Was created by Vitalik Buterinafter going through a traumatic experience, when Blizzard, a centralized video game company, decided to remove power from one of the characters that Vitalik had in his inventory, within the famous game World of Warcraft.
This made Vitalik realize the problems that centralized platforms had and motivated him to invent a platform that will avoid this type of situation: Ethereum.
This project works very similarly to Bitcoin, with the big difference that in Ethereum it is possible to program on its blockchain network, to develop different decentralized applications or DAPPS.
These DAPPS are made with smart contracts, which are immutable pieces of code that are executed automatically. This feature makes users have Complete trust that the rules established in the DAPP will be complied with.
If World of Warcraft, the game that inspired Vitalik Buterin, had been a decentralized app, Blizzard I couldn’t have changedunilaterally, the game, to take power away from Vitalik’s character.
With Ethereum it is possible to create video games, but it is also used to create voting systems, financial applications, crypto tokens, markets, NFTs, security systems, DAOs and many other projects; all with the same characteristics: immutability, security and transparency.
It’s certainly a great project, but it’s not without its problems. During its development it has had endless challenges. Currently, phase 1 of Ethereum 2.0, known as Merge, is about to be launched. Ethereum 2.0 promises to solve the two main problems of Ethereum 1.0, the cost and volume of transactions within the network.
This change will make the Ethereum blockchain network easier and cheaper to use for developers and will significantly reduce energy costs and the carbon footprint it generates.
Ethereum is the base of the metaverse. In addition to helping us create endless digital tools, with characteristics similar to Bitcoin, it has also served as an inspiration for other Blockchain networks, which also work through smart contracts.
It is important to mention that not everything that is built on top of the Ethereum network is a good project. network workshowever, each underlying project is the responsibility of its developers and must be evaluated independently.
If Bitcoin is the gold of the Metaverse, Ethereum is iron. It is not as valuable as gold, but it is much more flexible and malleable, allowing us to build endless tools and projects. Something that, due to its characteristics, is very difficult to do with Bitcoin.
Do you want to know more about this incredible project? There is a lot of information on the web, I would start with ethereum.orgits official page, where you will find a lot of relevant information.
Do you have any comments about this text? May I help you? Write me. It will be a pleasure to talk with you.
Alberto Arroyo