The History of Ethereum & How It Works | Bite Size Blockchain | CertiK
Vitalik Buterin, Ethereum’s co-founder envisioned a new use for blockchain after Bitcoin, one that went broader for a larger set of applications. Ethereum was built on a neutral, open-access infrastructure, controlled by no central entity.
In 2013, Buterin released a white paper for Ethereum’s blockchain using the Turing complete programming language, based on Alan Turing’s concept of a Universal Turing machine, that allows any operation to be programmed within it.
Ethereum uses smart contracts which are programs that permit users to transact with each other according to a set of predetermined rules, removing the need for third-party enforcement. These smart contracts allow developers to self-build and publish contracts onto the blockchain.
Ethereum’s native currency, Ether, operates as a store of value for its users. Ethereum allows developers to build and distribute other cryptocurrencies using the same protocol as Ether.
Ethereum consists of only one public blockchain. Developers must create a modified clone of Ethereum to use the technology on a private blockchain.
Whilst cryptocurrency can be an exciting and rewarding investment, it is vital to have an understanding of web3 security and the measures needed to protect yourself and your fund.
Transparency and Accountability. CertiK KYC provides identity verification for project teams- to help investors make shrewder decisions based on an awareness of web3 security.
Smart Contract Audits. Check out the CertiK Security Leaderboard, which rates and ranks all onboarded projects in terms of their security.
Authentication Methods. In securing your accounts you should set up 2 Factor authentication so that a hacker would need to have both your password and the device to be able to access your account.
Hot and Cold Wallets. People will hold some of their funds on a cold wallet for security, and some on a hot wallet to allow for a smoother flow of funds.