Ethereum is a blockchain-based decentralized platform designed for running smart contracts. It was created by the Ethereum Foundation, a Swiss non-profit lead by Vitalik Buterin.
00:24 What is Ethereum?
00:42 What are smart contracts?
01:46 Ether and other tokens
02:24 History of Ethereum
04:59 Key features
05:54 Key milestones
06:50 Future development
08:36 Token economics
Learn more: https://crushcrypto.com/ethereum-analysis/
Project website: https://www.ethereum.org/
White paper: https://github.com/ethereum/wiki/wiki/White-Paper
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What is Ethereum?
Ethereum is a blockchain-based decentralized platform designed for running smart contracts. It was created by the Ethereum Foundation, a Swiss non-profit lead by Vitalik Buterin. The Ethereum Foundation supports Ethereum by leading research, development, and education efforts for the platform.
Ether (ETH) is the native token for the Ethereum blockchain that acts as fuel for transactions and deploying smart contracts. It is a form of payment made by the clients of the platform to the machines executing the requested operations. Ether is also the incentive for developers to write quality smart contracts, as wasteful code costs more to execute, and ensures those who contribute computing resources are compensated.
– The developer community for Ethereum is one of the largest in the blockchain space, and they have a first-mover advantage over other platforms in terms of smart contract/dApp development.
– Ethereum enjoys a strong network effect in blockchain usage.
– Because ether is a form of programmable money, certain functions require locking ether which cannot be released during the period that it is staked. This would in effect take the coins out of circulation and reduce the velocity of the coin.
– Ethereum is the most mature smart contract platform that is battle-tested. It survived the DAO hack and went through a contentious hard fork which is frown upon by many in the blockchain space.
– Once moving to proof-of-stake, the inflation rate is expected to be lower than 1%, making it less inflationary than most of other competing projects.
– Many tokens have an ETH trading pair in addition to BTC on exchanges, which encourages investors to hold ether. These investors are used to holding and transacting ether and related tokens, which promotes the adoption of Ethereum.
– The Enterprise Ethereum Alliance contains many major companies, and they are all committed to driving adoption and usage of the Ethereum platform in the global economy.
– There are many smart contracts currently deployed on the Ethereum network that have security vulnerabilities, with the more notable ones being the DAO hack and Parity multi-sig vulnerability. Once deployed, these vulnerabilities will be there forever and can lead to stolen or lost funds as well as other issues.
– Protocol update delays – Casper, sharding, and other Ethereum upgrades have been delayed multiple times.
– As other scalable smart contract platforms (Dfinity, Cosmos, Polkadot, etc.) go live, it may draw developer interest away from Ethereum.
– Scalability is still a major issue for the Ethereum network. This has been highlighted by DoS attacks and network congestion from popular DApps such as CryptoKitties.
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