Ethereum (ETH)

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Name Price Supply Volume Market Cap
ethereum
Ethereum
$196.49
107,402,525.56 ETH
$7,190,171,605.00
$21,103,306,064.00

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Proof of Work (POW) Mineable. Expecting to switch to Proof of Stake (POS) in 2018.
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Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.

These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.

In general, there are three types of applications on top of Ethereum.

The first category is financial applications, providing users with more powerful ways of managing and entering into contracts using their money. This includes sub-currencies, financial derivatives, hedging contracts, savings wallets, wills, and ultimately even some classes of full-scale employment contracts.

The second category is semi-financial applications, where money is involved but there is also a heavy non-monetary side to what is being done; a perfect example is self-enforcing bounties for solutions to computational problems.

Finally, there are applications such as online voting and decentralized governance that are not financial at all. – Ethereum Yellow Paper

One of the applications of Ethereum are Decentralized Autonomous Organizations. DAOs are coalitions of like-minded individuals which operate outside of the desires or actions of any one leader. These organizations are particularly important in industries that demand privacy and equality in structure.

Lisk(LSK), NEO(NEO), EOS(EOS) – although at this point, ETH is leader in the class of developer coins.

VIDEOS

BACKGROUND

Whitepaper Summary
Ethereum calls its White Paper, a Yellow Paper. Perks of being first. It can certainly be understood why Ethereum had such lightning fast growth and significant partnerships. If they ran their business as they have written in Yellow Paper, it was, and it turned out to be, inevitable.

Four major segments covered are Intro to Bitcoin (and blockchain ), Ethereum philosophy, Applications and Misc., and Concerns. Each of those segments is further divided into subject matter topics and are covered in great detail. 187 pages of introduction to blockchain and Ethereum and, by extension, all ERC20 tokens.

Problem Solved
One of the main reasons so many programmers and developers continue to use Ethereum applications and code for specialized tokens is because it represents a revolution in the way that people view the blockchain.

Ethereum allows programmers to run their own programs and software on the Ethereum network. More importantly, it allows programmers to convert other programs in separate programming languages into usable, blockchain-enabled programs.

As a result, the entire process of creating a blockchain program has been overhauled, made easier and user friendly by Ethereum. This innovation lends several real-world industries a potentially revolutionary opportunity.

Competitive Edge
The Ethereum Virtual Machine (EVM) has been called the greatest innovation of Ethereum. This Turing-complete software operates entirely on the Ethereum network and it allows any programmer to run any program, regardless of the language it was written in, on the Ethereum network.

This means that virtually any program, if given enough time and memory, can be changed into a decentralized program with all the security benefits of a program with blockchain technology.

This isn’t to say that, before Ethereum, the creation of blockchain-enabled programs was entirely impossible. Before the days of Ether and the Ethereum network, programmers had to go through the painstaking process of creating their own, entirely original blockchain before they could run a program on it. (or just copy and tweak the BTC one – case in point: LTC)

This means that the creation of a currency would be an extensive project, taking months to years to even make substantive progress.

With Ethereum, this process is streamlined. Instead of creating a new blockchain, those looking to run their new program can simply plug it into the Ethereum Virtual Machine and convert their work into a usable entity on the Ethereum network.

Development Roadmap
Latest Ethereum development roadmap was presented by Vitalik Buterin himself during Beyond Block Taipei 2017 on November 25th, 2017.

It is called Ethereum 2.0, it is expected to last 3-5 years and expected to solve or at least tackle with following problems:
1. Privacy (Byzantium hard fork)
2. Consesus safety (Casper – Introducing POS)
3. Smart contracts (formal verification, Viper)
4. Scalability (?????)

Focus was on point 4. Scalability
Ethereum wants to scale thousands of transactions per second on chain without any supernodes using sharding – individual blockchains acting like supernodes within one blockchain, thus making blockchain of blockchains (very simplistic explanation, original video with Vitalik Buterin explaining it is in References & Links section).

INITIAL COIN OFFERING (ICO)

On June 5th, 2014, PayPal co-founder and noted VC investor Peter Thiel announced the latest class of Thiel Fellows, with Ethereum co-creator and Bitcoin Magazine co-founder Vitalik Buterin being named as one of the new set. Buterin and 19 other fellows received 100,000 USD over the following two years period. – link

After Buterin unveiled the ethereum white paper, other developers joined ranks.

To get the project off the ground, Buterin and the other founders launched a crowdfunding campaign in July 2014 where participants purchased ether, or the ethereum tokens that function as shares in the project.

60m was purchased by users in a 2014 crowdfunding campaign.

Another 12m ether went to the Ethereum Foundation, a group of researchers and developers working on the underlying technology. Every 12 seconds, 5 ethers (ETH) are also allotted to the miners that verify transactions on the network.

Eighteen million ether, at most, are mined per year. Five ether are created roughly every 12 seconds, whenever a miner discovers a block, or a bundle of transactions.

No one knows the total number of ether yet, and the pace of ether creation will be less clear when Ethereum executes its plans to move to a new proof-of-stake consensus algorithm.

This will probably lead to a change in the rules of ether creation, and mining subsidy might decrease.

100k USD from the Peter Thiel Fellowship and 18.4m USD from the crowd sale.
July to August 2014
1 BTC (572/632 USD) = 2000 ETH

August to September 2014
1 BTC (592/471 USD) = 1999-1337 ETH

TEAM INFO

Creators / Founders
Vitalik Buterin
ETH Creator
Vitalik Buterin first discovered blockchain and cryptocurrency technologies through Bitcoin in 2011 and was immediately excited by the technology and its potential. He cofounded Bitcoin Magazine in September 2011, and after two and a half years looking at what the existing blockchain technology and applications had to offer, wrote the Ethereum white paper in November 2013. He now leads Ethereum’s research team, working on future versions of the Ethereum protocol.

Dr Gavin Wood
Co-founder
Dr. Gavin Wood wrote the ethereum yellow paper, the “technical bible” that outlines the specification for the ethereum virtual machine (EVM) that handles the state of the ledger and runs smart contracts, for example (see: How Ethereum Works).

Joseph Lubin
Co-founder
Joseph Lubin went on to found the Brooklyn-based ConsenSys, a start-up that focuses on building decentralized apps.

Core Development Team
Foundation Council

Vitalik Buterin
ETH Creator / Council Member

Patrick Storchenegger
Council Member
Patrick Storchenegger is an attorney at law and notary public in Canton Zug, the so-called “Crypto-Valley” in Switzerland. He has many years of experience in international tax and business consultancy, company and capital market law. He advises several international concerns, including those engaged in trading, re-insurance, transportation and blockchain technology as well as donating pro bono services to charitable organisations.

Technical Steering Group

Jeffrey Wilcke
Ethereum Founder / Development
Jeff is one of the founders of Ethereum. He started the first implementation of Ethereum using the Go programming language in 2013 and has been the Go team lead and head developer ever since. The Go client launched successfully on July 30, 2015, marking the release of the genesis block and Ethereum platform.

Notable Advisors
Ethereum does not just have advisors, it has an organization full of advisors. Ethereum Enterprise Alliance is the world’s largest open-source Blockchain initiative, was established to connect Fortune 500 companies, Blockchain start-ups, academics, and industry experts together with a common goal.

Some of the board members include:

Marley Gray – Microsoft
Blockchain Principal Program Manager

Jennifer McKellar – CME Group
Senior Director, Digitalization

Thomas Willis – Intel
Business Director, Open Source Technology Centre

Notable Investors
100,000 USD, see “ICO details”

Trade Crypto Live Sentiment

Ethereum has the forward driven form of Vitalik Buterin, a clear cut and efficient organization, and a problem-solving approach. In addition to that, it is second crypto currency behind BTC and has advisors which prepare Ethereum for the day regulations will hit. This one ticks all the boxes and it is no wonder why we sometimes use it as store of value during BTC swings.
Reference & Links
https://www.ethereum.org/

Ethereum – Vitalk Buterin’s ETH Cryptocurrency Smart Contracts?


https://www.coindesk.com/peter-thiel-fellowship-ethereum-vitalik-buterin/

Launching the Ether Sale


https://cryptovest.com/news/what-is-the-enterprise-ethereum-alliance-eea-a-sign-that-ethereum-is-here-to-stay/
https://www.youtube.com/watch?v=9RtSod8EXn4&feature=youtu.be&t=3h9m49s

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