What is Ethereum?

[Nubitcoinerr]

looking for a simple explanation of how eretheum works aka ether? really confused

[BitCoinDream]

looking for a simple explanation of how eretheum works aka ether? really confused

The best way is to read this => https://www.ethereum.org/pdfs/EthereumWhitePaper.pdf

A similar concept was pitched by Gavin => http://gavintech.blogspot.in/2014/06/bit-thereum.html

IMO, though the concept is awesome, the project ethereum is not going to deliver. They simply collected the bitcoin to live a happy & prosperous life.

[deliciousowl]

The main component of Ethereum is the smarts contracts system. It's a scripting language and EVM (virtual machine).

This allows you to create autonomous contracts between two or more individuals (or just one, in some cases). They work much like real life contracts. The terms are stated and agreed upon by everyone, and the Bitcoin network and EVM ensure that everything in the contracts is automatically executed and verified.

This makes it possible to create financial instruments, and decentralized applications (dAPP). For example you could create a Bitcoin lottery, which is 100% fair and escrows user funds. Or options, futures, satoshidice.... It's turing-complete, so you can create pretty much anything. The only limitation is the cost of "gas", which is required for each computational step.

All contracts are executed by all computers on the network, and form a verifiable consensus.

You can also do this on Bitcoin (with Counterparty):
http://counterparty.io/news/counterparty-recreates-ethereums-smart-contract-platform-on-bitcoin/

But it's still on the development test network, since it has to be audited for security purposes prior to release.

 

[CIYAM]

OP - it is spelt as Ethereum (you might want to change your Subject) and another similar concept is AT (http://ciyam.org/at).

[BitCoinDream]

The main component of Ethereum is the smarts contracts system. It's a scripting language and EVM (virtual machine).

This allows you to create autonomous contracts between two or more individuals (or just one, in some cases). They work much like real life contracts. The terms are stated and agreed upon by everyone, and the Bitcoin network and EVM ensure that everything in the contracts is automatically executed and verified.

This makes it possible to create financial instruments, and decentralized applications (dAPP). For example you could create a Bitcoin lottery, which is 100% fair and escrows user funds. Or options, futures, satoshidice.... It's turing-complete, so you can create pretty much anything. The only limitation is the cost of "gas", which is required for each computational step.

All contracts are executed by all computers on the network, and form a verifiable consensus.

You can also do this on Bitcoin (with Counterparty):
http://counterparty.io/news/counterparty-recreates-ethereums-smart-contract-platform-on-bitcoin/

But it's still on the development test network, since it has to be audited for security purposes prior to release.

 

Interestingly ethereum also created counterparty on their protocol...

https://github.com/ethereum/serpent/commit/f509f4d20e3938fdf8a426513cfb4d13c5806fc5

[onewiseguy]

Thanks I was looking for some info like that.  does any one know when they will be finished? and it is actually legit.

[cesckat]

What is Ethereum?
That official video with the same title () can help you --> https://www.youtube.com/watch?v=Clw-qf1sUZg

As well I've seen that their YouTube channel is full of videos about it, check it out: https://www.youtube.com/user/ethereumproject
Hope to help you!

[Nubitcoinerr]

Watching some of the videos.

[solid12345]

If you have ever wished cryptocurrency operated more like central banks, you’re not alone. Well, you probably are, but that has not discouraged the developers of Ethercoin from introducing a currency that would make the central bankers proud. By creating a coin that operates completely on trust and gives developers nearly complete control of the network

https://www.cryptocoinsnews.com/ethercoin-raises-fundamental-questions-trust-altcoin-developers/

Ethercoin is not connected to Ethereum.

[deliciousowl]

Ethercoin is an asset backed by ether, which does not exist yet itself.

Same shit different name. Look what the "Devs" said. This alone explains what they have in mind.

Huh?

[muddafudda]

If you have to explain how it works, its already over.

[Grg]

I'd try to explain Ethereum like this;

Bitcoin uses Blockchain-tech to provide a currency.
The blockchain-tech is so friggin genius made and is suitable for WAY more then just keep track of a currency/value.

Ethereum uses this tech to provide much more then a coin/value. Its somewhat a genius move, but cryoto/blockchain could be even more then this.


Like Stealthcoin said; There is a major risk with a currency under Ethereum.
Even though I doubt the idea and concept of Ethereum, but this kind of development is exactly what Crypto needs!

-Grg

[deliciousowl]

Like Stealthcoin said; There is a major risk with a currency under Ethereum.

What Stealthcoin said doesn't even pertain to reality. There are perfectly valid and scathing criticisms of Ethereum, and what he said is none of them. It wasn't even about Ethereum... 

[DrGrid]

Ethereum is a crypto project of unprecedented dimensions. I don't understand why so many people still doubt that they will do a lot more with their funding than just running away with it. I thought as soon as Counterparty gave their respect to the code by porting it these doubts would fade. They are using the top protocols, people and tech out there.Not only will they release their main protocol but also a complete suite of tools to develop and distribute features built on top off it.
Think of Ethereum as the Swiss Army Knife of cryptos. Every feature can be put into it with a hack, but the same feature will be able to run better as a standalone tool.

[sniveling]

Like Stealthcoin said; There is a major risk with a currency under Ethereum.

What Stealthcoin said doesn't even pertain to reality. There are perfectly valid and scathing criticisms of Ethereum, and what he said is none of them. It wasn't even about Ethereum... 

It sounds like Stealthcoin has mixed up ethercoin and ethereum because of the similarity between their names. They are two completely different projects and have nothing to do with each other. The link he posted is about ethercoin, not ethereum.

If you have ever wished cryptocurrency operated more like central banks, you’re not alone. Well, you probably are, but that has not discouraged the developers of Ethercoin from introducing a currency that would make the central bankers proud. By creating a coin that operates completely on trust and gives developers nearly complete control of the network

https://www.cryptocoinsnews.com/ethercoin-raises-fundamental-questions-trust-altcoin-developers/

[solid12345]

I got to hand it to the Ethereum devs, they are building what I think will be the Windows 95 of crypto, a tool that any person can figure out what it does and how to use it. Most crypto wallets are still foreign to the average person.

https://www.youtube.com/watch?v=IgNjs_WaFSc