Ethereum dapps are catching on. Ethereum is a cryptocurrency like Bitcoin, but it is very different from Bitcoin. They’re both blockchain technologies, but where Bitcoin is an open source peer-to-peer payment platform, Ethereum is an open source decentralised application (dApp) platform.
Its model enables developers to create their own dApps without having to create their own blockchain. What does that mean, I hear you asking. Well, if we think of blockchain as the Internet 3.0, then Ethereum is kind of like an operating system, like Apple and the App store. It has actually made it much easier, faster and cheaper for any company wanting to create their own blockchain application.
Who Created Ethereum?
Ethereum was first conceived by Russian Canadian Vitalik Buterin who wrote and released the whitepaper in 2013. The whitepaper described Ethereum as an alternative platform designed for any type of decentralized application developers would want to build.
After releasing the whitepaper, other developers Mark Wood and Joe Lubin joined ranks, and after a crowdfunding round which made $18m, they launched Ethereum in July 2018. Since its launch Ethereum has become the second biggest cryptocurrency by market cap, and is the most built on platform in the blockchain space.
What is Ethereum?
Ethereum is decentralized on thousands of different computers, so unlike the Internet we know today, there is no central point of failure. Unfortunately, this is what slows Ethereum and all other blockchains down, but these issues are being worked on and will be sorted.
Like all blockchains, the highly decentralized and cryptographic nature of Ethereum makes it much more secure than any IPS.