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10 Things You Must Know About Ethereum

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10 Things You Must Know About Ethereum
10 Things You Must Know About Ethereum (Pixabay)

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether (ETH or Ξ) is the native cryptocurrency of the platform. Among cryptocurrencies, Ether is second only to Bitcoin in market capitalization.

1) Ethereum is a public blockchain platform created by Vitalik Buterin on July 30, 2015, and is the name of the platform’s own currency.

2) It is widely known as a representative cryptocurrency along with Bitcoin, but the biggest difference between Ethereum is the scope of application. While Bitcoin concentrates on payment or transaction-related systems, that is, functions as money, Ethereum transparently conducts various applications such as contracts, SNS, e-mail, and electronic voting as well as transactions and settlements based on blockchain, a core technology. It provides scalability for operation.

3) Thanks to the high utility of Ethereum, various Ethereum-based tokens have been created. Representative examples include Basic Attention Token (BAT) created by the founder of Firefox, GOLEM created by the early developers of Ethereum, and AUGUR, a prediction market platform. All of them are promising coins that are actively traded on exchanges such as Upbit. Just by looking at this, you can see the high utility of Ethereum.

4) Ethereum is the most representative cryptocurrency that individuals can mine.

5) The purpose of Ethereum is to create an alternative protocol for building decentralized applications. It provides a different kind of authoring technique that we believe will be useful for large-scale distributed applications, with particular emphasis on situations where fast development times, security for small and infrequently used applications, and efficient interaction with other applications are important.

6) Ethereum aims to achieve this goal by providing the essential and fundamental foundation of a blockchain with a built-in Turing-complete programming language called Solidity. Anyone can use this language to write smart contracts, decentralized applications, and create arbitrary rules of ownership, transaction formats, state transition functions, and more.

7) On June 17, 2016 (UTC), about 3.6 million Ethereum (equivalent to 64 billion at the time) was stolen using the DAO Contract vulnerability. Stolen coins account for about 10% of all ethereum, and due to the incident, there was a huge drop in value from $21 to $13 per coin.

8) The hacker used the DAO contract vulnerability to split Ethereum infinitely and withdrew it to the hacker’s wallet. Originally, the DAO token should disappear during the split process, but due to the vulnerability attack, the DAO token is alive, so Ethereum is withdrawn infinitely into the hacker’s wallet. However, this hacked Ethereum cannot be withdrawn immediately, because due to DAO regulations, if you want to move the withdrawn Ethereum, you can withdraw funds 48 days after the split.

9) Within 27 days of noticing the incident, as the Ethereum developers take action, all hacked Ethereum became useless.

10) The Ethereum Foundation should take action for stolen traders, but it’s not as easy as you think, and the reason is this. Existing banks, when this happens, of course freeze the account and cancel the contract as there is no transaction. . Of course, in the case of a DPOS-type blockchain, the key of the offender (hacker) can be frozen through the vote of consent of the electors.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.