Ethereum’s mission is smart contracts and dApps. Ethereum is a cryptocurrency smart contract platform, it’s blockchain based as well. In short smart contracts are a way of layering code into systems hosted on the blockchain. For instance you can have a tokenized fundraiser, or you can use smart contracts to create an online casino, there are tons of possibilities. Aside from smart contracts, autonomous ways of handling tokens and ether, there are dApps. Decentralized Apps, or dApps, are programs/web apps which can hosted on the Ethereum network.
Ethereum was initially thought up by Vitalik Buterin. It was co-founded by Anthony Di Lorio, Charles Hoskinson, Mihai Alisie, and others. Vitalik previously founded Bitcoin Magazine, prior to Ethereum. His love for Bitcoin, and a need for different freedoms not allowed on the bitcoin blockchain, led him to creating his own. This was his way of overcoming those issues, what he didn’t realize is he was creating what’s become the biggest smart contract cryptocurrency. Ethereum first released it’s white paper in 2013, and had it’s BitcoinTalk announcement in 2014, which announced the July 2014 crowdsale of Ether. By 2015 the first working barebones iteration of the Ethereum network ‘Frontier’ was released. In 2017 Ethereum gained traction with the markets, and has since exploded breaking over $1,400 at one point early 2018.
The future for Ethereum holds scaling, and privacy is also in talks. Scaling is always at the center of debate, the thing Ethereum tries for is 100% consensus among it’s developers. This can create a situation that takes time to develop something for all. Keep an eye out for ‘Casper’, this update will bring Proof of Stake to Ethereum. Staking helps fend off against 51% attacks, as well offers scaling to a chain, by being able to mint new blocks with much less power. For a chain that offers investing in projects on a large scale, through tokensales/ICO’s, Ethereum scaling couldn’t come quick enough. Scaling will also address growing transaction fees. If you haven’t make sure to watch Ethereum over the next few years, this is one that we believe will stay a very unique blockchain.