The Washington Independent
The Washington Independent
Ethereum Co-founder Demystifying Blockchain

Ethereum Co-founder Demystifying Blockchain

Last updated: February 17, 2021 | May 31, 2018 | Tobey Strickland
financeblockchaincrypto

Table of Contents

EthereumProtection of copyright is one field where the Ethereum blockchain is widely accepted.

The Observer found out that:

When Satoshi Nakamoto invented Bitcoin in 2009, he actually created two other things: blockchain, a decentralized protocol that supports the Bitcoin transaction, and what Joseph Lubin, a co-founder of Ethereum, called "blockchain economics".

Bitcoin is essentially a Bitcoin blockchain-based program, which only supports Bitcoin through its own restricted protocol.

Developers in the crypto space have started to imagine developing a wider protocol around three years after the advent of Bitcoin, realizing the potential of blockchain technology for more applications than a simple currency.

Ethereum

In 2013, a 19-year-old programmer, Vitalik Buterin, proposed the idea of ​​the Ethereum protocol.

“Ethereum is a much more expressive and much more powerful blockchain system. He (Buterin) described the system as more scalable in a human sense, ”Lubin, a Canadian entrepreneur who became Buterin's business partner, said at the SXSW Conference on Friday in Austin, Texas.

Put simply, the separation of the blockchain layer (protocol) from the applications built on it was the most revolutionary thing Buterin did with ETH. This new framework enables software developers to build any application on the ETH blockchain that fits their particular needs.

“It's a new way to design and deploy applications. Instead of a client-server architecture, where you have a company, such as Google or Facebook, that owns a group of servers to provide services, this new application paradigm has all the different nodes on the Ethereum network. They are all effectively the backend for your application. Hence, no one controls it excessively. “Lubin explained.

By market value, the Ethereum token is actually the world's second-largest cryptocurrency. Nevertheless, Ethereum was never developed as a new form of currency.

As Chris Castiglione, an adjunct professor at Columbia University who teaches a digital literacy course explained to Observer: “Bitcoin is competing with existing money to replace them with a truly digital currency. Ethereum is a “token”. What Bitcoin does for money, Ethereum does for everything else. "

For instance, in January, Kodak launched an image rights platform called KodakOne based on the Ethereum blockchain. Ujo Music, an Ethereum-based music rights marketplace, is a related site.

On these platforms, users can upload and sell their work with a customized user policy through a “live document” system called open law, a part of the Ethereum infrastructure. Users can sell licensing and other rights to members on the same platform and be paid in the form of digital tokens.

"Unlike the traditional music industry, where there are many people with legal degrees playing intermediate roles and extracting a huge amount of money from the ecosystem, this new blockchain architecture allows content creators to access their fans more directly, " Lubin said.

The Ethereum blockchain is also the choice of 70% of companies issuing ICOs, according to a recent study by consulting firm EY. Companies create digital tokens on top of the Ethereum blockchain and sell to investors like stocks, except these tokens are non-tradable on public markets and are not regulated by governments, which has created its own share of problems.

Tobey Strickland | In the process of becoming a real estate mogul. Brewery aficionado. Netflix series critic who is semi-professional. Every day, I assist clients in locating their ideal dream house. After I finish my work for the day, you can find me at Crossfit, doing yoga, or meeting up with friends to listen to live music around town. I enjoy traveling regularly, whether it's relaxing on a South American beach or hiking through Asia's mountains. Now it's your turn. What are your favorite places to visit?

Related

Best Value Stock

Growth equity valuations are at an all-time peak, prompting some buyers worried about the effects of inflation and increasing interest rates to shift to value stocks, which provide a higher level of protection.

4 Ways to Stop Your Car Becoming a Money-Drain

An old car does not always mean a cool, classic car. In most cases, it means a banged-up old wagon that can barely make it up the slightest incline. But if it’s all you have, what can you do?

4 Ways to Stop Your Car Becoming a Money-Drain

7 Ways to Make Money on Instagram

Instagram is one of the world’s best online marketing platforms, with over 100 million users worldwide. From influencers and creators to various brands and companies, everyone uses Instagram to share their passion through photos and videos.

7 Ways to Make Money on Instagram

The 50-year history of just in time manufacturing comes to an end

Priced out of creativity, because of the hyperproductive supply chain pioneered by Toyota is now under attack

The 50-year history of just in time manufacturing comes to an end

Bespoke Tranche Opportunities

A bespoke tranche opportunities, formerly known as bespoke CDO, is a structured financial product, which is specifically a collateralized debt obligation (CDO).

Bespoke Tranche Opportunities

Best cryptocurrency to invest in 2021

Investing in crypto has never been this convenient. Now that the internet is so powerful, everything else can be done in a click.

Best cryptocurrency to invest in 2021

Are NFTs Worth Your Money?

A virtual artwork has sold for an eye-watering $69 million (£50 million) at Christie's auction site, but the buyer will not receive a statue, painting, or maybe even a print. Instead, they receive an NFT, which is a one-of-a-kind digital token.

Are NFTs Worth Your Money?

Is it still difficult for you to understand the definition of digital currency? Central bankers are left-leaning

In terms of China's digital currency, the US Federal Reserve is right beside you.

Is it still difficult for you to understand the definition of digital currency? Central bankers are left-leaning

Types of financial statements

Financial statements are written documents that describe a company's operations and financial performance. Government departments, accountants, companies, and others often inspect financial statements to ensure consistency and for accounting, funding, and investment purposes.

Types of financial statements

Types of Mortgage Loans

A mortgage is a loan used to purchase real estate or property. The majority of contracts are for 25 years, but they can be shorter or longer.

Types of Mortgage Loans

Even when Warren Buffett is no longer in charge, Abel will finally assume the role of CEO of Berkshire Hathaway

Most people didn't plan to learn much from the Berkshire Hathaway annual meeting, but did get a reward: Who will be the next chief executive officer?

Even when Warren Buffett is no longer in charge, Abel will finally assume the role of CEO of Berkshire Hathaway

© Copyright 2021 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com