The incredible story of Vitalik Buterin, the young inventor of a Cryptocurrency

The incredible story of Vitalik Buterin, the young inventor of a Cryptocurrency

Bitcoins are not only cryptocurrency but for sure, Bitcoins are the first, most well-known, widespread and profitable virtual currency currently available on the financial markets and one of the most interesting online investment ever.

We have already wrote an article about the most interesting digital currency (Bitcoins: All You Need To Know About it) available for savers and traders, but today we want to focus specifically on the currency known as Ethereum.

crypto-currency-70-tradesThis is a currency, but it is also a platform used not only to carry out criptocurrency transactions but also to create and publish smart contracts applicable in all areas of human activity. In fact, these are  computer protocols that optimize, speed up, verify and control the actual performance of any type of contract registered, avoiding having to resort to a contractual clause.

However, in order to be truly operative on the system, these smart contracts must pay for the use of computer power offered by the P2P network, through the unit called Ether, which works both as a virtual currency and as a power source for the system.

The network is based on the same principles that characterize the other criptocurrencies, so it is open source software accessible to everyone thanks to Blockchain technology that it can offer anonymous, immediate and completely secure transactions without, however, central or supervisory body as it has no physical location. In practice, unlike other digital divisions, the Ethereum network is not simply a network for credit exchange, but it is a revolutionary network to turn different types of contracts in a secure and shared way.

As mentioned, smart contracts are not confined to the financial sphere, but can potentially include electoral systems, domain name registration, crowdfunding platforms or intellectual property. In this sense one can well understand why Ethereum possesses long-term prospects even more good than the Bitcoins.

A revolutionary that was recognized as one of the best online investments and also has brought fame to the world’s youngest founder of the Ethereum network. He won the prestigious World Technology Award in 2014. This guy is Vitalik Buterin, a Russian boy of 1994 who grew up in Canada since 2011 with a big interest in criptocurrencies, he founded the periodical Bitcoin Magazine.

During this time, he came for the first time to the idea of a platform that exceeded the limits of the Bitcoins. In 2013, therefore, it begins to develop the structure of the first Ethereum network, creating the core self-regulatory code that will be the framework of the system. Since then, Ethereum Buterin has also contributed to numerous similar open source design projects for criptocurrencies platforms and is still dependent on KryptoKit, a Canadian company that is the founder of a Chrome app.

The Ethereum platform, however, undoubtedly remains its greatest success. In 2014 the crowdfunding campaign is know as the most successful crowdfunding up until then. Meanwhile, the versatile platform created by Buterin has evolved and improved, taking its place right in the markets and attracting the attention of technological giants such as IBM and Microsoft.

Author: Editorial staff of 70 trades reviews blog