Ethereum is second most popular among cryptocurrency. Every holder and invester knows about its price and analysis but I am sure the 90 percent of the people don’t know that how it is formed? What story it has? On which basis it is formed and etc? Story behind Ethereum & how different & best from any crypto including Bitcoin.
So here I am going to answer these all questions which probably you don’t know. A very limited information I found on internet regarding these question therefore I really made hard work to gather information.
As per my study the result I got is, it is the second generation of bitcoin or bitcoin 2.0.
Do you know that what is the name of first search engine of the world?
Answer: Guess…! Your answer will be Google but not that is Archie.
Do you know which one is first social site of the world?
You are thinking that is twitter but no, facebook but no, Myspace but no it was Six Degrees.
Before Youtube there was also a first video sharing site, do you know that?
That was Share Your World.
A lot of people know very little about these first launches. What happened that these sites went back with time frame and other sites taken their place? It is called “improvement”.
When bitcoin successfully done use of block chain that created a revolution over internet world. First time people realized that internet can be used as sending or receiving money without any third party. And Blockchain given the solution that while sending or receiving money any where no need any bank or exchanges.
Here the concept of ethereum created by one programmer the Vitalik Buterin (Co-founder of Ethereum).
Development of Ethereum
Vitalik buterin realized that if blockchain can used as transaction system without third party, can I use it where third party involvement is mandatory. This idea created Ethereum. You will really amaze the how much the ethereum is powerful in this article in next paragraph.
Let’s see where the use of third part is mandatory?
Car companies, like if you want to buy a car you don’t need involvement of bank and you can buy it through bitcoin. But if you want to Finance a car from company through bitcoin, you can’t. However ethereum can be used here. Ethereum can also be useful in vote casting.
I hope you are amazed so let me explain, at bitcoin launch it was suggested that we can make decentralized public ledger where there is no need of bank for transactions.
Then Vitalic realize that it is possible that two companies, two person and two countries make contract on blockchain that will automatically executes whenever they both fulfill their duties.
This idea was the basic of ethereum and Vitalic written Ethereum White Paper in which he described that wherever third party requirement is required that can be neglect through ethereum contract called “Smart Contract”. It will be better than any third part because it will never take side of any party or never lie because computer never lies.
Now as I said, Governemnt can use it for vote casting just because of smart contract. Here is how, without any transaction system government will upload a smart contract on blockchain. Every citizen will cast their vote on blockchain and no one can cast 2 votes or cheat the blockchain contract. It will make the voting result 100 percent accurate. Here is also no need for people or third party for vote counting. Likewise these contracts are useful in buying car, home financing and their third party is required.
It is not important that money is important in smart contract it can be use simple for contract.The currency of ethereum called Ether and after launching it developed many feature that is why it is also called second generation of bitcoin. Ethereum team noted the flaws of bitcoin and improved at their platform and developed a revolutionary product called Ether. According to experts, the price of ethereum can surpass theprice of bitcoin.
Do you think that the ethereum can be the future currency? Or we have to wait for third generation.
As per study third generation is also available in market, if you want to know which one then please comment and don’t forget to like social page and share these informative post.