Ethereum has become a major force in the digital world. A public, open-source blockchain computing platform, it allows for the creation of online contracts and facilitates the execution of scripts that use public nodes on an international scale.
What this means is that no one server holds all of the data regarding any specific transaction, making it anonymous and extremely robust as a method of transferring funds. Read on to discover who created it.
The Inventor of Ethereum
Vitalik Buterin, a student in Toronto, Canada but of Russian origin, is credited as the man who created Ethereum. Inspired by Bitcoin, Buterin worked on developing a system that went beyond Bitcoin’s methods of moving value through the internet. Buterin published his first proposals in a white paper in 2013.
For the work exhibited in his white paper, Buterin won a Thiel Fellowship in 2014 which carried with it an aware worth $100,000.
Following the publication of Vitalik Buterin’s white paper, interest grew and other developers joined Buterin as co-developers and founders. As well as Buterin, the original development team consisted of Charles Hoskinson, Mihai Alisie and Anthony Di Iorio.
A Swiss-based company named Ethereum Switzerland GmbH was responsible for the formal development of Buterin’s proposals, with work starting in 2014. Stiftung Ethereum (The Ethereum Foundation) was established around the same time and funding for the project’s development was sourced from an online public crowdsale between July and August of 2014, with the sale generating $18m. This sum made the crowdsale the most successful in history.
The Future of Ethereum
The decentralized nature of the apps the platform allows for development, coupled with the smart contract platform, has resulted in a community of hundreds of developers having becoming involved, and big names like Microsoft and IBM have also taken interest.
The future of the platform seems assured of continued growth. Unlike Bitcoin, Vitalik Buterin, the man who created Ethereum, ensured that by using Ether (a cryptocurrency) in a particular way, less computer power is required to ‘mine’ currency. What this means is that the system can move forward infinitely without the limitations on the amount of currency that can be generated due to the computer power required in Bitcoin.
In the future things may well move towards a currency that does not have to be ‘mined’, with coinage issued to users based upon the size of the ‘stake’ they hold.