Ethereum

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what is ethereum (eth)?

ethereum is a decentralized open source blockchain system that has its own cryptocurrency, ether. eth works as a platform for many other cryptocurrencies, as well as for running decentralized smart contracts.

ethereum was first described in a 2013 white paper by vitalik buterin. buterin, along with other co-founders, secured funding for the project in an online public sale in the summer of 2014. the project team managed to raise $18.3 million in bitcoin, and the price of ethereum in the initial coin offering (ico) was $0.311. , with more than 60 million ether sold. Taking the price of ethereum now, this puts the return on investment (roi) at an annualized rate of over 270%, essentially nearly quadrupling your investment every year since the summer of 2014.

Reading: Valor del ethereum hoy

The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codename “Frontier”. since then, there have been several network updates: “constantinople” on February 2. 28, 2019, “istanbul” on Dec. 8, 2019, “Muir Glacier” on January 1. 2, 2020, “berlin” on April 14, 2021, and most recently on August 2. 5, 2021, the “london” hard fork.

Ethereum’s purported goal is to become a global platform for decentralized applications, allowing users around the world to write and run software that is resistant to censorship, downtime, and fraud.

who are the founders of ethereum?

ethereum has a total of eight co-founders, an unusually large number for a crypto project. They met on June 7, 2014 in Zug, Switzerland.

  • Russian-Canadian Vitalik Buterin is perhaps the best known of the bunch. he authored the original white paper that first described ethereum in 2013 and is still working to improve the platform to this day. Before eth, Buterin co-founded and wrote for the bitcoin magazine news website.
  • British programmer gavin wood is arguably the second most important co-founder of eth, having codified the first technical implementation of ethereum in the c++ programming language, he proposed the robustness of ethereum’s native programming language and was the first chief technology officer of the ethereum foundation. Before Ethereum, Wood was a research scientist at Microsoft. then he went on to lay the web3 foundation.

Other Ethereum co-founders include: – Anthony Di Iorio, who signed the project during its early development stage. – Charles Hoskinson, who played the leading role in establishing the Swiss-based Ethereum Foundation and its legal framework. – Mihai Alisie, who provided assistance in establishing the Ethereum Foundation. – joseph lubin, a canadian entrepreneur who, like di iorio, helped finance ethereum during its early days and later founded an eth-based startup incubator called consensys. – amir chetrit, who helped co-found ethereum but walked away from it early in development.

what makes ethereum unique?

ethereum has pioneered the concept of a blockchain smart contract platform. Smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between various parties on the Internet. they were designed to reduce the need for trusted intermediaries between contractors, thereby reducing transaction costs and increasing transaction reliability.

Ethereum’s main innovation was designing a platform that would allow it to run smart contracts using blockchain, further reinforcing the already existing benefits of smart contract technology. the ethereum blockchain was designed, according to co-founder gavin wood, as a kind of “one computer for the whole planet”, theoretically capable of making any program more robust, resistant to censorship and less prone to fraud when running it in a globally distributed system. network of public nodes.

In addition to smart contracts, the ethereum blockchain can host other cryptocurrencies, called “tokens”, by using its erc-20 compatibility standard. In fact, this has been the most common use of the eth platform so far: over 280,000 erc-20 compliant tokens have been launched to date. More than 40 of these are in the top 100 cryptocurrencies by market capitalization, for example USDT, LINK and BNB. Since the appearance of play2earn games, there has been a substantial increase in interest in the price of eth to php.

Ethereum London Hard Fork

The ethereum network has been plagued by high transaction fees, often easing in times of high demand. in May 2021, the average network transaction fee peaked at $71.72.

In addition to high transaction costs, the leading altcoin also suffers from scalability issues.

As already mentioned, there are plans to transition to a proof-of-stake algorithm to increase platform scalability and add a number of new features. the dev team has already started the transition process to eth 2.0, rolling out a few updates along the way, including the london hard fork.

See also: Ethereum Set to Soar!

the london update went live in august 2021. it included five ethereum improvement proposals (eips), namely eip-3529, eip-3198, eip-3541 and most notably eip-1559 and eip-3554.

eip-1559 is possibly the most popular update of all the eips.

what is eip-1559?

The eip-1559 update introduces a mechanism that changes the way gas fees are calculated on the ethereum blockchain. Before the update, users had to participate in an open auction for a miner to collect their transactions. This process is known as a “first price auction” and, unsurprisingly, the highest bidder wins.

With eip-1559, this process is handled by an automated bidding system, and there is a set “base fee” for transactions to be included in the next block. this fee varies depending on network congestion. additionally, users who wish to speed up their transactions can pay a “priority fee” to a miner for faster inclusion.

eip-1559 also introduces a fee reduction mechanism. a portion of each transaction fee (the base fee) is burned and removed from circulation. this is intended to reduce the circulating supply of ether and potentially increase the value of the token over time.

interestingly, less than two months after the london update was implemented, the network had burned over a billion dollars worth of ether.

ethereal 2.0

In 2022, ethereum plans to switch to proof of stake with its ethereum 2.0 upgrade. this change has been on the ethereum roadmap since the network’s inception and would see a new consensus mechanism, as well as introduce sharding as a scaling solution. the current ethereum chain will become the beacon chain and serve as a settlement layer for smart contract interactions on other chains.

at the end of 2021, the ethereum arrow glacier update has been delayed until June 2022. Until then, vitalik buterin hopes that the path to the end of the network will be shaped by optimistic rollups and zk-rollups.

In January 2022, the ethereum foundation announced a decision to remove the terminology “ethereum 2.0” to “prevent all future users from navigating this confusing mental model”. He went on to explain that the aforementioned terms of “ethereum 1.0” would be referred to as “execution layer”, while “ethereum 2.0” would be referred to as “consensus layer”. this is ultimately to provide a more accurate version of the ethereum roadmap. \ In an update on the progress of the merger, on April 13, 2022, ethereum developer tim beiko tweeted an update on the progress of the merger, stating that they are “definitely on the final chapter of pow on ethereum”. he also mentioned that users can expect it to happen a few months after June, though he didn’t provide an exact date. This came on the back of the first mainnet shadow fork, to test the transition to pos on ethereum, which was successfully deployed on April 11, 2022.

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how many ethereum (eth) coins are there in circulation?

As of September 2021, there were about 117.5 million eth coins in circulation, 72 million of which were issued on the genesis block, the first block on the ethereum blockchain. Of this $72 million, $60 million went to the initial contributors to the 2014 crowdsale that financed the project, and $12 million to the development fund.

the remaining amount was issued in the form of block rewards to miners on the ethereum network. the original reward in 2015 was 5 eth per block which was later reduced to 3 eth in late 2017 and then 2 eth in early 2019. the average time it takes to mine an ethereum block is around 13 to 15 seconds.

In the August 2021 ethereum network update, the london hard fork contained the ethereum enhancement protocol, eip-1559. Instead of the first price auction mechanism where the highest bidder wins, eip-1559 introduces a “base fee” for transactions to be included in the next block. users who want their transaction to be prioritized can pay a “tip” or “priority fee” to the miners. As the base fee dynamically adjusts with transaction activity, this reduces the volatility of ethereum gas fees, while not reducing the price, which is notoriously high during spikes in network congestion.

one of the main differences between the economy of bitcoin and ethereum is that the latter is not deflationary, that is, its total supply is not limited. ethereum developers justify this by not wanting to have a “fixed security budget” for the network. being able to adjust the eth issuance rate through consensus allows the network to maintain the minimum issuance necessary for adequate security.

However, with the introduction of eip-1559, the base fees used in transactions are burned, removing eth from circulation. This means that increased network activity would lead to more eth burned, and decreased supply should lead to ethereum price appreciation, all other things being equal. this has the potential to make ethereum deflationary, something ethereum owners are excited about: a possible appreciation in the price of ethereum today.

how is the ethereum network protected?

As of August 2020, ethereum is protected using the ethash proof-of-work algorithm, which belongs to the keccak family of hash functions.

However, there are plans to transition the network to a proof-of-stake algorithm tied to the major Ethereum 2.0 update, which will be released in late 2020.

After the ethereum 2.0 beacon chain (phase 0) went live in early December 2020, it was possible to start participating in the ethereum 2.0 network. an ethereum stake is when you deposit eth (32 eth required to activate validation software) into ethereum 2.0 by submitting it to a deposit contract, which helps protect the network by storing data, processing transactions, and adding new blocks to the chain. blocks. As of this writing in mid-September 2021, the ethereum price now for 32 ether is approximately $116,029. the amount of money earned by ethereum validators right now is a 6% april return, which works out to about 1.91952 eth, or $6960 in ethereum price today. this number will change as the network develops and the number of participants (validators) increases.

ethereum staking rewards are determined by a distribution curve (participation and average percentage of participants): some eth 2.0 staking rewards were 20% for early entrants, but will drop to end between 7% and 4.5% per year.

the minimum requirements for a stake in ethereum is 32 eth. If you decide to stake ethereum 2.0, it means your ethereum stake will be locked to the network for months, if not years, in the future until the ethereum 2.0 upgrade is complete.

where can you buy ethereum (eth)?

Given the fact that ethereum is the second largest cryptocurrency after bitcoin, it is possible to buy ethereum or trade eth pairs on almost all major cryptocurrency exchanges. some of the largest markets include:

  • binance
  • coinbase pro
  • okex
  • kraken
  • huobi global

popular ethereum price pairs include: eth/usd, eth/gbp, eth/aud, and eth/jpy.

See also: Ethereum 160M Bloxy Token: CryptoCurrency Update – Guide Line News

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