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
- Terra ecosystem collapses, Sam Bankman-Fried buys Robinhood stock and crypto trader receives jail sentence for Ponzi scheme: Hodler’s Digest, May 8-14Cointelegraph.com News - 8 hours agoComing every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and…
- Will the Ethereum 2.0 update reduce high gas fees?Cointelegraph.com News - 11 hours agoEthereum’s gas fees have long been an issue among its users. Will Ethereum 2.0 finally eliminate this problem? Ethereum’s high gas fee and its impact…
- DeFi attacks are on the rise — Will the industry be able to stem the tide?Cointelegraph.com News - 14 hours agoDozens of DeFi systems have been hacked over the past year, and the trend doesn’t seem to be abating. The decentralized finance (DeFi) industry has…
- DeFi transforming lending routes on the blockchainCointelegraph.com News - 17 hours agoDecentralized routes of lending and borrowing through smart contracts are allowing DeFi finally to overthrow the traditional finance sector. The world of decentralized finance (DeFi)…
- Crypto.com unblocks users, reverses glitched LUNA trades that made 30-40xCointelegraph.com News - 18 hours agoOn May 13, Crypto.com abruptly barred users from trading after an internal tool detected the system quoting incorrect prices for LUNA. Crypto.com was one of…