ConsenSys, the  Blockchain  Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term company developing enterprise software on  Ethereum  Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project's smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC). Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project's smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC). Read this Term, has raised $65 million in funding from mainstream financial giants like JPMorgan, Mastercard and UBS.

Other blockchain-focused venture capitals, including Alameda Research, Protocol Labs, the Maker Foundation and a few others, also took part in the massive investment round. Additionally, Tuesday’s announcement detailed that several funds contributed to Ethreum-based stablecoins, DAI and USDC.

ConsenSys, which survived the long crypto winter, has been quite volatile in recent years: from restructuring its business to layoffs. Moreover, the startup acquired JPMorgan’s blockchain unit Quorum with assurance from the bank of backing the project.

Institutions Are Interested in Blockchain

“ConsenSys’ software stack represents access to a new automated objective trust foundation enabled by decentralized protocols like Ethereum,” ConsenSys Co-Founder Joseph Lubin said in a statement.

“We are proud to partner with preeminent financial firms alongside leading crypto companies to further converge the centralized and decentralized financial domains at this particularly exciting time of growth for ConsenSys and the entire industry.”

Lubin, who is also a Co-Founder of Ethereum, started ConsenSys with his own funds, which he received from Ethereum.

Though it is not clear how the company will use the fresh proceeds, the funds have strengthened the grounds under the startup. Furthermore, it signifies the mainstream institutions’ interest in the blockchain-based product ecosystem.

“Our investment in ConsenSys adds proven expertise in distributed ledger technology to our UBS Next portfolio,” said Mike Dargan, Head of Group Technology at UBS. “This investment underscores our commitment to working with fintechs and the broader tech ecosystem to shape the future of banking for the benefits of our clients.”