Ethereum: A Next-Generation Cryptocurrency and Decentralized Application Platform. The author of this article, Vitalik Buterin, is also the founder of Ethereum, and this article is intended as an expository piece and not a review.
Over the past year, there has been an increasingly large amount of discussion around so-called “Bitcoin 2.0″ protocols – alternative cryptographic networks that are inspired by Bitcoin, but which intend to make the underlying technology usable for far more than just currency. The earliest implementation of this idea was Namecoin, a Bitcoin-like currency created in 2010 which would be used for decentralized domain name registration. More recently, we have seen the emergence of colored coins, allowing users to create their own currencies on the Bitcoin network, and more advanced protocols like Mastercoin, Bitshares and Counterparty which intend to provide features such as financial derivatives, savings wallets and decentralized exchange.
Cryptocurrency Protocols Are Like Onions… And this is what Ethereum intends to fix. Beyond the Financial. [KR569] Keiser Report: New Crypto Phenomenon Ethereum. Ethereum. Ethereum: A Next-Generation Cryptocurrency and Decentralized Application Platform. The author of this article, Vitalik Buterin, is also the founder of Ethereum, and this article is intended as an expository piece and not a review.
Over the past year, there has been an increasingly large amount of discussion around so-called “Bitcoin 2.0″ protocols – alternative cryptographic networks that are inspired by Bitcoin, but which intend to make the underlying technology usable for far more than just currency. The earliest implementation of this idea was Namecoin, a Bitcoin-like currency created in 2010 which would be used for decentralized domain name registration. More recently, we have seen the emergence of colored coins, allowing users to create their own currencies on the Bitcoin network, and more advanced protocols like Mastercoin, Bitshares and Counterparty which intend to provide features such as financial derivatives, savings wallets and decentralized exchange.
Cryptocurrency Protocols Are Like Onions… And this is what Ethereum intends to fix. Beyond the Financial. [English] White Paper · ethereum/wiki Wiki. A Next-Generation Smart Contract and Decentralized Application Platform When Satoshi Nakamoto first set the Bitcoin blockchain into motion in January 2009, he was simultaneously introducing two radical and highly untested concepts.
![[English] White Paper · ethereum/wiki Wiki](http://cdn.pearltrees.com/s/pic/th/english-white-ethereum-github-78816013)
The first is the "bitcoin", a decentralized peer-to-peer online currency that maintains a value without any backing, intrinsic value or central issuer. So far, the "bitcoin" as a currency unit has taken up the bulk of the public attention, both in terms of the political aspects of a currency without a central bank and its extreme upward and downward volatility in price. However, there is also another, equally important, part to Satoshi's grand experiment: the concept of a proof of work-based blockchain to allow for public agreement on the order of transactions.
Table of Contents Introduction to Bitcoin and Existing Concepts History Bitcoin As A State Transition System APPLY(S,TX) -> S' or ERROR In the banking system defined above: But: Mining Merkle Trees. Ethereum: Freenet or Skynet? - Guerrilla Translation! What is Ethereum?
Can this technology actually support the establishment of a utopian, free, and decentralized society? Or could it instead promote a more dystopian vision of society – or even a Skynet? Before we can understand anything about Ethereum, we must first understand Bitcoin: what it is, and how it works. The Bitcoin story begins in 2009, when Satoshi Nakamoto (whose identity is still unknown, in spite of recent rumors published in Newsweek) released the first implementation of Bitcoin, which he described as “a decentralized currency based on a cryptographic ledger” – but what does that mean, exactly? First, there is the notion of a decentralized database, known as the blockchain.
And so, we have Bitcoin: a decentralized cryptocurrency that operates on a peer-to-peer network, which is not regulated by any central bank or other governmental institution but only – and exclusively – by code. So, what’s a smart contract? Take ICANN, for example. Let’s begin with Contract Law. Freecoin (freenet) Alternatives to BItcoin (Alt coins)