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Vitalik Buterin & Ethereum

Many of you may not have heard of this 23 year old Russian-Canadian, Vitalik Buterin. He is one of those geniuses who started loving computing and Math from an early age. His parents immigrated to Canada from Russia when he was 3 years old. After attending a private high school in Toronto, he joined the University of Waterloo (my alma mater), but dropped out after getting the Peter Thiel fellowship of $100K to pursue his entrepreneurial work in cryptocurrency.

After trying to persuade the Bitcoin community for a scripting language which got no support, he decided to start a new platform to serve cryptocurrency plus any asset like a smart contract. His first seminal paper in 2013 laid the foundation and the same year he proposed the building of a new platform called Ethereum with a general scripting language. In early 2014, a Switzerland company called Ethereum Switzerland GMBH developed the first Ethereum software project. Finally in July-August of 2014, Ethereum launched a pre-sale of Ether tokens (its own cryptocurrency) to public and raised $14M. Ethereum belongs to the same family as the cryptocurrency Bitcoin, whose value has increased more than 1,000 percent in just the past year. Ethereum has its own currencies, most notably Ether, but the platform has a wider scope than just money.

You can think of my Ethereum address as having elements of a bank account, an email address and a Social Security number. For now, it exists only on my computer as an inert string of nonsense, but the second I try to perform any kind of transaction — say, contributing to a crowdfunding campaign or voting in an online referendum — that address is broadcast out to an improvised worldwide network of computers that tries to verify the transaction. The results of that verification are then broadcast to the wider network again, where more machines enter into a kind of competition to perform complex mathematical calculations, the winner of which gets to record that transaction in the single, canonical record of every transaction ever made in the history of Ethereum. Because those transactions are registered in a sequence of “blocks” of data, that record is called the blockchain. Many Bitcoin exchanges use the Etherium platform.

A New York Times article in January said, “The true believers behind blockchain platforms like Ethereum argue that a network of distributed trust is one of those advances in software architecture that will prove, in the long run, to have historic significance. That promise has helped fuel the huge jump in cryptocurrency valuations. But in a way, the Bitcoin bubble may ultimately turn out to be a distraction from the true significance of the blockchain. The real promise of these new technologies, many of their evangelists believe, lies not in displacing our currencies but in replacing much of what we now think of as the internet, while at the same time returning the online world to a more decentralized and egalitarian system. If you believe the evangelists, the blockchain is the future. But it is also a way of getting back to the internet’s roots”.

Vitalik wrote the idea of Ethereum at age 19. He is the new-age Linus Torvalds who fathered Linux that became the de-facto operating system for the Internet developers.

Read the original blog entry...

More Stories By Jnan Dash

Jnan Dash is Senior Advisor at EZShield Inc., Advisor at ScaleDB and Board Member at Compassites Software Solutions. He has lived in Silicon Valley since 1979. Formerly he was the Chief Strategy Officer (Consulting) at Curl Inc., before which he spent ten years at Oracle Corporation and was the Group Vice President, Systems Architecture and Technology till 2002. He was responsible for setting Oracle's core database and application server product directions and interacted with customers worldwide in translating future needs to product plans. Before that he spent 16 years at IBM. He blogs at http://jnandash.ulitzer.com.

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