Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
In the Ethereum protocol and blockchain there is a price for each operation. The general ledger of Ethereum is called the blockchain and all the accounts are public.
The state of each account’s balance and all the past transactions are available to anyone with an Internet connection.
All the transactions are bundled up into blocks which are then chained together. This forms the blockchain. Blocks are produced every 15 seconds on average. In order to produce a block, miners must solve a complex mathematical problem called a proof of work problem.
If they solve the problem, they get to add the next block to the blockchain and receive a reward in the form of ether. They also get to keep any fees associated with the transactions in that block.
The process of solving the proof of work problem and adding blocks to the blockchain is called mining. Miners are rewarded with ether for each block they mine.
The amount of ether they receive is determined by how much work they put into solving the proof of work problem.
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The supply of ether is not infinite. It will eventually reach a maximum supply of 21 million ethers which will be mined over a period of about 130 years.
This gives Ethereum a built-in scarcity which is similar to gold or other precious metals.
What makes Ethereum different from other cryptocurrencies is its use of smart contracts. A smart contract is a program that runs on Ethereum’s blockchain and can be used to store, send, or receive ether or other cryptocurrencies.
Smart contracts can be used to create decentralized applications (dapps).
Dapps are applications that run on Ethereum’s decentralized network and can be used by anyone with an Internet connection. Dapps have many advantages over traditional applications because they are more secure, transparent, and efficient.
The most popular dapp on Ethereum is called CryptoKitties. CryptoKitties is a game where users can breed, buy, and sell digital cats.
The game was so popular that it caused congestion on Ethereum’s network and transaction fees rose sharply.
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