Ethereum is an open-source blockchain-based decentralized platform featuring smart contracts. Indeed, Ethereum is a programmable blockchain that enables developers to build and deploy decentralized applications. Besides, it offers Ether, also commonly known as Ethereum, an alternative cryptocurrency to bitcoin.
Rather than providing users with a set of predefined applications like bitcoin, Ethereum serves as a platform for users to create many different types of decentralized blockchain applications(dapps), including but not limited to cryptocurrencies. Besides that, it also features smart contracts that facilitate all kinds of transactions.
Ethereum Virtual Machine (“EVM”) is the core engine that runs the Ethereum Platform. It is the runtime environment that executes all the smart contracts on the Ethereum network. The Ethereum Virtual Machine possesses its own programming language, known as the ‘EVM bytecode’. When the code is written in high-level programming languages such as Solidity that is used to write smart contracts, the code can then be compiled to the EVM bytecode so that the Ethereum Virtual Machine can understand what has been written.
Ethereum was first conceptualized by Vitalik Buterin in 2013. He is a young Russian Canadian programming genius(born 1994). In 2014, he co-founded the Ethereum platform with Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson. The Ethereum Foundation held an Ether crowd sale in July 2014 during which they sold 60 million tokens. A total of 12 million ether (ETH) tokens were created so the Ethereum Foundation could expand its development and marketing efforts.
The Ethereum broke into the mainstream in early 2017 when the price of ETH increased by 1000 percent over the course of a couple of months. This led to a similar rise in the price of alternative blockchain tokens, also known as altcoins. Currently, there are over 1600 altcoins and still growing.
Ethereum runs on a distributed public blockchain network. Each node connected to the Ethereum network helps to maintain and update the blockchain database. The nodes of the network run the EVM and execute the instructions according to the smart contracts. Ethereum node runs the EVM to maintain consensus across the blockchain.
A smart contract as a computer code that can facilitate the exchange of money, content, property, shares, digital assets, or anything of value among disparate and anonymous parties without a middle entity.
When a smart contract is installed in a blockchain system, it behaves like a self-operating computer program that automatically executes when some specific terms and conditions are met. Because smart contracts run on the blockchain, they run exactly as programmed without any possibility of censorship, downtime, fraud, or third-party interference.
Solidity is a high-level programming language that is used to create and implement smart contracts in Ethereum. The smart contracts created using Solidity can be used for financial transactions, crowdfunding, voting, supply chain management, IoT implementation, ride-sharing automation, smart city administration, and more.
The Ethereum Virtual Machine makes the process of creating blockchain applications much easier and efficient than ever before. Instead of having to build an entirely original blockchain for each new application, Ethereum enables the development of potentially thousands of different applications all on one platform.
Ethereum will be one of the main cryptocurrencies traded on Qidax Exchange. Qidax technology has encoded smart contracts on Ethereum Virtual Machine and implemented it on the Qidax Trading Platform. The smart contracts are used for trading, transactions, and settlements that run on autopilot without glitches.
To ensure the utmost security, Qidax smart contracts have undergone Rigorous Debugging and Security Audit by renowned Auditing firms. They have been put to stringent penetration tests and found to be hackerproof and able to withstand DOS(Denial of Service) attack. Therefore, users of Qidax Platform can be assured of the safe custodian of their digital assets.