Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is a public blockchain-based platform that runs smart contracts and enables developers to build decentralized applications (dapps). Ethereum is the second-largest cryptocurrency by market capitalization, after Bitcoin.
What is Ethereum?
Ethereum was proposed in 2013 by Vitalik Buterin, a then-19-year-old Russian-Canadian programmer. Buterin had been involved in the development of Bitcoin from an early age and was frustrated by its limitations.
He believed that Bitcoin needed a scripting language for application development. So he proposed the creation of a new platform with a more general scripting language that would be capable of running smart contracts.
Ethereum launched in 2015 with its own currency, ether. Ether is used to pay for transaction fees and gas, which is used to run contract code on the Ethereum blockchain.
What are smart contracts?
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This code is stored on the blockchain and can be executed automatically when certain conditions are met.
Smart contracts were first proposed by Nick Szabo in 1996 as a way to facilitate, verify, or enforce the negotiation or performance of a contract. Szabo recognized that the centralized nature of traditional contract law meant that there were often opportunities for fraud or abuse.
NOTE: WARNING: alETH Ethereum is an unregulated cryptocurrency and a form of digital asset. Investing in alETH Ethereum carries a high level of risk and may not be suitable for all investors. Before making any investment decision, you should always conduct your own research and due diligence. You should never invest more than you can afford to lose, as the investment may result in a total loss of your capital.
He believed that distributed ledger technology could provide a solution to this problem by creating tamper-proof records of agreements.
What are decentralized applications?
Decentralized applications (dapps) are apps that run on a decentralized network such as the Ethereum blockchain. Dapps are similar to regular apps but they are powered by smart contracts instead of centralized servers.
This makes dapps more resistant to censorship, fraud, and third-party interference. .
Dapps can be built on any decentralized network but most are built on Ethereum because it is the most popular and has the largest developer community. The two most popular dapps built on Ethereum are CryptoKitties and Augur.
CryptoKitties is a digital collectible game where players can breed, trade, and sell virtual cats on the Ethereum blockchain. Augur is a decentralized prediction market where users can bet on the outcome of events such as elections and sporting events.
What is ether?
Ether (ETH) is the native currency of the Ethereum network. It is used to pay for transaction fees and gas, which is used to run contract code on the Ethereum blockchain.
Ether has become popular because it can be used to purchase goods and services, trade cryptocurrencies, or participate in decentralized finance (DeFi) protocols such as MakerDAO and Compound Finance.
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In conclusion, Ethereum is a public blockchain-based platform that runs smart contracts and enables developers to build decentralized applications (dapps). Ether (ETH) is the native currency of the Ethereum network and it is used to pay for transaction fees and gas.
9 Related Question Answers Found
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Etheria is a fork of Ethereum that runs on the Proof of Stake consensus algorithm. Etheria also has a much lower transaction fee than Ethereum.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is a programmable blockchain. It allows developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
WETH is an abbreviation for “Wrapped ETH”. WETH is an ERC20 token that represents ETH deposited in a smart contract on the Ethereum network. By wrapping ETH in this smart contract, users can trade ETH on decentralized exchanges (DEXes) that don’t natively support the currency.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
Ethereum Lite is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum Lite is an open source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.
Amun Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Amun is built on the Ethereum network and provides a tokenized version of the popular cryptocurrency with a stable value. The Amun Ethereum Token (AET) is an ERC20 token that is backed by a basket of the top 5 cryptocurrencies by market capitalization.
Ethereum Improvement Proposal (EIP) 1559 is a major network upgrade proposed by the Ethereum Foundation that will change the way transaction fees are calculated and paid on the Ethereum network. The upgrade is intended to help reduce congestion on the network, make transaction fees more predictable, and make it easier for users to estimate how much gas they will need to spend when sending a transaction. EIP 1559 is scheduled to go live on the Ethereum mainnet in July 2020.
ENS is the Ethereum Name Service, a distributed, open, and extensible naming system based on the Ethereum blockchain. It can be used to resolve human-readable names like ‘ethereum. eth’ to Ethereum addresses, and other content associated with those names.
DAG Ethereum is a cryptocurrency platform that allows for the creation and execution of smart contracts and decentralized applications (dApps). It is built on a blockchain that is secured by a network of nodes, each of which validates and records transactions. Ethereum is unique in that it uses a “proof of work” algorithm that allows participating nodes to earn a reward for their contributions to the network.
