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
- 'DeFi Education Fund' defends controversial $10.2M UNI liquidationCointelegraph.com News - 11 hours agoThe DeFi Education Fund has defended its shock liquidation of $10 million in UNI, claiming the move was necessary to “begin its work and fund…
- NFL’s Saquon Barkley converting endorsements to BTC to create ‘generational wealth’Cointelegraph.com News - 12 hours agoSaquon Barkley will use Strike to convert all of his endorsements into Bitcoin, and noted that he became interested in BTC after researching inflation. NFL…
- Green BTC miner Bitfarms’ production up 50% after China ban, as Compass goes nuclearCointelegraph.com News - 13 hours agoBitfarms is producing more BTC at a lower cost due to the drop in difficulty. Publicly traded North American Bitcoin mining company, Bitfarms, has doubled…
- SEC fines Coinschedule $200K over sponsored, favorable ICO ratingsCointelegraph.com News - 14 hours agoThe SEC asserts that Coinschedule violated anti-touting provisions of U.S. securities laws. The U.S. Securities and Exchange Commission has settled charges against the defunct initial…
- First look: Spike Lee's TV ad for crypto touts it as new money for a diverse worldCointelegraph.com News - 15 hours agoCoin Cloud chose Spike Lee to direct the crypto commercial specifically for his experience in exploring social issues, and the firm noted they wanted to…