Overview

When Bitcoin was created in 2009, it was originally dismissed by many as just a way for criminals and computer experts to transfer fake internet money to each other. In less than 8 years, it has gone from being considered a scam to being seen as a technology that could disrupt finance, banks, foreign exchange and potentially create a worldwide global currency. The change in perception is largely in part due to the realization of the potential of the blockchain technology underlying Bitcoin. Blockchain technology is more revolutionary than Bitcoin, and is predicted by many to have an impact on the world as big as the internet once did.While many people have heard of Bitcoin, it is the lesser known Ethereum that made the world aware of the potential of blockchain technology. Bitcoin mainly used blockchain technology for payments and transfers of digital currency. The creation of Ethereum has taken the possibilities of blockchain from a technology mainly used for financial payments into a technology that could disrupt and replace systems or companies in almost every industry in the world.The original blockchain technology created by Bitcoin is known as Blockchain 1.0. The new capabilities that Ethereum has made blockchain technology capable of is known as blockchain 2.0 Ethereum is considered by many governments and corporations to be a far superior technology compared to Bitcoin. Large companies such as Microsoft, MasterCard, UBS, ING, Intel, BP, Deloitte, J.P Morgan and more have joined an alliance to work together on developing, building and integrating Ethereum based applications on a large scale. Ethereum is not just an idea that may have an impact in the future. The Ethereum platform has already shown to have a wide range of real world applications across a variety of industries. Ethereum was only released in 2015, however in the short time it has been around, there have been thousands of companies and applications all created on the back of Ethereum. Billions of dollars have been created in a few years as companies and developers utilize the revolutionary capabilities of Ethereum. Everything from digital identities, file sharing, cloud storage to chat messaging apps have already been created on Ethereum.Ethereum is still a new technology, however it is one that is already set to change the world. Understanding Ethereum in these early stages, could put you in the cutting edge of a technology that may one day be a part of everyday life. Even if you have had no experience with Bitcoin, Ethereum or cryptocurrencies, by the end of this book, you should have a firm understanding of what Ethereum is, how it works, and why it is so revolutionary.Let us get started with the first chapter to understand exactly what Ethereum is.

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