Merge pull request #10 from hughlang/intro2

Finished with main content for What is Ethereum

source/introduction/what-is-ethereum.rst

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 What is Ethereum?
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-Ethereum is a technology ecosystem that consists of software, development tools, people, and cryptocurrency –– based on a next generation blockchain technology. 
-
+Ethereum is a technology ecosystem based on a next generation blockchain technology. As such, it consists of a diversity of software projects, development tools, algorithms, people, and organizations that are collectively building the Ethereum network.
 
 A next generation blockchain
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@@ -14,58 +13,49 @@ Blockchain technology first became prevalent through Bitcoin, which originated f
 In 2014, Ethereum founders Vitalik Buterin and Gavin Wood began work on a next generation blockchain that had ambitions beyond Bitcoin and digital currency. 
 They perceived several shortcomings in the Bitcoin technology, most notably the lack of a Turing-complete programming language. By implementing a programming language and virtual machine for code execution, Ethereum has become a platform for distributed applictions and smart contracts. 
 
-Key components
+Ethereum software
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 There are many advancements that have been built into Ethereum, including but not limited to:
 
-* **Development tools:** Ethereum offers a wide range of development tools and programming languages to enable the development of smart contracts and decentralized apps (a.k.a, DApps). 
+* **Development tools:** Ethereum offers a wide range of development tools and programming languages to enable the development of smart contracts and decentralized apps (a.k.a, dapps). 
 * **Accounts:** In Bitcoin, there is no data structure that represents an account with a balance where funds can be credited or debited. Instead, Bitcoin aggregates payments that have not been spent (unspent transaction outputs, or UTXOs) to determine how much Bitcoin a wallet contains. In Ethereum, Accounts are a central part of the network and are essential part of any transaction or contract. 
 * **Cryptofuel for gas and fees:** All requests in the Ethereum blockchain require some amount of ether (the Ethereum currency) to pay for the computing resources consumed. This has the added benefit of reducing DDoS/spam attacks, since every request requires the sender to pay for it.
 * **Light client protocol:** Ethereum is also designed to run in low-capacity environments such as smartphones and embedded devices, while still operating securely in relation to the Ethereum network state. This will facilitate the development of solutions for the Internet of Things (IoT) that can participate as light client nodes on the Ethereum network.
 
 A digital currency and cryptofuel
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-The monetary unit of Ethereum is called ether and can be used for payments between Ethereum accounts, which can either belong to individuals or smart contracts. Like other digital currencies, it has a market price relative to other currencies, both fiat and digital – and can be bought and sold in online exchanges. As Ethereum adoption grows, ether will be supported by payment networks for purchasing goods online, which will increase demand for ether. 
+The monetary unit of Ethereum is called ether and can be used for payments between Ethereum accounts, which either belong to individuals or smart contracts. Like other digital currencies, it has a market price relative to other currencies, both fiat and digital – and can be bought and sold in online exchanges. As Ethereum adoption grows, ether will be supported by merchants and payment networks for purchasing goods, which will increase demand for ether. 
 
-Notably, Ethereum is unique in the realm of cryptocurrencies in that ether has utility value as a cryptofuel, commonly referred to as "gas". Beyond transaction fees, gas is a central part of every network request and requires the sender to pay for the computing resources consumed. The gas cost is dynamically calculated, based on the volume and complexity of the request, multiplied by the current gas price. Its value as a cryptofuel has the effect of increasing the long-term demand for ether, rather than limited to its value for payments or to market speculation of price movement.
+Notably, Ethereum is unique in the realm of cryptocurrencies in that ether has utility value as a cryptofuel, commonly referred to as "gas". Beyond transaction fees, gas is a central part of every network request and requires the sender to pay for the computing resources consumed. The gas cost is dynamically calculated, based on the volume and complexity of the request, multiplied by the current gas price. Its value as a cryptofuel has the effect of increasing the stability and long-term  demand for ether and Ethereum as a whole. 
 
 
 A platform for decentralized apps
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-A decentralized app, or DApp.
-
-Web 3.0
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+Ethereum's mission is to enable Web 3.0 and bring about the truly decentralized Internet. Decentralized apps (dapps) are software components implemented in the Ethereum network using the programming languages and development tools provided by developers in the Ethereum ecosystem. 
 
-* A giant decentralized computer.
-* peer-to-peer
-* IPFS (third party)
+As intended by the Ethereum developers, Ethereum is a blank canvas and you have the freedom to build whatever you want with it. The Ethereum protocol is meant to be generalized so that the core features can be combined in arbitrary ways. Ideally, dapp projects on Ethereum will leverage the Ethereum blockchain to build solutions that rely on decentralized consensus to provide new products and services that were not previously possible.
 
+Ethereum can also be understood by looking at the projects that use Ethereum. Already, there are a number of high-profile projects built on Ethereum, such as Augur, Digix, Maker, and so many others. In addition, there are development teams that build open source components that anyone can use.  While each of these organizations are separate from the Ethereum Foundation and have their own goals, they collectively form a network of networks that benefits the overall Ethereum ecosystem. 
 
 Smart contracts
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 One of the most important capabilities for Ethereum developers is the ability to write and execute smart contracts. The idea of "smart contracts" was first posited by Nick Szabo in 1993 as a type of automated software where the terms of a contract can be written as code and executed by the software. With Ethereum, the idea of smart contracts becomes reality by providing users with the programming languages and tools for writing contract code to run on the Ethereum network.  
 
-At the launch of the Ethereum Frontier network in 2015, developers were provided with a Javascript-like programming language called Solidity which could be written and tested in a development environment called AlethZero. Developers also have the option of writing contracts in a new Python-like language called Serpent.
+At the launch of the Ethereum Frontier network in 2015, developers were provided with a Javascript-like programming language called Solidity which could be written and tested in a development environment called AlethZero. Developers also have the option of writing contracts in a new Python-like language called Serpent. Typically, a smart contract is just one element of a larger dapp and frequently smart contracts will interact with other smart contracts.
 
 
 Private blockchains and applications
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+Most Ethereum projects today rely on Ethereum as a public blockchain, which grants access to a larger audience of users, network nodes, currency, and markets.  However, there are often reasons to prefer a private blockchain or consortium blockchain (among a group of trusted participants), and the Ethereum community is OK with that. For example, a number of companies in verticals like banking and insurance are looking to Ethereum as a platform for their own private blockchains. 
 
-* Ethereum is also open source and ...
-* Consortium and private blockchains
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+While these private blockchains may not have any connection to the public blockchain, they still contribute to the overall Ethereum ecosystem by investing in Ethereum software development. Over time, this translates into software improvements, shared knowledge, and job opportunities.
 
 
 Ethereum Foundation
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+The Ethereum Foundation is a non-profit organization registered in Switzerland, and has the purpose of managing the funds that were raised from the Ether Sale in order to best serve the Ethereum and decentralized technology ecosystem. It is the aim that decentralized and open technologies will be developed, nurtured, promoted and maintained. A dominating but not exclusive focus is set on the promotion of the development of the Ethereum Protocol and the relevant technology to it as well as the promotion and support of applications using the technology Ethereum or the Protocol. 
 
-Notes:
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-* The Ethereum Foundation is the organization that launched the Ethereum network and technologies and guides the evolution of the Ethereum 
-* Pre-sale
-
-
+Note about Ethereum Developers (ETHDEV)?