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.
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- r/ethereum
- Is Bitcoin’s negative futures funding rate a sign of an upcoming BTC price crash?Cointelegraph.com News – 12 hours agoBitcoin bears celebrate as demand for leveraged long positions hits a six-month low, but crypto traders on X think it’s time to go long. On…
- OneCoin lawyer gets bail pending appeal for conviction and 10-year sentenceCointelegraph.com News – 13 hours agoJudge Edgardo Ramos determined that Mark Scott was not “likely to flee or pose a danger to the safety of any other person or the…
- The Runes protocol will ignite a new season for Bitcoin after the halvingCointelegraph.com News – 13 hours agoThe Runes protocol will launch when Bitcoin’s halving takes place, and a wave of new tokens will ignite a new season for the world’s largest…
- Why is Bitcoin price up today?Cointelegraph.com News – 13 hours agoBitcoin price is up today, rallying above $63,000 as on-chain data shows BTC accumulation wallets increasing their balance. Bitcoin (BTC) price began recovering on April…
- Blockchain data-availability protocol Avail announces 600M token airdropCointelegraph.com News – 14 hours agoThe airdrop was announced one year after Avail was spun-off from Polygon Labs. Avail, a Web3 infrastructure layer built using Polygon’s software development kit, will…
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