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ETH(Ethereum)

Ethereum

ETH(Ethereum)

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ETH(Ethereum) Cryptocurrency Introduction

What currency is ETH?The full name of eth coin is Ethereum, and its Chinese name is Ethereum,Eth is an open source public blockchain platform with smart contract function.Through its dedicated cryptocurrency, Ethernet, provides decentralized virtual machines(Ethereum Virtual Machine) to handle point-to-point contracts.

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  The concept of Ethereum was first proposed by programmer vitalik buterin from 2013 to 2014, inspired by bitcoin, to the effect of "next generation cryptocurrency and decentralized application platform", which began to develop through ICO crowdfunding in 2014.

  As of February 2018, Ethereum was the second highest cryptocurrency in market value, second only to bitcoin.

  Compared with most other cryptocurrencies or blockchain technologies, Ethereum features the following:

  smart contract:The programs stored on the blockchain are run by each node, and the person who needs to run the program pays the handling fee to the miners or equity holders of the node.

  tokens:Smart contracts can create tokens for distributed applications. The monetization of distributed applications aligns the interests of users, investors and managers. Tokens can also be used for initial token issuance.

  uncle block:It will be incorporated into the shorter blockchain of the revenue parent chain because of its slow speed, so as to increase the transaction volume. The related technology of directed acyclic graph is used.

  proof-of-stake:Compared with the workload, it is proved to be more efficient, which can save a lot of computer resources wasted in mining, and avoid network centralization caused by special application of integrated circuits(Under test)

  Plasma:With smaller branch blockchain operations, only the final results are written to the main chain, which can increase the workload per unit time.(not yet implemented)

  state channels:The principle is similar to the lightning network of bitcoin, which can improve the transaction speed, reduce the burden of blockchain and improve the scalability,not yet implemented,The development team includes Raiden network and liquidity network.

  sharding:Reduce the amount of data recorded by each node and improve the efficiency through parallel operation (not yet realized).

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origin

Ethereum was originally proposed by vitalik buterin in 2013. Vitalik was originally a programmer who participated in the bitcoin community. He once advocated to the core bitcoin developers that the bitcoin platform should have a more perfect programming language for people to develop programs, but without their consent, so he decided to develop a new platform for this purpose: 88.

Buterin believes that many programs can achieve further development with principles similar to bitcoin. Buterin wrote 《Ethereum white paper》 in 2013, which explains the goal of building decentralized procedures. Then in 2014, with the development funds obtained through online public fundraising, investors used bitcoin to buy Ethereum from the foundation.

Initially, the Ethereum program was developed by Ethereum Switzerland GmbH, a Swiss company, and then transferred to Ethereum foundation, a non-profit organization

  At the beginning of the development of the platform, some people praised Ethereum's scientific and technological innovation, but others questioned its security and scalability.

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Activate: Border

Ethereum's public blockchain was launched on July 30, 2015. The original Ethereum version is called Frontier (also means "frontier"), which uses the algorithm of proof of work, but it is expected to be converted into proof of stake in the future: 32.

Hard bifurcation

Since the initial version, Ethereum has successfully made several hard forks. The first bifurcation adjusts the difficulty of future mining to ensure that future users will have the motivation to switch to proof of interest. At present, the fifth bifurcation is under development.

The second bifurcation: Home

The second bifurcation was conducted in the spring of 2016, and the first stable version was released, called "Homestead".

Third bifurcation: Dao and blockchain bifurcation

In June 2016, the Dao, a decentralized autonomous organization on Ethereum, was hacked, causing Ethereum with a market value of $50 million to be moved to a "separate Dao" that only the hacker can control. Because the program does not allow hackers to extract these Ethereum coins immediately, Ethereum users have time to discuss how to deal with this matter. The schemes considered include retrieving Ethereum coins and closing Dao. The decentralized nature of Dao also means that there is no central power to respond immediately and requires the consensus of users. Finally, on July 20, 2016, Ethereum made a hard bifurcation and made a backward incompatible change to return all Ethereum (including moved) to its original place, while the blockchain that did not accept this change became Ethereum classic. This is the first time that a mainstream blockchain has changed its transaction records through bifurcation in order to compensate investors.

  After this bifurcation, it is possible to replay attacks between the two blockchains. In addition to other network attacks, Ethereum and classical Ethereum have forked several times to avoid attacks.

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Fourth bifurcation: weight reduction and DDoS prevention

The fourth bifurcation was carried out at the end of November 2016. This bifurcation reduces the weight of the blockchain and adds some designs to avoid network attacks. Due to the lack of communication, this bifurcation briefly caused an unexpected bifurcation due to the loss of consensus between the two main client programs parity and geth of Ethereum, but the problem was found and corrected within a few hours.

The token on the Ethereum blockchain is called ether and the code is eth. It can be traded in the foreign exchange market of many cryptocurrencies. It is also the medium used to pay transaction fees and computing services on Ethereum.

The exchange rate of Ethereum against other physical currencies may change significantly in a short time. For example, when the Dao is shocked, the exchange rate against the US dollar falls from $21.50 to $15.

Buterin sold a quarter of the etheric coins he held in April 2016, which caused some people to question. However, he himself said that this is a very reasonable risk diversification in financial management, and quoted Gavin Andresen, a former bitcoin developer, as saying that all this is just an experiment and may still fail.

Smart contract

Main item: smart contract

The most important technical contribution of Ethereum is smart contract. Smart contract is a program stored on the blockchain, which can assist and verify the negotiation and operation of the contract. Ethereum's smart contracts can be written in several Turing complete programming languages. The New York Times said that the Ethereum platform is a public computer operated by a network composed of many users, and Ethereum is used to distribute and pay the right to use the computer. The economist explains that smart contracts can enable the databases of many organizations to interact at a low cost and allow users to write precise contracts. One of the functions is to generate decentralized autonomous organizations, that is, a virtual company composed of Ethereum contracts.

Because the contract content is open, the contract can prove that its claimed function is true. For example, the virtual casino can prove that it is fair. On the other hand, the openness of the contract also means that if there are loopholes in the contract, anyone can see them immediately, and the amendment procedure may take some time. The Dao is an example that cannot be stopped immediately.

Many details of smart contract are still under study, including how to verify the function of the contract. The report of Microsoft Research Institute pointed out that it may be very difficult to write perfect contracts. It discussed some tools developed by Microsoft that can be used to verify contracts, and mentioned that a large number of vulnerabilities may be found if various published contracts are analyzed on a large scale. The report also says that it can prove the equivalence between the solid program and the Ethernet virtual machine coding.

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Building unstoppable applications

Ethereum is a decentralized platform that runs smart contracts: applications that run in full accordance with procedures without any possibility of downtime, censorship, fraud or third-party interference.

These applications run on a customized blockchain, which is a very powerful shared global infrastructure that can move value and represent ownership of property.

This enables developers to create markets, store the registration of debts or commitments, transfer funds according to instructions from the past (such as wills or futures contracts) and many other things that have not yet been invented, all without intermediary or counterparty risk.

The project was launched in August 2014 by fans around the world through Ethernet pre-sale for self-help prevention. It was developed by the Ethereum foundation, a Swiss non-profit organization, and provided by global celebrities.

In the traditional server architecture, each application must establish its own server and run its own code in an isolated island, which makes data sharing difficult. If a single application is threatened or offline, many users and other applications will be affected.

In the blockchain, anyone can set up a node, copy the necessary data of all nodes to reach an agreement, and be compensated by users and application developers. This allows user data to remain private, and applications can be distributed like the Internet.

Smart Wallet

It allows you to save and protect Ethernet and other encrypted assets built on Ethereum, as well as write, deploy and use smart contracts.

Learn about solidity, a new language for smart contracts

Design and publish your own cryptocurrency

Create a tradable digital token that can be used as currency, representation of assets, virtual sharing, member certification or anything. These tokens use the standard coin API, so your contract will automatically be compatible with any wallet, other contract or transaction using this standard.

The total number of tokens in circulation can be set to a simple fixed number or fluctuate according to any programmed rule set.

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You can create:

Tradable tokens with fixed supply

A central bank that can issue funds

Puzzle based cryptocurrency

Kickstart is a project with untrusted people

Do you already have an idea to develop on Ethereum? Maybe you need help and some money to turn them into reality, but who will lend money to people they don't trust?

With Ethereum, you can create a contract that will hold the contributor's funds until any given date or goal is reached. As a result, the funds will be released to the project owner or safely returned to the contributors. All this is possible without centralizing arbitrators, clearing houses or having to trust anyone.

You can even use the token you created earlier to track the allocation of rewards.

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  Kickstart

You can create:

Crowdfunding pre-sale products

Crowdfunding for selling virtual shares in blockchain organizations

Auction a limited number of items

Establishment of democratic autonomous organizations

Now that you've developed your idea and got the money, what's the next step? You have to hire a manager, find a trusted CFO to handle the accounts, hold board meetings and do a lot of paperwork.

Or you can simply leave all this to the Ethereum contract. It will collect proposals from your supporters and submit them through a fully transparent voting process.

One of the many advantages of having a robot run your organization is that it is not affected by any external influence, because it guarantees to execute only what it programs. Since the Ethereum network is decentralized, you will be able to provide 100% uptime guaranteed services.

Start organization

A virtual organization in which members vote on questions

Transparent association based on shareholder voting

Build a new distributed application

Now it's your turn: start building the dream you created in Ethereum! Can your business be enhanced by running on an encrypted, secure, decentralized, tamper proof network?

Look at the many great projects that have been built on Ethereum *. And since you will be one of the first developers in the world to be able to program distributed applications, some of them may need your help.

*The above list is maintained by an independent party and the foundation does not recognize its content or any specific project.

ETH(Ethereum) Cryptocurrency Exchange

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