The latest price of eth market

¥21,095.89≈$2,930.64

ETH is a digital token of Ethereum, known as "Ethereum". Ethereum is an open source, public blockchain platform with smart contract capabilities that allows anyone to build and use decentralized applications running on blockchain technology in the platform. It uses a decentralized technology called "Ethereum Virtual Machine" to handle peer-to-peer contracts.

The latest price of eth market

¥21,095.89≈$2,930.64

ETH introduction

Ethereum is a An open source public blockchain platform with smart contract functions. It provides a decentralized virtual machine (called the Ethereum Virtual Machine) through its dedicated cryptocurrency Ether (also known as "Ether") to process peer-to-peer contracts. The concept of Ethereum was first proposed by programmer Vitalik Buterin between 2013 and 2014 after being inspired by Bitcoin. It roughly means "the next generation of cryptocurrency and decentralized application platform" and was crowdfunded through ICO in 2014. to start developing. As of June 2018, Ethereum is the second-largest cryptocurrency by market capitalization. Ethereum is also known as the "second-generation blockchain platform", second only to Bitcoin.

Compared with most other cryptocurrencies or blockchain technologies, the characteristics of Ethereum include the following: Smart contract: a program stored on the blockchain, run by each node, and requires The person running the program pays a handling fee to the miners or stakers of the node. Tokens: Smart contracts can create tokens for use by distributed applications. Tokenization of distributed applications aligns the interests of users, investors, and managers. Tokens can also be used to conduct initial coin offerings. Uncle block: Incorporate shorter blockchains that were not included in the parent chain in time due to slow speed to increase transaction volume. The related technology of directed acyclic graph is used. Proof-of-stake: More efficient than proof-of-work, it can save a lot of computer resources wasted in mining and avoid network centralization caused by special application integrated circuits. (Under testing) Branch chain (Plasma): Use smaller branch blockchain operations and only write the final results to the main chain, which can increase the workload per unit time. (Not yet implemented) State channels: The principle is similar to Bitcoin’s Lightning Network, which can increase transaction speed, reduce the burden on the blockchain, and improve scalability. Not yet implemented, the development team includes Raiden Network and Liquidity Network. Sharding: Reduce the amount of data recorded by each node and improve efficiency through parallel computing (not yet implemented). Distributed applications: Distributed applications on Ethereum do not have downtime and cannot be shut down.

Development History

Ethereum was originally proposed by Vitalik Buterin in 2013. Vitalik is a programmer involved in the Bitcoin community. He once suggested to the Bitcoin core developers that the Bitcoin platform should have a more complete programming language for people to develop programs, but he did not get their consent, so he decided to develop one. New platforms for this purpose [8]:88. Buterin believes that many programs can use principles similar to Bitcoin to achieve further development. Buterin wrote the "Ethereum White Paper" in 2013, outlining the goals of building decentralized programs. Then in 2014, development funds were obtained through public fundraising on the Internet, and investors used Bitcoin to purchase Ethereum from the foundation. The Ethereum program was originally developed by Ethereum Switzerland GmbH, a company in Switzerland [11][12], and was later transferred to a non-profit organization "Ethereum Foundation". When the platform began to develop, some people praised Ethereum's technological innovation, but others questioned its security and scalability.

Bitcoin pioneered the decentralized cryptocurrency and has fully tested the feasibility and security of blockchain technology for more than five years. The Bitcoin blockchain is actually a distributed database. If you add a symbol - Bitcoin, and stipulate a set of protocols, this symbol can be safely transferred on the database without trusting a third party. , the combination of these characteristics perfectly constructs a currency transmission system-the Bitcoin network. However, Bitcoin is not perfect, and the scalability of the protocol is a shortcoming. For example, there is only one symbol in the Bitcoin network-Bitcoin. Users cannot customize other symbols. These symbols can represent the company's stocks, or Debt certificates, etc., which loses some functionality. In addition, the Bitcoin protocol uses a stack-based scripting language. Although this language has a certain degree of flexibility, allowing functions such as multi-signatures to be implemented, it is not sufficient to build more advanced applications, such as decentralized exchanges. wait. Ethereum is designed to solve the problem of insufficient scalability of Bitcoin.

In early 2016, Ethereum’s technology was recognized by the market and its price began to skyrocket, attracting a large number of people other than developers to enter the world of Ethereum. Huobi and OKCoin, two of China's three major Bitcoin exchanges, both officially launched Ethereum on May 31, 2017. Since the start of 2016, those who follow the digital currency industry closely have eagerly watched the development of the second-generation cryptocurrency platform Ethereum. As a relatively new development project utilizing Bitcoin technology, Ethereum is committed to implementing a global decentralized and ownership-free digital computer to execute peer-to-peer contracts. Simply put, Ethereum is a world computer that you cannot turn off. The innovative combination of cryptographic architecture and Turing completeness can promote the emergence of a large number of new industries. In turn, traditional industries are under increasing pressure to innovate and are even at risk of becoming obsolete. The Bitcoin network is actually a distributed database, while Ethereum goes one step further. It can be regarded as a distributed computer: the blockchain is the ROM of the computer, the contract is the program, and the miners of Ethereum It is responsible for calculation and plays the role of CPU. This computer is not and cannot be free to use, otherwise anyone can store all kinds of junk information in it and perform all kinds of trivial calculations. Using it requires at least paying computing fees and storage fees, and of course there are other fees. . The most well-known is the Enterprise Ethereum Alliance established in early 2017 by more than 20 of the world's top financial institutions and technology companies, including JPMorgan Chase, Chicago Exchange Group, Bank of New York Mellon, Thomson Reuters, Microsoft, Intel, and Accenture. Ethereum, the cryptocurrency spawned by Ethereum, has recently become the most popular asset after Bitcoin.

Ethereum Foundation: A non-profit foundation headquartered in the canton of Zug, Switzerland, this foundation is an umbrella company responsible for allocating resources for future cryptocurrency research and development and other institutions promoting development. The Foundation's Board of Directors consists of Vitalik Buterin (Chairman), Mihai Alisie (Vice Chairman), Taylor Gerring, Stephan Tual, Joseph Lubin, Jeffrey Wilcke and Gavin Wood. The foundation focuses on its overarching "mission," which is to enable operations to accomplish the day-to-day work of the organization.

Ethereum Switzerland Ltd.: A company based in Switzerland that will be responsible for part of operations in 2014 in order to lead the launch of the Genesis Blockchain. The company is 100% controlled by the Ethereum Foundation and plans to cease operations after the release of the Genesis Blockchain.

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