Who invented the cryptocurrency Ethereum and why.

The world of cryptocurrency is not only very large but also incredibly diverse. However, to be completely honest, many know about crypto only through Bitcoin. Despite the presence of a large number of good and profitable coins.

For example, the main competitor of Bitcoin. It is Ethereum. These coins have their own features and conditions for earning, as well as reasons why Ethereum was created at all. Understanding who invented the cryptocurrency Ethereum will be useful for any newcomer.

Who invented the cryptocurrency Ethereum?

So, considering the history of who invented Ethereum (it is also called Ether), we should immediately move away from comparisons with Bitcoin. After all, initially, these coins had different purposes.

Who invented Ether: the cryptocurrency Ethereum (Ethereum) was created by Vitalik Buterin, a Russian-Canadian programmer, along with other co-founders. So there is no mystique and mystery with these coins like there is with Bitcoin. The concept was first proposed by Buterin in 2013 in the form of a white paper, and the Ethereum network was launched in July 2015. In this case, Ether did not become the first and most popular currency. However, its creators could learn from the mistakes of their competitors.

Why was Ethereum created?

Ethereum was conceived as an extension of the features offered by Bitcoin. While Bitcoin was mainly created as a decentralized digital currency, Ethereum was developed with the goal of creating a decentralized platform for executing programs and contracts.

From the history, it becomes clearer that no matter how much Ether tries to separate itself from Bitcoin, the coins will still be connected. However, the creators attempted to create coins similar to it, but with different guarantees.

The goals of creating Ether:

1. Vitalik Buterin created Ethereum with the aim of providing developers with a platform where they could create and launch decentralized applications (dApps). These applications run on the blockchain, making them resistant to censorship, fraud, and hacking. Again, there is a connection, albeit not obvious, with Bitcoin.

2. One of the key innovations of Ethereum was the implementation of smart contracts – programmable contracts that automatically execute the terms embedded in them without the need for third parties.

3. Smart contracts on Ethereum can automatically carry out programmed actions when certain conditions are met, making them a powerful tool for building decentralized systems.

These were the main conditions for creating Ether. Only later did the discussion turn to enhanced security. Ethereum, like Bitcoin, was created with the aim of providing an alternative to centralized systems that rely on trust in a single entity. The Ethereum blockchain is decentralized and secured by cryptography, making it resistant to interference and censorship.

Almost immediately, the conditions for creating Ether justified themselves. Today, Ethereum operates on thousands of computers around the world (nodes), making its network decentralized and protected from failures in any of its components. And while this function may not seem important to the average person, for many companies, it has become a real salvation.

Almost immediately, Ethereum became the foundation for the decentralized finance (DeFi) movement, which includes the creation of financial services such as loans, insurance, exchanges, and investment platforms, operating without traditional banks and intermediaries. The absence of intermediaries has also become an important step for the cryptocurrency world. Even now, Ether allows users to access financial services regardless of their geographical location or status.