Ethereum is an open-source, decentralized, and blockchain-based platform that enables the creation of smart contracts and decentralized applications (dApps).
The Ethereum network is powered by its native cryptocurrency, Ether (ETH), which is used to pay for transaction fees and computational services.
Ethereum's consensus algorithm is Proof of Work (PoW), which allows nodes on the network to validate transactions and create new blocks.
The Ethereum blockchain is designed to be highly scalable, with a block time of just 15 seconds and a maximum block size of 2 million gas.
Ethereum's smart contract functionality is made possible by its Turing-complete programming language, Solidity.
Ethereum's decentralized nature means that there is no central authority controlling the network, with decision-making power distributed among its users.
Ethereum's blockchain is highly secure, with a hash function that ensures the integrity of each block.
Ethereum Basics
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.
In 2014, Ethereum's co-founders secured funding for the project in an online public crowd sale, raising $18.3 million in Bitcoin. This put the return on investment (ROI) at an annualized rate of over 270%.
Ethereum's blockchain was officially launched on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there have been several network updates, including “Constantinople” on Feb. 28, 2019, and “London” on Aug. 5, 2021.
Basic Info
Ethereum Chain Full Sync Data Size is at a current level of 1232.84, up from 1231.38 yesterday and up from 1020.89 one year ago. This is a change of 0.12% from yesterday and 20.76% from one year ago.
The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there have been several network updates.
Here are the updates mentioned in the article:
Ethereum has pioneered the concept of a blockchain smart contract platform, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.
Name Service
ENS, or Ethereum Name Service, is a distributed naming system based on the Ethereum blockchain.
It's essentially the Web3 version of DNS, making it easier to manage and remember cryptocurrency addresses.
A long string of numbers and letters like "0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E" is replaced with a human-readable name like "Alice.eth".
ENS assigns these names to machine-readable identifiers like Ethereum addresses, metadata, and content hashes.
The ENS registry records three critical pieces of information: the owner of the domain, the resolver for the domain, and the caching time for all records under the domain.
The Resolver smart contract translates the domain name to a machine-readable address and vice-versa.
ENS supports the most popular DNS names, including .com, .org, .io, .app, and several others, in addition to .eth names.
Frequently Asked Questions
Is erc20 the same as ETH?
No, ERC-20 tokens are not the same as ETH, as they represent different assets and serve distinct purposes on the Ethereum blockchain. Learn more about the key differences between ERC-20 tokens and ETH.
What is the Ethereum chain address?
An Ethereum address is a unique 42-character code that identifies a user's account on the Ethereum network, starting with "0x" followed by a hexadecimal string. It's derived from the public key controlling the account, serving as a digital wallet's identifier.
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