In 2005, Hal Finney introduced a concept of " reusable proofs of work", a system which uses ideas from b-money together with Adam Back's computationally difficult Hashcash puzzles to create a concept for a cryptocurrency, but once again fell short of the ideal by relying on trusted computing as a backend. In 1998, Wei Dai's b-money became the first proposal to introduce the idea of creating money through solving computational puzzles as well as decentralized consensus, but the proposal was scant on details as to how decentralized consensus could actually be implemented. The anonymous e-cash protocols of the 1980s and the 1990s, mostly reliant on a cryptographic primitive known as Chaumian blinding, provided a currency with a high degree of privacy, but the protocols largely failed to gain traction because of their reliance on a centralized intermediary.
The concept of decentralized digital currency, as well as alternative applications like property registries, has been around for decades. Introduction to Bitcoin and Existing Concepts History What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create "contracts" that can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing up the logic in a few lines of code.
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Commonly cited alternative applications of blockchain technology include using on-blockchain digital assets to represent custom currencies and financial instruments (" colored coins"), the ownership of an underlying physical device (" smart property"), non-fungible assets such as domain names (" Namecoin"), as well as more complex applications involving having digital assets being directly controlled by a piece of code implementing arbitrary rules (" smart contracts") or even blockchain-based " decentralized autonomous organizations" (DAOs). However, another, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly starting to shift to this other aspect of Bitcoin. Satoshi Nakamoto's development of Bitcoin in 2009 has often been hailed as a radical development in money and currency, being the first example of a digital asset which simultaneously has no backing or " intrinsic value" and no centralized issuer or controller. A Next-Generation Smart Contract and Decentralized Application Platform Researchers and academics seeking a historical or canonical version of the whitepaper should use this PDF.
To learn about the latest developments of Ethereum, and how changes to the protocol are made, we recommend this guide. While several years old, we maintain this paper because it continues to serve as a useful reference and an accurate representation of Ethereum and its vision.
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It's worth noting that Ethereum, like many community-driven, open-source software projects, has evolved since its initial inception. This introductory paper was originally published in 2014 by Vitalik Buterin, the founder of Ethereum, before the project's launch in 2015.
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