If you’ve been following Ethereum since its inception you may be aware of all the ‘ins and outs’ of the innovative technology.
However, there are a few facts about Ethereum that tend to get thrown by the wayside, and quite a few misconceptions get repeated around that proverbial water cooler. Here’s a list of them below. And if you have any more to add, please leave them in the comment section.
1. This may or may not be a misconception, (or rather it’s more likely a little-known fact), but the Ethereum platform is in its second major version of development called Homestead. The first production release in Beta was called Frontier. There are plans for a third and fourth called Metropolis and Serenity.
2. Ethereum is not the currency- it is a decentralized programming platform. Ether is the currency of Ethereum, which is considered its gas to execute functions made within the Ethereum network.
3. Ethereum was not created to be Bitcoin’s competitor. Founder of Ethereum Vitalik Buterin, and co-founder, Mihai Alisie, actually created Bitcoin magazine back in 2012. These wunderkind creators saw potential in the blockchain and wanted to do more with it than simply storing and transferring currencies. This led to the creation of Ethereum.
4. The word ‘Dapp’ is often spelled ‘Ðapp’. The ‘Ð’ actually stands for Eth which was a letter used in Old English during the Middle Ages. This is a clever little nod to etymology.
5. The name Ethereum was not chosen from the World of Warcraft game. It was actually chosen when Buterin was browsing a list of Science Fiction elements on Wikipedia. He came across the name, liked the sound of it and the fact that it had the word “ether” in it. This is actually in reference to the hypothetical invisible medium that permeates the universe and allows light to travel.