What is Ethereum (ETH)?
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
- New Huawei smartphone will feature a hardware wallet for digital yuanCointelegraph.com News - 9 hours agoThe Mate40 series will reportedly enable dual offline transactions and allow users to control anonymity. Huawei has announced that its forthcoming Mate40 smartphone series will…
- Bitcoin just 4 days away from historically bullish $10K price recordCointelegraph.com News - 10 hours agoIf Bitcoin can stay above $10,000 by the day of the U.S. elections, history suggests that $100,000 is next. Bitcoin (BTC) has spent nearly 100…
- Blockchain could become a part of the US military’s strategic weaponryCointelegraph.com News - 10 hours agoSIMBA Chain beat competitors such as Boeing by using blockchain to underpin a war games solution for the U.S. Department of Defense. One often hears…
- Bitcoin suddenly slides 4% as BofA predicts a 20% stock market crashCointelegraph.com News - 11 hours agoThe price of Bitcoin abruptly dropped 4% from the day’s peak as the uncertainty in the stock market intensified. The price of Bitcoin (BTC) abruptly…
- Nearly 24% of Ether held on exchanges — three times the percentage of BitcoinCointelegraph.com News - 12 hours agoOnly 8.1% of Bitcoin is held on exchanges compared to Ether where almost one-quarter of the supply sits on exchanges. Almost one-quarter of Ethereum’s (ETH)…