About Ethereum Coin
Today’s Ethereum price is $ 2,506.07 with a 24-hour trading volume of $ 37,310,143,189. The price of ETH has risen 1.9% in the past 24 hours. It has a circulation supply of 120 million ETH coins and a maximum supply of ∞. Bitfinex is the most active market it trades right now.
What is ethereum
Ethereum is a global open source platform for decentralized applications. In other words, the vision is to create a world computer on which anyone can create applications in a decentralized manner. All states and data are distributed and publicly available. Ethereum supports smart contracts in which developers can write code to program the digital value. Examples of decentralized apps (dapps) based on Ethereum are tokens, non-fungible tokens, decentralized finance apps, credit log, decentralized exchanges and many more.
What is a smart contract?
A smart contract is a programmable contract that allows two counterparties to set the terms of a transaction without having to trust another third party to execute.
For example, if Alice wants to set up a trust fund to pay Bob $ 100 at the beginning of each month for the next 12 months, she can program a smart contract to:
- Check the current date
- Automatically send Bob $ 100 at the beginning of each month
- Repeat until the fund in the smart contract is exhausted
With a smart contract, Alice got around the need for a trusted third party intermediary (lawyers, escrow agent, etc.) to send the trust fund to Bob and made the process transparent for everyone involved.
Smart contracts work on the principle of “if this, then that”. Whenever a certain condition is met, the smart contract carries out the process as programmed.
What programming languages are used to write smart contracts on Ethereum?
Who Created Ethereum?
Unlike Bitcoin, where the creator known as Satoshi Nakamoto is unknown. Ethereum’s founding team is made up of well-known people including Vitalik Buterin, Mihai Alisie, Anthony Di Lorio, Charles Hoskinson, Amir Chetrit, Joseph Lubin, Gavin Wood, and Jeffrey Wilke. Not all of the founding members are still with the Ethereum Foundation as some have worked on other projects. For example, Charles Hoskinson worked on Cardano while Gavin Wood worked on Polkadot.
What is ether
While Ethereum refers to the blockchain network. The local currency that flows within the Ethereum economy is called Ether (ETH). Ether is typically used to pay transaction fees known as gas and is the base currency of the network.
What is gas
With Ethereum, there is a small fee to be paid for all transactions and the execution of smart contracts. This charge is called gas. In technical terms, gas refers to the unit of measure of computational effort required to perform a task or a smart contract. The more complex the execution operation, the more gas is required to perform that operation. The gas fees are paid in full at ETH.
The gas price can fluctuate from time to time depending on network requirements. If, due to the limited amount of computer resources on the network, more people interact on the Ethereum blockchain, e.g. B. Transactions in the ETH or the execution of an intelligent contract process, the gas price can increase. Conversely, the market price for gas would fall if the network was not fully utilized.
What are the options for storing Ether and ERC-20 tokens?
The three most popular Ethereum-based wallets are Metamask, MyEtherWallet, and MyCrypto. However, there are many other options available, such as: B. Argent, Trust Wallet and Coinbase Wallet.
I heard that a new version called Ethereum 2.0 is starting. Why is?
Ethereum 2.0 is an upgrade that aims to solve the blockchain trilemma – security, scalability and decentralization. With alternative intelligent contract platforms, they are highly scalable, but compromise when it comes to decentralization. While a highly secure and decentralized blockchain network would not have made the compromise highly scalable. Ethereum 2.0 offers a very different type of design that aims to address these issues using proof-of-stake (POS), beacon chain, sharding, and execution environment. Due to the complexity of the project, the development takes place in 3 phases.