Ethereum
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- r/ethereum
- Binance founder’s family office backs BNB treasury firm eyeing IPOCointelegraph.com News – 59 minutes agoBinance founder Changpeng Zhao’s investment firm is backing the creation of a company that will buy and hold BNB with plans to go public in…
- BONK news update: Will LetsBonk’s surging popularity push the altcoin above $0.000026?Cointelegraph.com News – 3 hours agoBONK is facing profit-booking near $0.000026, but the pullback is likely to find buyers near $0.000020. Key point:BONK has pulled back after the sharp rally,…
- Here’s what happened in crypto todayCointelegraph.com News – 3 hours agoNeed to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3…
- Chinese creditor challenges FTX motion to halt payouts in restricted countriesCointelegraph.com News – 4 hours agoThe motion to pause repayments to residents of certain countries has added a new wrinkle to the FTX saga. A Chinese creditor has filed an…
- Donald Trump Jr. invests in social media-turned BTC treasury firmCointelegraph.com News – 4 hours agoThe Thumzup Media Corporation provides a platform for influencers to market various products on social media to earn revenue. Donald Trump Jr., the eldest son…
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.