Ethereum is a public and open-source software. Based on Blockchain technology, it is a distributed computing platform and operating system. It features functionalities like smart contract (scripting), virtual machines and enterprise software. It has the ability to support a modified version of Nakamoto consensus via transaction-based state transitions. Vitalik Buterin, a cryptocurrency researcher and programmer, proposed Ethereum platform and the name ‘Ethereum’ in late 2013. The most amazing thing about this platform is its development was funded by an online crowd sale that took place between July and August 2014.
Vitalik Buterin, who coined the name Ethereum took it after browsing through Wikipedia articles. And the reason he considered this name is because it has 'Ether' in its name which scientifically is a hypothetical invisible medium that allows the light to travel in the universe. This Ether is a science fiction and has also been used in movies like Thor of the Marvel franchise.
Ethereum being a decentralized platform running smart contracts, allows you to build applications that run exactly as programmed or hard coded. This eliminates any and every possibility of downtime, censorship, and fraud or third-party interference. These unstoppable apps built on Ethereum platform run on a custom built Blockchain distributed ledger. These features enable developers to create markets, store transactions of debts or promises, transit funds in accordance with instructions given long in the past as pre-requisites. These are the only possibilities that have been explored and are being implemented. A lot more is yet to be discovered.
With Blockchain in play and new innovation in business models, Ethereum provides many new ideas and transparent smart contracts to help in organizing companies.
Ethereum apps can be tailored to meet any required specifications and then distributed network can help in reducing the cost and ensuring full-scale availability.
Using Ethereum, you can let an autonomous robot run the services for you and implement your requirements directly without requiring proper manual management. The best perk of the autonomous model is that it is immune to any outside influence and it guarantees the implementation of whatever it is programmed for.
With expert developers and implementers who have qualified and hands-on experience in DApp development services, Blockchain development we can provide you the best partner in your journey of implementing your brain-child business. Our innovative developers can help you analyze the market risks and opportunities and guide you on how to implement your project using Ethereum for the best benefit to your business.
We can even help you create a smart contract to withhold all your investors’ money until the project is implemented and the deadlines are met. Depending on outcomes the funds can either be released or be returned to your investors and contributors, which will never be the case considering our records and commitments.