Brief information about Ethereum...

Ethereum

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Which was proposed in the late of 2013 by the co-founder of Bitcoin Magazine ,named , Vitalik Buterin. Ethereum was described by him in a white paper. The system came online on 30 July 2015,[5] with 72 million coins.

In 2016, Ethereum split into two separate versions known as Ethereum and Ethereum Classic. Ethereum Classic maintains the original, unaltered history of the Ethereum network. As a result of the exploitation of a flaw in The DAO (decentralized autonomous organization) project's smart contract software, and subsequent theft of $50 million worth of Ether, the Ethereum network split into two separate blockchains – the altered history was named Ethereum (ETH) and the unaltered history was named Ethereum Classic (ETC).

Ether is a type of cryptocurrency Money used as a transactional token that facilitates operations on the Ethereum network. The purpose of ether is to pay transaction fees. As the Ether is type of money that is decentralized , which means that there is no Company , bank or government that oversees it or controls it. Ethereum system keeps the persons information secret by not revelling his/her any data. This blockchain is open for everyone to read, and it is spread across the network so that everyone can check what payments have been made. But no one can know who has made transaction to whom it will just display you the persons address id and amount of transaction made by him/her.

Ethereum network works similarly to any other Blockchain network. Every new transaction is recorded and then examined by different nodes known as miners. These miners execute the program code on their computer to update the transaction in the decentralized ledger.