A Blockchain For Decentralized Applications and Smart Contracts
When we started piecing this Coin Index together, Ethereum was the second most valuable digital currency on the market.
And if you’re looking at technology alone, it deserves its place.
Founded in 2015 by Vitalik Buterin and Gavin Wood, Ethereum is unlike anything else in the digital currency landscape. We say that because Ethereum is more than just a digital currency. It could very well be the foundation of our next internet.
Its long-term value has earned Ethereum its own resource page, which Token Authority readers can access here.
Below, we break down Ethereum without going too deep into the technicals.
We’ve already mentioned above that Ethereum is not just a digital currency.
Ethereum is an open source, decentralized network that can be used by developers to build decentralized applications, called DApps. This may seem complex, but really all a DApp is is an application that isn’t controlled by a central party.
The Ethereum network is equipped with the ability to execute smart contracts, which are immensely valuable in today’s business world.
A smart contract is essentially parameters in code that dictate that if one action takes place, another must take place as well.
Say I wanted to send money to my sister, but only if her bank account dips below a certain amount. We could enter those parameters into a smart contract. Once that was put in place, money would only move from me to my sister if those parameters were met. The money would also move despite network downtime. It would move without any third-party interference.
Smart contracts and their power as a development tool have allowed the Ethereum network to gain the attention of multiple large corporations. In 2017, these organizations banded together to form a corporate alliance called the Enterprise Ethereum Alliance. Members of this alliance include Microsoft, Intel, and JP Morgan.
Those corporations are interested in Ethereum because of its potential as a landmark tool.
However, the Ethereum network also has its own digital currency that rivals Bitcoin or Litecoin.
That digital currency is known as ether, and it powers all of the decentralized applications that are built on the Ethereum network. The transaction rate for ether is two minutes.
When an investor buys Ethereum, they are not actually buying the network but the native digital currency ether.
If you’re interested in learning more about Ethereum, you can access the website here.
The white paper is available here.
How to Buy Ethereum
Ethereum can be purchased on a wide range of exchanges, including Coinbase, Gemini, Bittrex and Poloniex.
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