We see a website that does cool crypto stuff.
Those smart contracts are what’s running under the hood of today’s dApps, including Aave, Uniswap, and more. Think of smart contracts like switches –- or, if you’ve ever done BASIC computer programming, like if-then statements. In the white paper, Vitalik introduces the idea of smart contracts, which he describes as boxes that are only unlocked if certain conditions are met. But the Ethereum network envisioned in the white paper would open up a new world of possibility beyond just payments from person A to person B - and it has. The network runs on Ether (ETH), which is the cryptocurrency you use to pay for using the network. Here’s the TL DR: The Ethereum network was built to run decentralized applications (dApps), programs that run on a network of thousands of computers rather than on servers controlled by a single person, organization, or government. The Ethereum white paper, while a tough read, explains the reason for Ethereum in contrast to the existing crypto networks. The problem: they just don’t support enough programming commands. They were (and still are) effective as digital ledgers and payment rails. We already had Bitcoin, so why did we need Ethereum? Early crypto networks like Bitcoin and Litecoin offer peer-to-peer transactions without a bank in the middle.
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Joseph Lubin went on to found ConsenSys, the leading Ethereum software company and maker of the popular MetaMask Ethereum wallet.Anthony Di Iorio went on to found Decentral, a blockchain tools company.Charles Hoskinson founded Input Output Global, the company behind the Cardano network.Gavin Wood went on to found Polkadot, a blockchain network that enables transfers between blockchains.Vitalik Buterin still works on Ethereum.(Don’t miss the Vitalik Pic of the Day in the Milk Road newsletter.)īut the Ethereum project has several founders, including Charles Hoskinson, who went on to found IO Global, the company that’s developing the Cardano project.Įthereum’s founders are still leaders in the crypto space and other techy stuff. Vitalik Buterin is the most famous (and most memed) of Ethereum’s founders. There are plenty of other smart-contract networks out there now, but Ethereum led the way, and it’s still the biggest gorilla in the crypto zoo. By 2015, the Ethereum network was live and processing transactions.įast-forward to today, and Ethereum has become the most widely used smart-contract network amongst all blockchain networks. Vitalik Buterin - the Ethereum project’s best-known founder - published the Ethereum white paper in November of 2013, describing the soon-to-be network and how it would function. Some refer to Ethereum as the World’s Computer. It’s decentralized because the transactions the Ethereum network saves to the blockchain are validated and mirrored by thousands of computers around the world. Think of the Ethereum network as an operating system on the internet that can run programs. It’s like a bank statement, but for crypto - and it’s always up-to-date.Įach “block” in the “chain” contains transactions and data, and just like real chains, they’re linked. Blockchains are like a tally sheet that tracks who has what, where it came from, and where it went.Smart contracts are computer programs that run on the Ethereum network.Hold up, what? Okay, let’s break that down. Ethereum is the leading smart-contract blockchain.
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