What Is Ethereum (ETH)? Ethereum jumpstarted a blockchain revolution by showing its (almost) full potential.

What Is Ethereum (ETH)?

Ethereum (ETH) is an open-sourced smart contract network that uses blockchain technology. A proprietary, Turing-complete programming language called Solidity is used to created decentralized applications (dApps).  The Ethereum Virtual Machine (EVM) is used to developed and launch programs on the blockchain.

Who Is Ethereum?

The Ethereum project was created in 2014 by Vitalik Buterin, Gavin Wood, and Joseph Lubin, through an organization called the Ethereum Foundation. They also launched the Enterprise Ethereum Alliance to promote the usage of blockchain in businesses.

Use Cases of Ethereum

Ethereum opens the use-cases of cryptocurrency exponentially, enabling a blockchain-based development platform. It became a launchpad for popular cryptocurrency projects, including Crypto Kitties, EOS, ZIL, and more. Tokens follow specific standards, which follow Ethereum Request for Comments (ERC) naming standards, like ERC-20, ERC-221, and ERC-721. ETH can also be bought/sold as an investment vehicle or spent/used as a currency.

How to Mine ETH

ETH is currently mined using a Proof-of-Work (PoW) mining algorithm. There are long-standing plans to transition to Proof-of-Stake (PoS). You can join a mining pool, but ETH can’t be mined with a home PC or mobile device. An ASIC mining rig is necessary.

Ethereum Investors and Partners

Ethereum is partners that include Samsung, Microsoft, Intel, J.P. Morgan, Cornell University, MasterCard, and more. It also hosts a lot of specialized projects.

Learn More About Ethereum

If you want to learn more about Ethereum, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.

Versability

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

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