We will be taking a closer look at Ethereum, the leading smart contract platform, and its token, Ether, currently the second largest cryptocurrency.
Now, what is Ethereum?
Ethereum is a decentralized platform that runs smart contract applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Ethereum’s smart contracts are written in Solidity, an object-oriented programming language. It is used for implementing smart contracts on various blockchain platform.
History
Everybody knows that Ethereum’s white paper was introduced in 2013 by a Russian-Canadian programmer, Vitalik Buterin. A project that proposed something that was entirely different “than Bitcoin’s purpose, which was to be p2p electronic cash system.
However, Ethereum’s story did not quite start here, but in 2016 because of the infamous DAO project. The project was revered as one of the most-interesting ones to be built on top of Ethereum, but, in reality, ended up being its doom.
Interestingly, the smart contract also had another function known as split schedule because of which the attacker had to wait for over 27 days before withdrawing the Ether. Given these events, Ethereum developers had three options. The first was to do nothing and watch the attacker gain control over the 3.6 million Ether. The second was to do soft fork and the third was an hard fork.
Phases of Ethereum:
Ethereum has four phases, Frontier, Homestead, Metropolis, and Serenity.
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