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Ethereum, Smart Contracts, and the world of Digital Currencies

In terms of market capitalization and popularity, Ether, or ETH (the electronic coin of the Ethereum platform), is second only to Bitcoin. Ethereum is a blockchain-based digital platform used for smart contract-enabled transactions, including cryptocurrency trading.

Conceived in 2013 by Vitalik Buterin, ETH allows for the creation of two kinds of accounts: Externally Owned Accounts (EOA) and contract accounts. An externally owned account is controlled by a private key and influenced by human users.

And while the former has no associated code that is triggered to execution when it receives a transaction, the latter self-executes on receiving transactions from an externally owned account.

Smart contracts are by no means an exclusive feature of the Ethereum network. However, the feature is so robust on the ETH platform that it can be mistaken to be its invention. What Ethereum did was build ...See More


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