Review on Ethereum by Jovan Maksimovic
Ethereum what is it, how does it work and what are its advantages?
Ethereum was founded in 2015 by Vitalik Buterin, one of the most influential people in the crypto world today. Raising $ 150 million, his project has become the most successful crowdfunding business venture ever. Although it owes a lot to bitcoin, since it used its technology, ethereum is much more than another competing cryptocurrency. It is a comprehensive network that includes its own Internet browser, programming language, and payment system. In addition, this cryptocurrency offers tools for developing decentralized applications and works on the principle of smart contracts.
Pros
- Etherium platform uses all the features of the blockchain technology it works on. It is completely immune to all third-party interventions, which means that all decentralized applications and DAOs that are in the network cannot be controlled by anyone.
Cons
- Despite the fact that smart contracts are designed to protect the network from failures, they can only be as good as the people who write the code for them. There is always room for human error, and any error in the code can be exploited. If this happens, there is no direct way to stop the hacker attack or take advantage of the error. The only possible way to do this is to reach a consensus and rewrite the basic code. However, this is completely against the very essence of blockchain, because it should be an immutable and permanent register.
