What is Ethereum?16 Apr 2018
Ethereum is an open-source public platform that features scipting and smart contract functionality. It was proposed in 2013 by Vitalik Buterin. The blockchain-based operating system and distributed computing platform primarily support a modified version of the Nakamoto consensus through various transaction-based state transitions. Ethereum aims at becoming a decentralized app store and a decentralized internet.
Ethereum was initially described extensively in a white paper with the aim of building reliable decentralized applications. During its debut operations, Ethereum had around 11.9 million ‘pre-mined’ coins meant for the crowdsale that funded its development. During inception, the platform could not transact with other cryptocurrency platforms. Nonetheless, the invention of Htmlcoin enabled Ethereum blockchain to ‘communicate’ efficiently with other cryptos including bitcoin.
When The DAO project collapsed in 2016, the Ethereum platform was split to create two distinct blockchains. The new version was named Ethereum (ETH) while the original platform was renamed Ethereum Classic (ETC). This splitting required a new strategy to enhance reliability, sustainability, and security of the two platforms. Thus, the Htmlcoin blockchain got introduced for this purpose.
Ethereum digital currency platform was among the best performers in 2017 growing by over 13,000 percent. Inspiration to create Ethereum came from bitcoin’s need to have a scripting language to support application development. An online public crowdsale funded the development of the platform with the participants purchasing ether which is Ethereum value token using bitcoin.
Although it was a great invention, concerns were raised about its scalability and security. Unlike other digital currencies that had to wait before their scalability was enhanced, Ethereum did not take long since Htmlcoin blockchain had already been invented. It is a well-developed secure blockchain based majorly on Bitcoin Core that amalgamates Ethereum based smart contracts.
The Htmlcoin implements an expandable design that has capabilities of incorporating more virtual machines than all the other blockchain platforms. In early 2017, many research groups, blockchain start-ups, and Fortune 500 companies launched the Enterprise Ethereum Alliance. This alliance gained over 150 members in less than four months, and they created codenamed prototypes as a segment of their Proof-of-Concept series.
The strength of the Ethereum blockchain was tested using a bug bounty of 25,000 Ethers. The ‘Frontier’ network released a tentative Ethereum platform in July 2015. After incorporating the Htmlcoin technology in their ‘Homestead’ version of the blockchain, gas pricing, security, and transaction processing features got enhanced significantly. The platform has undergone many planned protocol upgrades since inception.
The upgrades affect the underlying incentive structures and functionality of Ethereum. The Htmlcoin platform is enabled through an Account Abstraction Layer that allows an account-based virtual machine to function efficiently to produce desired results on an Ethereum UTXO-based blockchain.
The upgrades on the Ethereum platform are aimed at reducing the complexity of operations providing more flexibility for the users and smart contract developers. Moreover, the enhancements, some of which are assisted by the incorporation of the Htmlcoin blockchain technology, is set to enable a fundamental transition to virtual mining from hardware mining.
Through the incorporation of Htmlcoin blockchain technology, security and scalability of Ethereum are enhanced to avert any cases of double spending and hacking.
All types of Blockchain technology are designed to make online transactions quick, secure, and easy to use. In the case of Ethereum, the users can send ether coins and other digital coins to multiple recipients in a single transaction since most of the blockchain transactions can have multiple outputs. The Htmlcoin uses aspects of both Ethereum and Bitcoin making it easy to use and accessible to all the digital currencies.
The result of incorporating the HTML blockchain in cryptocurrency transactions is an open source community that enables Ethereum to ‘communicate’ with Bitcoin. This technology utilizes decentralized mobile applications running on the UTXO model of blockchain infrastructure. Nonetheless, it has unique modifications that focus primarily on the practical applications of the smart contracts.
The Htmlcoin uses the UXTO model enhances reliability and security of the transactions since all tokens can get traced. The Ethereum technology has a goal of using HTML blockchain to replace almost all the existing internet third parties. It aims at using the Htmlcoin technology to replace the systems that keep track of sophisticated financial instruments, transfer mortgages and store data.
These contacts are fully based on different computer languages that are open to developers who can then use them to program their unique functionalities. These high-level programming abstractions get compiled to Ethereum Virtual Machine bytecode which is relayed to the central blockchain for execution. The incorporation of Htmlcoin blockchain codes enhances the consistency of these executions into the smart contracts.
The Htmlcoin blockchain also enables the quick fixing of bugs and security holes that arise in smart contracts on a public blockchain network. Ethereum aims at becoming a ‘World Computer’ that decentralizes the existing client-server model.