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.
- Historical Data
- Former Visa exec joins Crypto.com to drive Latin American marketCointelegraph.com News - 1 hour agoTraditional finance execs are increasingly moving into crypto positions. The cryptocurrency industry welcomes another high-profile executive from traditional finance.Filomena Ruffa, a former vice president of…
- Malaysian Securities Commission issues revised digital asset guidelinesCointelegraph.com News - 1 hour agoRegulation for initial exchange offerings and digital asset custodians comes into force today. The Securities Commission Malaysia has issued revised guidelines governing digital assets, effective…
- Bitcoin price drops to $13.3K after matching peak of 2019 bull runCointelegraph.com News - 2 hours agoBriefly challenging $14,000 produced major volatility for BTC/USD, which subsequently retreated by over $500 in hours. Bitcoin (BTC) retreated to $13,300 on Oct. 28 after…
- Unconfirmed transactions on Bitcoin network at highest level since 2017Cointelegraph.com News - 3 hours agoHash rate has also tumbled on the Bitcoin network. The Bitcoin network has slowed down amid Bitcoin’s (BTC) new price highs, causing a large number…
- Telos launches new gig economy platform on the blockchainCointelegraph.com News - 3 hours agoAmid a global employment crisis, it’s perhaps inevitable that the gig economy is making inroads into the blockchain space too. Blockchain developers can’t be accused…