In this episode we talk about Etherium and Ether. Ether is the second largest cryptocurrency after Bitcoin, as a market capitalization.
When Vitalik Buterin, together with a group of crypto entrepreneurs, launched Etherium in 2014, his idea was to create a more functional blockchain network and cryptocurrency than Bitcoin. The problem Buterin sees in Bitcoin is that it is limited in its functionality. In an interview with Business Insider, he compared Bitcoin to a pocket calculator that handles a single task perfectly, and Ethereum to a smarthphone with multiple applications.
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Etherium is a platform for decentralized applications, on which “smart contracts” can be made, but for them in a while. Before that we look at Vitalik Buterin. A man who is defined as a genius in cryptocurrencies and is among the creators of Ethereum. Born in Russia, raised in Canada. His sharp mind gave him a place in the classes for gifted children at school, he won a bronze medal at the International Olympiad in Informatics, and when he was only 21 the Etherium network was already working. To date, the 27-year-old Vitalik is a billionaire, due to the increase in the value of Ether by more than 400,000% since its appearance.
The language in which the applications running on the Ethereum network are written is called Solidity.
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Etherium’s goal is to truly decentralize the Internet.
We come to one of the main applications of the Etherium network – smart contracts or smart contracts.
These “smart contracts” are computer code that allows the exchange between two parties – of money, property, shares or any representative of value in a transparent, conflict-free way, without the need for an intermediary.
In fact, the first concept of “smart contracts” appeared in the late 90’s, but was not implemented. Then Nick Sabo, who is among the famous computer specialists, made an analogy between “smart contracts” and beverage and food machines. The user drops a coin, selects the item he wants, and the machine certainly provides it.
Ether is the currency used on the blockchain network. At the time of recording this show, Ether had a market capitalization or total value of nearly $ 250 billion in coins issued.
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Ether can also be considered as a fuel on which the decentralized applications of the Ethereum network work.
The etherium network already has a huge application. In currently there are more than 160 million unique addresses, wallets. If we make an analogy with the banking system, these are the IBAN addresses in the network.
The transactions that are taking place are now also on an impressive scale. For the month of May on the Ethereum network, the volume of transactions amounted to 665 billion US dollars.
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In the episode, in which we talk about “smart contracts” and decentralized applications, I meet you with a man for whom I personally have the impression that he has achieved a lot with his mind. Tunio Zafer has been in the field of technology for almost 20 years, and has been and has been part of the team and creators of a number of successful projects. You’ve probably heard of PCloud. Tunio is one of the creators of the online data storage service, which today has over 13 million users, and proof of security and is the company’s challenge since 2016. PCloud then announced that it would pay $ 100,000 if anyone managed to hack the system. Well, the encrypted system turns out to be impenetrable and no one in the world manages to grab the money. Our conversation about the cryptoworld and the application begins with what the future holds for us thanks to the blockchain, “smart contracts” and decentralization with examples, some of which are already a reality.
“What is the future? We all know that starting from financial management to states, everything is decided behind locked doors. Some people who gather 7-8-10 people who ultimately affect everyone’s lives At one point, the coolest thing that can be done is to give all this decision-making power and all the power of consumers to come together and make decisions together. simply to give this opportunity. Using blockchain technology comes to the idea that any “smart contract” can be developed to make decisions automatically, it provides the basis for something that is super serious. “
From Tunyo Zafer and his examples of how “smart contracts” and decentralized applications can be part of the future, see the video.
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