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8 Facts About Ethereum

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Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality.

Open-source software is computer software with its source code made available with a license in which the copyright holder provides the rights to study, change, and distribute the software to anyone and for any purpose.

A blockchain – originally block chain – is a continuously growing list of records, called blocks, which are linked and secured using cryptography.

A smart contract is a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract.

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It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, which can execute scripts using an international network of public nodes.

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Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed.

A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.

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"Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

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Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer.

Vitalik Buterin is a Russian-Canadian programmer and writer primarily known as a co-founder of Ethereum and as a co-founder of Bitcoin Magazine.

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Development was funded by an online crowdsale during July–August 2014.

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The system went live on 30 July 2015.

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In 2016 Ethereum was forked into two blockchains, as a result of the collapse of The DAO project, thereby creating Ethereum Classic.

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