Ethereum 101

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Ethereum Logo
Ethereum Logo

Ethereum Logo

Who was Ethereum made by?

Ethereum was created by Vitalik Buterin; on July 30, 2015.

 

What is Ethereum?

Ethereum is a peer to peer based currency, a user to user connected network, without any central server for data. It allows for the sending of money digitally, without the need of a centralized financial institution, like a bank. Bitcoin can be bought in fractions, making the technology and currency available for everyone.

 

How does Ethereum work?

Ethereum is a smart contract blockchain based network, as much as it’s a currency or store of value. In order to power the blockchain, and confirm blocks that have transaction data, Ethereum utilizes a process called Proof of Work mining. Proof of Work as stated helps confirm and process blocks, and in turn helps process the transactions, as well generates blocks generates new blocks. The network uses the blocks created by the mining process, to organize transactions.

Ethereum differs from Bitcoin and others, in that it offers and utilizes smart contracts. Ethereum supports the use of tokens, which have been popular in helping projects raise money. Ethereum is used as fuel on the blockchain to create smart contracts, and send tokens, as well pay transaction fees for sending Ethereum itself.

 

How do you store, send, and receive Ethereum?

In order to store, send or receive Ethereum; you will need a wallet to generate an address to use. Check out Ethereum Wallets for wallets that we like using!

 

How you buy Ethereum?

To purchase Ethereum using fiat based currencies, like USD or EUR, you will need to purchase off a cryptocurrency exchange. Check out Exchanges for platforms that we enjoy!

 

Symbol/Ticker: ETH

Hashing Algorithm: Ethash

Max Total Supply: None

Whitepaperhttps://github.com/ethereum/wiki/wiki/White-Paper