Crowdsale bitcoin stock
Posted On 16.07.2013
This week, Vitalik Buterin visited Russia to participate in Ethereum Russia 2016 crowdsale bitcoin stock. Over the course of the event, the platform’s founder talked with Russian crypto-enthusiasts, entrepreneurs and government officials.
Recent hype around Ethereum is quite understandable considering the opportunities offered by the technology. HOW ETHEREUM WAS BORN According to Buterin, he dropped out of university and started travelling across the globe seeking for bitcoin projects. Eventually, he found himself in Israel, where he met lots of people looking for different ways of implementing blockchain technology. I came up with the idea of making a universal platform with internal programming language, so that everyone could write any app.
Buterin said they chose a non-commercial approach to create a system that nobody would own. We got a grant from The Thiel Fellowship, Peter Thiel’s foundation. Those who started Ethereum wanted to develop the project following the rules of venture investment, but I was thumbs down. I wanted the underlying infrastructure of the platform to be created by a NPO.
That was the only way to make people accept the idea of the system’s decentralization and indepenence that underpins Ethereum. There are 30 people in our team. They are from different parts of the world. 5 to 7 people in Berlin, there are individual developers from Canada, China, Poland, Russia, and Brazil. Even though we have managers, the management system itself is more horizontal than elsewhere.
Ethereum Foundation employees get their wages for coding. The money we’ve got is enough for four years of the team’s work. So we have no short-term need for money. ETHEREUM VS BITCOIN According to Buterin, the main difference between Ethereum and Bitcoin lies in the fact that the former is built around the concept of decentralization that could guarantee the system’s safety. Ethereum, in its turn, is a tool to create any decentralized online service. Imagine a village that decided to make accounts for everyone passing down the main street.
They may assign a person responsible for the list who would write down new strangers. However, the entire village has to trust this person, as he or she may describe the events improperly, on purpose or not. Bitcoin is a book where you may write only in one language and only about movement of people. Universal mathematical formulae are the language of its book. Ethereum may store the cryptocurrency transfer history, but that’s not what it is about. Any contract has its own internal memory containing a code. When an item participates in a transaction, the code gets executed.
ETHEREUM’S ADVANTAGES Buterin believes Ethereum has several advantages, including its capability of being an underbed for diverse applications: digital property, financial contracts, registration of non-finance data, data storage, and so on. He also noted that development of such applications would be easy and fast. Coders tell us that it’s easy for them to develop apps on Ethereum. The community will grow due to this easiness.