What is Ethereum?

ethereum

Hello Reader,

In my previous article we took a look at the different applications of blockchains and delved into the world of smart contracts. In this article we are going to explore a crypto currency built specifically around smart contracts, meet Ethereum.

Ethereum is a decentralised platform designed to run smart contracts originally proposed by Vitalik Buterin. The early development team grew rapidly with initial founders including Mihai Alisie, Anthony Di Iorio, Charles Hoskinson, Amir Chetrit, Dr Gavin Wood, Jeffrey Wilcke and Joseph Lubin.

Let’s take a few steps back to where it all began…

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Applications of blockchains

Blockchain

Hello Reader,

I frequently get asked a specific question from people that are learning about blockchains. Often they are struggling to grasp exactly what they are capable of and why they are thought to be so revolutionary.

In this article, we are going to take a look at a number of examples of how blockchain technology can revolutionise existing industries or even create entirely new ones.

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Mining in crypto currency and Bitcoin

Mining

Hello Reader,

We’ve now covered how bitcoin addresses are secured and become acquainted with the blockchain. In this post we are going to learn about the process known as mining which acts to secure the network.

What is bitcoin mining?

Miners are the engine that powers the blockchain. They check transactions are valid and then record them into blocks to be added to the chain.

There are two key questions that mining answers.

Bitcoin uses a peer-to-peer network, with no central authority issuing transactions. As a result, each node is likely to include different transactions in their respective blocks.

(1) How does the network decide which block to add to the chain?

Furthermore, computers are expensive to buy and operate.

(2) Why would anyone spend their resources running a node?

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