Ethereum (ETH) is a flexible cryptocurrency that works like Bitcoin and has special features. It acts as digital money, giving you complete control of your funds with no need for banks or intermediaries.
Ethereum
Infrastructure
Description
Here's how it works:
- Full Control: ETH lets you be your own bank. You control your money through your wallet, which is secured by cryptography. No banks or middlemen are involved.
- Peer-to-Peer Payments: You can send money directly to others without any third parties. This decentralized system means no single entity can control or change ETH's supply.
- Accessibility: All you need to use ETH is an internet connection and a wallet. You don't need a bank account, and you can trade tiny fractions of ETH, making it accessible to everyone.
- Transaction Fees (Gas): ETH powers the Ethereum network. It’s used to pay transaction fees, which go to validators who secure the network. Validators get rewarded with new ETH, keeping the network safe and decentralized.
- Versatility: ETH isn’t just money. It’s also used to create new tokens that represent different assets like currencies, real estate, or art. This has led to thousands of unique tokens on Ethereum, opening up new possibilities.
In summary, Ethereum (ETH) gives you full control over your digital money, allows for direct payments, and powers a vast network of applications.
Team of the Project
Vitalik Buterin
Co-founder
Vitalik Buterin, a Russian-Canadian programmer, was introduced to Bitcoin by his father in 2011 at the age of 17. Initially skeptical of Bitcoin’s value, Buterin eventually recognized its potential and began contributing to Bitcoin forums, earning Bitcoin in return. He co-founded Bitcoin Magazine in 2011 and explored Bitcoin's technology, including a project called Colored Coins.