Ethereum is the second most successful cryptocurrency after Bitcoin. Ethereum has a very different spectrum of application due to the precise reason that it is merely a decentralized programming platform and not a cryptocurrency, unlike Bitcoin. It is nothing but a platform that can be used to develop decentralized applications, also known as Dapps. To execute various functions within Ethereum, it’s currency Ether is considered as its gas. The mastermind behind this amazing Technology is the child prodigy, Vitalik Buterin. Born in 1994, Chief scientist and founder of Ethereum project was a blessed one. Although skinny and a bit geeky in his looks, one must not be carried away by his appearance. The nerdy look carries a lot of headspaces within.
The Ethereum Blockchain even supports the usage of smart contracts, which was introduced by another famous computer scientist, Nick Szabo. The smart contract, if understood in a deeper sense can effectively eliminate intermediaries and can also enforce a particular agreement on two or more parties. All the conditions of a particular agreement are converted in the form of code which can then be used to enforce it on real-world objects. For an instance, if someone needs to buy an apartment from someone, then he can make use of smart contract where both the parties can eliminate the broker. Only when the buyer has deposited the required amount in the escrow account of the smart contract, the ownership of the apartment will be transferred to him.
However, the second most popular discussed names in the cryptocurrency space after Satoshi Nakamoto is undoubted of Buterin Vitalik’s. Let’s uncover some of the concealed facts about the child prodigy.
His support, as well as enthusiasm for crypto, proves that he is a great supporter of decentralization. He mentions torrents as an example and explains how it has been free from the government censorship from the past 15 years due to the sole reason of its decentralization. It has no single point of failure and the government can’t just stop it, on their own will and wish. He interestingly explains that when there is no one to steer a particular ship, then the travelers can get the advantage of cheaper cruise travels.
The cryptocurrencies are the ultimate form of democracy where the whole power is vested among the people. The currencies are made by the people, of the people, and for the people itself. He praises big companies like Microsoft and JP Morgan that have understood the potential of this amazing technology and have come forward for its research and further development.