Ether /Ethereum - Facts and Info
Ethereum / Ether Facts and Information
The cryptocurrency used on the Ethereum Platform is called Ether. While many call Ethereum a cryptocurrency it is really the platform that Ether is used within.
Name: Ethereum / Ether
White Paper: https://github.com/ethereum/wiki/wiki/White-Paper
Founder: Vitalik Buterin
Date Created: Jul 2015
Structure: - Decentralized utilizing a Peer to Peer Network
Source Model: Open Source
Total Max Bitcoin Outstanding Possible: Currently no hard cap though this is expected to change, there are currently 98 million Ether. In 2017 supply increased by 9.8 million or roughly 10%.
Block Time: 14-15 seconds on average
Mining: Yes - For proof-of-work, it uses the Ethash algorithm which reduces the advantage of specialized ASICs in mining.
Ethereum is a massive network that allows for the creation of a variety of decentralized technologies to be built on top of it. As these assets all require various resources Ethereum has its own cryptocurrency called Ether that can be used to buy those resources from the Ethereum network called Gas.
Intro to Ethereum's Whitepaper lays out how Ethereum plans to expand on Bitcoin's properties to create a smartcontract platform. The whitepaper notes areas that Ethereum is intended to be used for in Colored Coins, Smart Property, Non-Fungible Assets like Domain Names as well as "complex applications involving having digital assets controlled by a piece of code implementing arbitary rules (smart contracts) and blockchain-based decentralized autonomous.organizations (DAOs).
Ethereum is planning on moving toward a Proof of Stake model away from the Proof of Work model it is currently employing.
Other Ethereum Links:
Ethereum White Paper on Github - https://github.com/ethereum/wiki/wiki/White-Paper
About Me page for Vitalik Buterin - https://about.me/vitalik_buterin
Vitallik Buterin Twitter - https://twitter.com/VitalikButerin?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
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