Basics of the Internet and Ethereum
Before we get into the topic, you have to get acquainted with the Internet in general, because all things are linked to each other. All the questions that revolve in your head, I will not dwell on wordsAnd let's get started.The Internet has become one of the things that we cannot dispense with at the present time. It is another world called the digital world, which many people depend on for their work, for entertainment, to communicate with others to gain knowledge and many other things. It has made the atmosphere one village. During these operations, during the period of your entry into this world, private data and information about you are collected, i.e. the parameters of a person’s profileAll personal data, passwords and financial information are largely stored on other people's computers, cloud computers or on servers owned by companies like Amazon, Facebook, Google, Instagram... and many more.
If you want to get to know the Ethereum network, this will do the trick
Ethereum is considered one of the most important and famous decentralized digital currencies globally. It is also a strong cryptocurrency at the level of the rest of the digital currencies globally so that it is ranked second globally after Bitcoin.It is also considered one of the latest technologies that provide technological solutions so that it facilitates the relationship for the user without resorting to an intermediary. This is the main difference between central and decentralized currencies.
History and career of the Ethereum system
In the beginning, the Ethereum system was unified with the Bitcoin system, and it was an integral part of Bitcoin that fell under the Blockchain system, a system that was designed specifically for digital currencies, through which all kinds of projects were launched. Ethereum, a digital project in supply chain management, . Bitcoin is known to be the first digital currency launched in the year. After four years of working together, Ethereum separated from Bitcoin to occupy the second place in cryptocurrencies.
The characteristics of the BTC program token from the use of digital assets vectors and did not allow to reveal the full potential of the innovative technology, which led to the birth of a digital currency and a new system called Ethereum .The reason for the split of Ethereum from Bitcoin is that a group of developers called fork admired the idea of the digital currency Bitcoin and the blockchain system and saw it as an idea and a successful work that will change a lot in the future, so they decided to separate from Bitcoin and took the basis of the code on which the blockchain was built, but not because of the failure of the project but rather on the contrary, in order to take the lead in establishing their own currency under the blockchain systemIn other words, they took advantage of the opportunity to work on their own in order to become one of the strongest and greatest digital currencies in the world, and this is what really happenedIt has become one of the currencies that compete with other cryptocurrencies and is a major competitor to Bitcoin. It must be noted that it has become a threat to the Bitcoin currency in terms of competition to attract more users and investors with the aim of reaching the top.
What is the concept of the Ethereum network?
A Canadian programmer, in agreement with his colleague, “Vitalik Burterin” Magazine Wood, presented in 2013, explaining the concept of the Ethereum Blockchain cryptocurrency platform. The web that falls under a networkICO, which is specialized in an initial peer-to-peer offer of the Ethereum currency, in which the company was able to conclude many contracts.
Ethereum created the Binance platform, which is ranked as the first global platform for trading cryptocurrencies, corporate stocks, and many more.
Is Ethereum network secure? What's the hacking story and intent?
A serious incident of its kind occurred in June, which is a hacking and piracy operation aimed at theft and fraud by anonymous persons threatening the safety of users' money and spreading terror in their hearts for fear of their interests. DAQ code the investment system, which is a system that operates independently and manages the capital, and the reason for this loophole is an error in the program, in which hackers stole a third of the currencies
Cryptocurrency, an estimated $50 million.
The company quickly took the necessary measures and actions, and Vitalik Buterin and some members of the Ethereum community decided to return the funds to the investors. As a result of what happened, the Ethereum company under the supervision of Hard Fork canceled the changes made by the hackers but another part of the community decided to stay in the project which led to the formation of the Ethereum Classic crypto network.
The old chain retained its original content and was called Ethereum Classic, while the new chain was called the current Ethereum coin.
In order to form the Ethereum Classic network, the developers sought to implant a new code that would then split the original chain into a new chain that could not be recognized or accessed through the numbers and keys of the old chain that existed before the implanted code, called the hard fork process.
In order to do this, the developers performed a hard fork on the Ethereum blockchain, returning to the point before the hack after reviewing the blockchain, which is the foundation of the Ethereum system.
With regard to the hacked code called Dow Code, it was canceled from the chain. In return, the company did not leave its users or the owner of Ethereum from scattering their work or having their money and fees go in vain, but rather it was fair with them so that the company on June 20, 2016 gave them the right to move into the currency The new one is of the same value without an increaseOr decrease after the hard fork was invented and he also has the right to remain in the original blockchain and can keep and keep his money in it.
With the passage of time, the Ethereum company began to regain its strength again and impose its control after it cured itself, thanks to the developers’ efforts to work not to repeat what happened by improving the codes and their secret numbersAfter years of hard work and more developments and updates, it regained investor confidence, attracted new investors, and ranked second in the world in digital currencies.