ETHEREUM
Ethereum is the community-run technology powering the cryptocurrency ether (ETH) and thousands of decentralized applications.
Ethereum was initially described in late 2013 in a white paper by Vitalik Buterin, a programmer and co-founder of Bitcoin Magazine, that described a way to build decentralized applications. Buterin argued to the bitcoin core developers that Bitcoin and blockchain technology could benefit from other applications besides money and that it needed a more robust language for application development that could lead to attaching real-world assets, such as stocks and property, to the blockchain. In 2013, Buterin briefly worked with eToro CEO Yoni Assia on the Colored Coins project and drafted its white paper outlining additional use cases for blockchain technology. After failing to gain agreement on how the project should proceed, he proposed the development of a new platform with a more robust scripting language—a Turing-complete programming language—that would eventually become Ethereum.
Ethereum was announced at the North American Bitcoin Conference in Miami, in January 2014. During the conference, Gavin Wood, Charles Hoskinson, and Anthony Di Iorio (who financed the project). Hoskinson left the project at that time and soon after founded IOHK, a blockchain company responsible for Cardano. 'ether', referring to the hypothetical invisible medium that permeates the universe and allows light to travel."
Ethereum 2.0 (also known as Serenity) is designed to be launched in three phases:
Comparison to Bitcoin
Applications
Ethereum-based permissioned blockchain variants are used and being investigated for various projects:
The internet of assets
Code examples
Ethereum 2.0 (also known as Serenity) is designed to be launched in three phases:
- "Phase 0" (or "Beacon Chain") was launched on 1 December 2020 and created the Beacon Chain, a proof-of-stake (PoS) blockchain that will act as the central coordination and consensus hub of Ethereum 2.0.
- "Phase 1" (or "The Merge") will merge the Beacon Chain with the current Ethereum network, transitioning its consensus mechanism from proof-of-work to proof-of-stake. As of 26 January 2022, it is expected to be released in the second quarter of 2022.
- "Phase 2" (or "Shard chains") will implement state execution in the shard chains with the current Ethereum 1.0 chain expected to become one of the shards of Ethereum 2.0. Shard chains will spread the network's load across 64 new chains. As of 22 January 2022, it is expected to be released in 2023.
Comparison to Bitcoin
Bitcoin's primary use case is as a store of value and a digital currency. Ether can also be used as a digital currency and store of value, but the Ethereum network also makes it possible to create and run decentralized applications and smart contracts. Blocks are validated approximately every 12 seconds on Ethereum as opposed to approximately every 10 minutes on Bitcoin. Additionally, Bitcoin has a fixed supply of 21,000,000 coins, whereas Ether has no supply cap. Ether and Bitcoin are both mined through proof-of-work and can be purchased on cryptocurrency exchanges.
Applications
The EVM's instruction set is Turing-complete. Popular uses of Ethereum have included the creation of fungible (ERC20) and non-fungible (ERC721) tokens with a variety of properties, crowdfunding (e.g. initial coin offerings), decentralized finance, decentralized exchanges, decentralized autonomous organizations (DAOs), games, prediction markets, and gambling.
· Contract source code
· ERC-20 tokens
· Non-fungible tokens (NFTs)
· Decentralized finance
· Enterprise software
· Permissioned ledgers
· Performance
- In 2017, JPMorgan Chase proposed developing JPM Coin on a permissioned-variant of Ethereumblockchain dubbed "Quorum". It is "designed to toe the line between private and public in the realm of shuffling derivatives and payments. The idea is to satisfy regulators who need seamless access to financial goings-on while protecting the privacy of parties that don't wish to reveal their identities nor the details of their transactions to the general public."
- The Royal Bank of Scotland announced that it built a Clearing and Settlement Mechanism (CSM) based on the Ethereum distributed ledger and smart contract platform.
The internet of assets
Ethereum isn't just for digital money. Anything you can own can be represented, traded and put to use as non-fungible tokens (NFTs). You can tokenise your art and get royalties automatically every time it's re-sold. Or use a token for something you own to take out a loan.
Code examples
You can build Your own bank
You can build a bank run by logic you've programmed.
You can create Your own currency
You can create tokens that you can transfer and use across applications.
A JavaScript Ethereum wallet
You can use existing languages to interact with Ethereum and other applications.
An open, permissionless DNS
You can reimagine existing services as decentralized, open applications.
Web 3.0 Satoshi Nakamoto Cryptocurrency Ethereum NFT Merkle Tree El-Salvador eNaira
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