
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The acronym of the native token of Ethereum is : ETH. Like the Bitcoin blockchain, Ethereum has its own digital currency called ether which is put into circulation in the same way as the queen of cryptos by mining under the consensus algorithm : Proof of Work. The ether is used to carry out operations on Ethereum, which may require a significant consumption of resources. ETH is also used as for BTC to transmit value also between an address A and an address B. Ethereum is constantly evolving to improve user experience, scalability, scalability and security….
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