A peer-to-peer value transferring system that is capable of running complex dapps and is interoperable.
Before the digital age, every time someone needed to make a purchase, withdraw money, transfer assets, or just just to deal with money, a paper ledger was kept of these transactions. As we entered into the digital age, many people still kept a paper ledger especially those that still used checks. This was because it was very common for individual or business banking accounts to provide the wrong balance information for transactions that had not yet been posted. Nowadays this of course has nearly been resolved by limiting people where they can use checks and the issuance of debit and credit cards. However even today, the account balances of an individual or business account may still have manual adjustments, fees, limits, cancellations, levying, and a whole bunch of things that put you as an end user and your assets at risk.
Bitcoin was a huge answer to many of the issues that plagued the banking sector. It provided a secure, fast, and completely decentralized method in which someone could buy or sell anything. Paying someone with Bitcoin was easy, and same with receiving Bitcoin from someone else. However, as time went on with Bitcoin it had some issues along the way. As more people started to hear about Bitcoin and wanting to use it with their friends or to buy things with this new digital currency. The network started to get clogged and started to experience high transaction fees and extremely long transaction times. It started to become common that transactions would confirm within about 30 mins. The Bitcoin lightning network was planned to resolve these issues however even today there does not seem like any solutions for reducing the Bitcoin transaction fees or speeding up the transaction times.
Ethereum was the saving grace that crypto needed in 2014. It revolutionized how people looked at blockchain technology. Whereas Bitcoin was a feat for its time and had no where near the advancements that were introduced with Ethereum. Developers could easily create their own token or asset on the Ethereum network by the use of smart contracts. Many great projects were able to get funding by the use of initial coin offerings raising Ethereum to jump start their project and development. It appeared that Ethereum would become a main player in the crypto space when developers released the game crypto kitties and introduced the very first nft. At this point just about every new cryptocurrency project was starting and staying on Ethereum, as such gas prices always have been around the same in proportion to the Wei amount. Which has resulted in clogged, very overpriced transaction fees, that can experience dropped transactions that run out of gas or do not get executed resulting in loss of Ethereum.
This is just a preview, the full whitepaper is still coming soon.