Ethereum Platform Explained
Ethereum, Ether, and Vitalik
Ethereum is a decentralized platform based on its unique protocol. The Ethereum Blockchain focuses on running the programming code of any decentralized application.
The coin that delivers the Ethereum platform is Ether and its ticker symbol letters are ETH.
Who stands behind the Ethereum idea?
The person behind the Ethereum platform is a young man by the name of Vitalik Buterin. When he was only 19 years old he came with an idea to create an alternative protocol to Bitcoin that will allow building decentralize applications – DAPPS.
using a technology called Smart Contract.
Those smart contracts are digital codes implemented in different systems that can drive processes following by a certain trigger.
The bitcoin community didn’t like Vitalik’s idea, but the young man didn’t give up. so, in 2014 Vitalik started acquiring money for his project. A year later the Ethereum platform launched.
In order to create a smart contract, there is a need for “GAS” – Which is being paid by the Ether (the coin itself) – as a fee.
The Ether quantity is unlimited, not like bitcoin which has only 21 million coins. Despite the unlimited Ether quantity, there is a yearly limitation of 18 million Ether that can be spread to the market and this is being made by Ether mining using the ethash algorithm (Dagger Hashimoto)
Vitalik Buterin Co-founder of Ethereum
So what is the relationship between ICO and Ethereum?
The ICO (Initial Coin Offering) is the actual token – The application that being build on the Ethereum platform.
The bitcoin has 8 zeros after the decimal period although the Ether has 18 zeros after the decimal period.
The smallest Ether unit is 1 Wei: 10−18 = 0.00000000000000001