What is Ethereum?
Ethereum is a decentralized operating system. The platform introduced, in practice, the concept of “decentralized applications”. Its founder, Vitalik Buterin, has been engaged in the development of blockchain and Bitcoin since its inception.
Today, several cryptocurrencies are issued in ICOs using Ethereum. These tokens are called ERC-20, and they are the foundation for running scripts in the Ethereum Virtual Machine. Through the development of “smart contracts”, Ethereum made it possible to sign tokens that have a specific function besides being a medium of exchange and broadened the capabilities of blockchain “transactions”.
Its key cryptocurrency is the Ether, which is usually used for payments in smart contracts or dApps. In addition, Ethereum is also fueled with GAS, a cryptocurrency associated with operations that require some kind of computation from its nodes. The GAS price is proportional to the type of the computational power required execute a task. Therefore, a fee in GAS is included to pay for the nodes running or authenticating a transaction.
Originally, Ethereum used proof-of-work to reach consensus. The Casper protocol, however, gradually shifted Ethereum consensus from PoW to a custom proof-of-stake protocol.
- Historical Data
- California named ‘most crypto ready’ US stateCointelegraph.com News – 1 day agoMeasures such as Google searches, Bitcoin ATM installations and the number of crypto-focused bills were used to tabulate the crypto-ready index. California has emerged as…
- Bitcoin jumps toward $49K amid fears 5%-plus inflation is here to stayCointelegraph.com News – 1 day agoThe rush to so-called safe-haven cryptocurrency appears despite concerns that the Federal Reserve would taper its $120 billion a month asset purchasing program. Bitcoin (BTC)…
- American CryptoFed DAO seeks US SEC consent for stable utility tokensCointelegraph.com News – 1 day agoThe Wyoming-based digital asset company has filed Form 10 and Form S-1 for registering and trading Locke and Ducat tokens. American CryptoFed DAO, a Wyoming-based…
- CFTC renewed: What Biden’s new agency picks hold for crypto regulationCointelegraph.com News – 1 day agoThe three officials tapped by the Biden administration for CFTC roles come with promising crypto credentials, but can they live up to the promise? On…
- El Salvador ranks third in global Bitcoin ATM installations, data findsCointelegraph.com News – 1 day agoThe Salvadorian government has installed over 200 ATMs in September after adopting Bitcoin as a legal tender. El Salvador now hosts the third-largest network of…