Vitalik Buterin, a programmer, created Ethereum in 2013. Ethereum is a decentralized, open-source blockchain that supports smart contracts. Ether is the platform’s native cryptocurrency. In terms of market capitalization, Ether is second only to Bitcoin.
The blockchain field as a whole is constantly developing due to big breakthroughs by its key players, like as Ethereum (ETH), whose founder Vitalik Buterin recently explained how it all began for him and his network.
The story of Ethereum, in particular, begins around 2011, when the crypto space was still known just as the Bitcoin (BTC) area, and Buterin became fascinated and more involved with it, as he stated in an interview with Business Insider published on June 28.
His interest began with the co-founding of Bitcoin Magazine, and he went on to conduct “a lot of Bitcoin-related things for about two years.” Buterin eventually dropped out of university to work full-time in the space, and he began to see a lot more promise in blockchain technology “than just a single peer-to-peer currency.”
As he put it:
“I came up with the idea behind Ethereum. This idea of a blockchain with a built-in programming language as, kind of, what I thought was the simplest and kind of most logical way to actually build a platform that can be used for many more kinds of applications.”
When asked what the largest problem with Bitcoin was that he was attempting to solve with Ethereum, Buterin stated that it was “just too limited functionality.” He went on to compare Bitcoin to a pocket calculator and Ethereum to a smartphone:
“Think of the difference between something like a pocket calculator and a smartphone, where a pocket calculator does one thing and it does one thing well, but really people want to do all these other things. And if you have a smartphone then on the smartphone you have a pocket calculator as an app. You have playing music as an app. You have a web browser as an app and pretty much everything else.”
Finally, Buterin added, “basically taking that same kind of idea of increasing the power of the system by making it more general purpose and applying it to blockchains.”
Meanwhile, Ethereum co-founder Vitalik Buterin has questioned the possibility of cryptocurrencies taking over the global financial system, stating that traditional and government-backed currencies would remain dominant despite the sector’s significant growth in recent years.
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