Technoccult

Ethereum: A Platform for Building Bitcoin-style Applicatons

Posted by: klintron on 27 January 2014

Klint Finley

I wrote about Ethereum, next generation cryptocurrencies and distributed autonomous corporations for Wired:

Most people think of bitcoin as a form of money, if they think of bitcoin at all. But 19-year-old hacker Vitalik Buterin sees it as something more — much more. He sees it as a new way of building just about any internet application.

The bitcoin digital currency is driven by open source software that runs across thousands of machines around the globe. Borrowing code from this rather clever piece of software, independent hackers have already built applications such as the Twitter-style social network Twister , the encrypted e-mail alternative Bitmessage , and the unseizable domain name system Namecoin . But Buterin believes that many other applications can benefit from the genius of the bitcoin software, and that’s why he’s joining forces with several other hackers to create something called Ethereum .

He envisions Ethereum as an online service that lets you build practically anything in the image of bitcoin and run it across a worldwide network of machines. At its core, bitcoin is a way of reliably storing and moving digital objects or pieces of information. Today, it stores and moves money, but Buterin believes the same basic system could give rise to a new breed of social networks, data storage systems and securities markets — all operated without the help of a central authority.

Full Story: Wired: Teenage Hacker Transforms Web Into One Giant Bitcoin Network