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Ethereum is a decentralized open-source blockchain system that includes its own currency, Ether. ETH acts as a platform for many other cryptocurrencies and also serves to execute decentralized smart contracts.

Ethereum was first described in 2019 in a detailed report by Vitalik Buterin. Buterin and other co-founders secured funding for the project in an online crowdfunding campaign in the summer of 2014 and officially launched the blockchain on July 30, 2015.

Ethereum's own intended goal is to become a global platform for decentralized applications, allowing users around the world to write and run software that is resistant to censorship, outages, and fraud. More

Ethereum ETH

has a total of eight co-founders, which is an unusually high number for a crypto project. They met for the first time on June 7 in the Swiss city of Zug.

  • The most famous of them is probably the Canadian with Russian origin, Vitalik Buterin. In 2013, he created the original detailed report in which he described Ethereum for the first time. Dones is working on improving the platform. Before ETH, Buterin co-founded and wrote for the news website Bitcoin Magazine.
  • The second most important co-founder of ETH is undoubtedly British programmer Gavin Wood. He programmed the first technical implementation of Ethereum in the C++ programming language, designed the native programming language Ethereum Solidity, and was the first technical director of the Ethereum Foundation. Prior to Ethereum, Wood worked as a research scientist at Microsoft. Later, he worked on the establishment of the Web3 Foundation project.

Other co-founders of Ethereum include: - Anthony Di Iorio, who signed the project in its early stages of development. - Charles Hoskinson, who played a major role in establishing the Swiss-based entity Ethereum Foundation and its legal framework. - Mihai Alisie, who helped establish the Ethereum Foundation. - Joseph Lubin, a Canadian entrepreneur who, like Di Iorio, helped fund Ethereum in its early days and later founded an ETH-based startup incubator called ConsenSys. - Amir Chetrit, who helped as a co-founder of Ethereum but stepped down during initial development.

What makes Ethereum unique?

Ethereum pioneered the concept of a blockchain smart contract platform. Smart contracts are computer programs that automatically perform actions that are necessary on the Internet to fulfill an agreement between several parties. They were created in such a way as to reduce the need for confidential intermediaries between the participating parties, thus reducing transaction costs, and at the same time increasing the reliability of transactions.

The main innovation of Ethereum was the creation of a platform enabling the implementation of smart contracts using the blockchain, which further enhances the existing advantages of smart contract technology. According to founder Gavin Wood, Ethereum's blockchain was created as "one computer for the whole world," which is theoretically capable of strengthening any program, helping it resist censorship and reducing its vulnerability to fraud by running on a globally distributed network of public nodes.

In addition to smart contracts, Ethereum's blockchain is capable of hosting other cryptocurrencies, called "tokens," using its ERC-20 compatibility standard. This has been the most common use for the ETH platform to date: more than 280,000 ERC-20 compatible tokens have been launched to date. More than 40 of them are among the top 100 cryptocurrencies by market capitalization, such as USDT, LINK, and BNB.