What is Ethereum Blockchain?
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| What is Ethereum |
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). It was developed by Vitalik Buterin and launched in 2015.
Ethereum is similar to Bitcoin in that it is a distributed ledger technology (DLT) that uses a blockchain to record transactions. However, Ethereum has additional capabilities that make it more than just a digital currency.
One of the key features of Ethereum is its support for smart contracts, which are self-executing contracts with the details of the understanding among purchaser and merchant being straightforwardly composed into lines of code.The code and the agreements contained therein are stored and replicated on the Ethereum blockchain.
In addition to smart contracts, Ethereum allows developers to build and deploy decentralized applications, or dApps, on its platform. These dApps are built on top of the Ethereum blockchain and can run without any downtime, censorship, fraud, or third-party interference.
Ethereum is fueled by its own digital currency, called Ether (ETH). Ether is utilized to pay for exchange expenses and computational administrations on the Ethereum organization.It is also used as a reward for miners, who validate transactions and add them to the blockchain.
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Ethereum Use Case Explanation
Ethereum is a decentralized, open-source blockchain platform that runs smart contracts: applications that run precisely as modified with no chance of personal time, restriction, extortion, or outsider impedance
One of the primary use cases for Ethereum is the creation of decentralized applications (dApps). These are applications that are built on top of the Ethereum blockchain and use smart contracts to facilitate the exchange of value and data.
Some examples of dApps that have been built on Ethereum include:
Decentralized exchanges (DEXs):
These are platforms that allow users to buy and sell cryptocurrencies and other digital assets in a peer-to-peer fashion, without the need for a central authority.
Non-fungible tokens (NFTs):
These are unique digital assets that can represent ownership of things like artwork, collectibles, and virtual real estate. NFTs are often built on Ethereum.
Identity verification:
Ethereum can be used to build decentralized identity systems that allow individuals to control and verify their own identity information, rather than relying on a central authority.
Supply chain management:
Ethereum can be utilized to assemble decentralized applications that track themovement of goods and materials through a supply chain, enabling greater transparency and efficiency.
In addition to these use cases, Ethereum has also been used for crowdfunding through initial coin offerings (ICOs) and for creating stablecoins, which are digital assets designed to maintain a stable value relative to a specific asset or currency.
Ethereum vs Ethereum 2.0
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| Ethereum vs Ethereum 2.0 |
Ethereum is a decentralized, open-source blockchain platform that runs smart contracts: applications that run precisely as modified with no chance of free time, control, misrepresentation, or outsider obstruction.Ethereum allows developers to build and deploy decentralized applications (dApps).
Ethereum 2.0, also known as Eth2 or Ethereum 2, is the next major version of the Ethereum blockchain. It is a major upgrade to the Ethereum network that aims to address several scalability, security, and efficiency issues.
Some key differences between Ethereum and Ethereum 2.0 include:
Consensus algorithm:
Ethereum uses a proof-of-work (PoW) consensus algorithm, which requires miners to solve complex mathematical problems to validate transactions and add new blocks to the blockchain. Ethereum 2.0 uses a proof-of-stake (PoS) consensus algorithm, which allows users to "stake" their Ether (ETH) as a form of collateral in order to validate transactions and earn rewards.
Scalability:
Ethereum can process around 15 transactions per second, which can lead to congestion and high transaction fees during periods of high demand. Ethereum 2.0 aims to significantly increase scalability by using sharding, which allows the network to process transactions in parallel across multiple shards.
Security:
Ethereum 2.0 aims to increase the security of the Ethereum network by using a more robust consensus algorithm and by requiring users to "stake" their Ether as collateral, which creates a financial incentive for users to act honestly and follow the rules of the network.
Efficiency:
Ethereum 2.0 aims to be more energy efficient than Ethereum, as it does not require miners to solve complex mathematical problems in order to validate transactions. This could potentially lead to lower transaction fees and a more sustainable network.
Overall, Ethereum 2.0 is a major upgrade to the Ethereum network that aims to address scalability, security, and efficiency issues in order to enable the Ethereum blockchain to support a wider range of decentralized applications and a larger number of users.
Major Crypto Coins on Ethereum
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| Ethereum Crypto Currencies |
Major crypto coins on Ethereum blockchain
There are many cryptocurrencies that are built on top of the Ethereum blockchain. Here is a list of some major ones:
Ether (ETH) -
Ether is the native cryptocurrency of the Ethereum blockchain and is used to pay for transaction fees and to power smart contracts on the network.
0x (ZRX) -
0x is a decentralized exchange protocol that allows users to trade Ethereum-based tokens in a trustless and permissionless manner.
Chainlink (LINK) -
Chainlink is a decentralized oracle network that allows smart contracts to securely access off-chain data feeds, web APIs, and other external resources.
Maker (MKR) -
Maker is a decentralized autonomous organization (DAO) that manages the stablecoin Dai and is used to vote on governance decisions within the Maker system.
Augur (REP) -
Augur is a decentralized prediction market platform that allows users to create and participate in markets for events in the real world.
Basic Attention Token (BAT) -
Basic Attention Token is a cryptocurrency used to power the Brave browser, which is a privacy-focused web browser that blocks trackers and ads.
Compound (COMP) -
Compound is a decentralized lending and borrowing platform that allows users to earn interest on their crypto assets or borrow assets using their crypto as collateral.
Uniswap (UNI) -
Uniswap is a decentralized exchange protocol that allows users to trade Ethereum-based tokens in a trustless and permissionless manner.
This is just a small sample of the many cryptocurrencies that are built on the Ethereum blockchain. There are many more projects and tokens that are actively being developed and used on the Ethereum network
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