Ethereum

What is Ethereum?

Ethereum (ETH) is a permissionless public blockchain, that enables developers to build decentralized applications (Dapps). Back in 2015 it was the first platform that allowed its users to run so called smart contracts. Eth (ETH) is the native currency for the Ethereum platform, which are paid as transaction fees to miners on the Ethereum network.

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” (Don Tapscott, 2017).

How does it work?

Each transaction that is made on the network requires “Gas”, which is paid in Ether. The Ethereum Network is a distributed computing platform and is fueled by the computing power of its network participants, who validate transactions on the blockchain and are rewarded with Ether. Just like Bitcoin its consensus algorithm is Proof-of-Work. However the Ethereum core developers are already creating a new Version (ETH 2.0), which will transition from Proof-of-Work to Proof-of-Stake.

Who are the founders of Ethereum?

Ethereum was founded by Vitalik Buterin, Anthony Di Lorio, Charles Hoskinson, Mihai Alisie, & Amir Chetrit in December 2013. Joseph Lubin, Gavin Wood, & Jeffrey Wilke were added in early 2014.

What is the purpose of Ethereum?

The purpose of Ethereum is to create an open-source public blockchain network that allows anyone to deploy and use smart contracts, that run autonomously on the network, exactly as programmed, without any possibility of downtime, censorship, fraud, or third-party interference.

Ethereum programming languages and frameworks

The most commonly used programming languages for smart contracts on Ethereum are Solidity and Vyper.

Handy tools and frameworks that facilitate creating Dapps and interact with the Ethereum Blockchain is Truffle Suite, Remix, OpenZeppelin and many more.

The most interesting Dapps running on Ethereum

Maker DAO – a blockchain-based lending platform responsible for the creation of DAI.

Compound Finance –  is an Ethereum-based lending protocol enabling users to lend and borrow  cryptocurrencies in exchange for interest or debt.

Uniswap – a protocol for automated ERC20 token exchange.

0x – is an open protocol for decentralized digital asset exchange.

Enjin – is a network that empowers gamers with ownership of digital assets and enables game industry businesses to increase revenue.

ChainLink – is a decentralized oracle service, which aims to connect smart contracts with data from the real world.

Unibright – enables easy integration of Blockchain technology into existing businesses.

Ocean Protocol – helps developers build marketplaces and other apps to privately & securely publish, exchange, and consume data.

Kyber Network – is an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.

Ren Project – provides access to inter-blockchain liquidity for all decentralized applications.

Partnerships and enterprise adoption

The Enterprise Ethereum Alliance (EEA) aims to deliver an open, standards-based architecture and specification to accelerate the adoption of Enterprise Ethereum.
Create world-class Enterprise Ethereum Client Specifications and testing and certification programs that ensure interoperability, multiple vendors of choice, and lower costs for its members.

Its impressive list of members is so far uncompared in the blockchain and cryptocurrency space and consists of world renown global players and many small and medium sized companies:

Accenture, Dell, Ernst & Young, ING Bank, Intel, JP Morgan Chase Bank, Microsoft, SAE Industry Technologies Consortia, PricewaterhouseCoopers, just to name a few.

Where can I buy / how can I invest in Ethereum?

Name Price24H (%)
Ethereum (ETH)
$4,034.94
-3.91%

 

Binance: www.binance.com

Coinbase: www.coinbase.com

Crypto Com: https://crypto.com/ (50 Euro Sign-up Bonus)

The Blockchain Trilemma

  • Scalability
  • Security
  • Decentralization

This chart refers to the tradeoffs that crypto projects must make when deciding how to optimize the underlying architecture of their own blockchain.

Specific features of a blockchain

Here is a list of features that most of the commonly used public blockchain protocols provide :

  • Immutability
  • Peer-to-peer digital transactions
  • Cryptographically secured
  • Trustless System based on code
  • Decentralized
  • High transparency
  • Opt-in privacy features
  • Process automization through Smart Contracts

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