What is Ethereum?

What is Ethereum?

  

What is Ethereum?

Ethereum, short for ETH, is an open-source blockchain platform that allows people to build decentralized applications using its codebase. These can be either web or mobile apps and can be used on a public network or on the private side of a company or corporation. The platform also offers smart contracts which enable developers to create and execute complex programs in just a few lines of code.

The most recent addition to this tool is the Ethereum mainnet (ethereum.com), a proof of stake blockchain layer that enables smart contract development. This release comes at a time when the need for enterprise software companies is growing. For example, IBM recently joined forces with NEO.

Ethereum’s vision is to become a leading provider of cutting edge blockchain infrastructure. Its core product, the platform, provides access to a set of software engines that developers can use to create projects faster than ever before and much more securely. More companies are interested in learning about how blockchain technology works and where it could end up in the future. Here are some examples of projects built on top of Ethereum:

NEO Smart Contracts

NEO was started as a fork of Ethereum, becoming one of the two major cryptocurrency platforms. It has since grown into a large community. Nowadays, NEO has more than 1 million users who all have their own NEP token (Neo). NEO is currently in full beta testing, but soon will launch a stable version. NEO aims to improve security by making sure transactions are only done through validators. Additionally, NEO plans to make its currency tokens stable, so everyone will know what to expect from each transaction. NEO token holders can exchange tokens instantly on exchanges.

EOS

EOS (SOS) is another blockchain community, founded under the name EOS, that hopes to achieve similar goals to those of NEO. In 2015, they launched Ethereum 2.0 which enabled programmers on both sides of the world to write new apps without having to worry about writing and maintaining custom-server software and databases. Today, these services are available for free. There are hundreds of EOS accounts today, including the ones of popular companies like LinkedIn and Spotify.

Zcash

Z cash, also referred as Z Cash, launched just after Ethereum came out of beta testing. At first glance, Z cash looks like a small peer-to-peer cryptocurrency. However, in reality there are thousands of z cash servers around the globe. One server manages a fixed number of Ethereum accounts, which can be accessed through its service. Any Ethereum user can sign up for a new account and earn $5 when he/she buys something at Amazon using bitcoin or Ethereum.

Conclusion

Ethereum (Ethereum) provides developers and businesses with the tools necessary to build on blockchain technology. With billions of dollars worth of funding and partnerships announced by investors, Ethereum is poised for growth.

Written by Troy Weaver 

Troy Weaver is a content writer and editor based out of New York City on what's happening between cryptocurrencies, blockchain, AI and emerging technologies. Troy holds multiple cryptocurrency design certifications and graduated with degrees in journalism and data science. He is passionate about news and information relating to cryptocurrency and ICO’s and blockchain. You can find him on Twitter @troyweaver91.

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