Ethereum (ETH) is a cryptocurrency that supports smart contracting functionality through a turing-complete scripting language called Solidity. The Ethereum network went live on 30 July 2015. Development of Ethereum was funded through an online crowdsale in which 11.9 million coins (ETH) were distributed prior to the launch of the network.
How to use Ethereum with Trezor
|Firmware (device) support||1.4.0. (Trezor One), 2.0.5. (Trezor Model T)|
|Available in Trezor Wallet?||Yes (Beta)|
|Third-party wallets||MyEtherWallet, MyCrypto, MetaMask|
Trezor Beta Wallet
Trezor developers have worked hard to provide native support for Ethereum. This has finally come to fruition.
- Go to beta-wallet.trezor.io/next
- Plug in your Trezor device.
- Start using all the available functionalities.
For more information about how it works, see this manual.
Ethereum can be safely used with certain third-party wallets and services, with the seed and private keys fully protected by the Trezor device. These include the following:
For more information about other third-party services, see Apps.
History of Ethereum
The Ethereum white paper was published in late 2013 by a programmer involved in Bitcoin Magazine, Vitalik Buterin. The stated goal was building decentralized applications. Buterin had argued that Bitcoin needed a scripting language for application development. He later proposed to develop a new platform. At the time of the public announcement in January 2014, the core Ethereum team was Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson. The actual development of the Ethereum software project began in early 2014.
The development was funded by an online public crowdsale in the summer of 2014, with the participants buying the Ethereum value token (ether) using Bitcoin. While Ethereum was initially praised for technical innovations, its security and scalability were questioned as well.
The 2016 fork
In 2016, Ethereum was split into two separate blockchains - Ethereum and Ethereum Classic. It happened after a malicious actor stole funds, which had been raised on The DAO (a set of smart contracts originating from Ethereum software platform) and were worth more than 50 million dollars at the time.
The new Ethereum was a hard fork from the original software intended to protect against further malware attacks and to reappropriate the affected funds.
The part of the community who insisted that the blockchain should be immutable and that all transactions should be irreversible continued on the original blockchain as Ethereum Classic.
One of the innovations brought by Ethereum was the implementations of smart contracts on a decentralized blockchain.
As initially conceived, a smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the performance of a contract. Smart contracts allow the execution of credible transactions without third parties. These transactions are trackable and irreversible. Smart contracts were first proposed by Nick Szabo who coined the term in 1994 - years before Bitcoin or Ethereum.
Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim of smart contracts is to provide security superior to traditional contract law and to reduce the costs connected with traditional contracting. Various cryptocurrencies have implemented different types of smart contracts. Ethereum implements a nearly Turing-complete language on its blockchain.