Ethereum is a virtual currency that reigns at the top of the market capitalization, following Bitcoin.
Unlike Bitcoin, which is the main currency, it also has unique functions such as “smart contract” and is one of the virtual currencies that are attracting attention!
What kind of thought did Vitalik Buterin, the inventor of Ethereum, invent the Ethereum?
Also, what are the merits and charms of Ethereum such as “smart contract” and “distributed”?
Ethereum’s Creator “Vitalik Buterin”
Vitalik Buterin, the inventor of Ethereum, was born in 1994 in Moscow, Russia.
He was good at mathematics from an early age, and he seems to have been studying programming at that time.
After that, I first met Bitcoin.
Fascinated by Bitcoin’s “blockchain technology (distributed ledger technology),” he eventually became the inventor of Ethereum.
A New Idea of ”Smart Contract”
Vitalik Buterin first encountered Bitcoin and was fascinated by the idea of ”distributed”.
If you use Bitcoin’s “distributed ledger” and “blockchain” technologies,
Even if there is no operating entity (issuing entity), users can monitor each other’s networks to issue and manage currencies.
In addition, blockchain has the characteristic that it is extremely difficult to tamper with data, and even if there is no issuer, its safety is firmly guaranteed!
Like Bitcoin, Ethereum uses blockchain technology, but it also has a lively function called ” smart contract “.
Smart contracts have the purpose of ” automating all transactions and contracts on the blockchain “.
Utilizing the characteristic of blockchain that “data falsification is difficult”, information on transactions and contracts that are performed on a daily basis is described on the blockchain to fulfill the contract.
Current “contracts” are often made manually, and if they become widespread, companies will enjoy great benefits such as labor cost reductions.
Indeed, such technology that can overturn the underlying mechanism in business is “Ethereum” and “smart contract”.
A New Future Brought About By Ethereum
Bitcoin is mainly positioned as a “payment” or “key currency”, but Ethereum focuses on “contracts” and is also a platform.
The market capitalization of “Cryptocurrency Ethereum (ETH)” used on the platform Ethereum is the second-highest after Bitcoin.
Ethereum has the potential to significantly change the “underlying mechanism” of the world in the future!