What is Ethereum? How does it Works! best way to understand Eth merge
Ethereum is decentralized platforms with the purpose of allowing all developers to create intelligent contracts with another pair, the main goal of Ethereum is becoming global most use platforms, by providing investor or developers world wild the ability to write and run software that is censorship
meaning Ethereum blockchain allows investors or developers to create tokens under the ERC-20 standard with its smart contracts. in addition, Ethereum blockchain allows to create multiple type of tokens using:
- ERC-223: Stand for Ethereum Request for comment [ERC] allows developer transferring tokens to contracts and smart contracts with the same function and with lowers transfer rates.
- ERC-777: Stand for Ethereum Request for comment it the process of providing improvement to the ERC-20 standard on Ethereum platforms
- ERC-721:it Ethereum process that allows developer or investors to create NFT which stand for [Non-Fungible Tokens]
All that been said, what we understand is Ethereum blockchain with the capability provide, it manages to position itself as most successful platforms or blockchain world wild.
How Ethereum Works as System?
Ethereum system works in decentralized mode using machine called EVM stand for [Ethereum Virtual Machine] which works or allows bytecode to mix with list processing [LISP] and bitcoin script.
Lisp: list processing is a functional programming language with the purpose of easy manipulation of data string.
What is Ethereum Smart Contract
Ethereum smart contracts is simply an agreement that has the power or ability to be fulfilled automatically, meaning it a digital agreement that can be execute whenever the requirement are met.
in other hand, the Ethereum blockchain Technology is responsible for making sure that both parties agree to the terms by securing and making sure no one can’t manipulate or change the agreement in the future. Ethereum smart contracts are the fundamental building blocks of Ethereum Application.
What is ETH?
ETH is the name of token in the market, meaning is cryptocurrency of Ethereum system or platforms with the purpose of helping Ethereum blockchain to work by letting investors to invest they fiat for trade.in order for Ethereum network to stay healthy.
Ethereum has a new Algorithm called Casper that was implemented, with the purpose of eliminating the need or dependency of mining in Ethereum system in order to reduce emission to keep the Ethereum ceiling initial set under 100 million, which allows Ethereum to go from proof of work [POW] to proof of Stakes [POS]
What is Ethereum Forks
Ethereum forks is simply the process of making technical upgrades or through the network which typically stem from Ethereum Improvement Proposal [EIP] and change the rules of protocol.
What is Ethereum Merge?
merge is a process that occurred when Ethereum move from proof of work [POW]to proof of stake [POS]meaning the merge was the joining execution of original layer of Ethereum with the new proof of stake. the Ethereum Merge was executed on September 15, 2022.
with Ethereum merge, the platform allows cryptocurrency investor to stake their crypto through Ethereum network.
How Ethereum Mining Works
Ethereum Mining was a process of using computer or rig in order to generate more eth but nowadays Ethereum has move to proof of stake, the mining of Ethereum has switched off. but brings in Ethereum staking
How Ethereum Staking Works?
Ethereum staking simply a process that allows investors to support the network in return getting reward, in order to start, investors need to do the following step:
- Set up with the Launchpad
- Confirm Staking Adress
meaning staking is available for all investors with any amount that can support the Ethereum ecosystem.
Ethereum Creation and Evolution [Growth]
Ethereum was launch or created by Vitalik Buterin in 2015 and Co funder by Charles ostein the Cardano CEO, shortly after the creation, Ethereum suffered an attack on its security trough the Decentralized Autonomous Organization that cause the loss of millions of dollars force Vitalik buterin to create 2 Coins Ethereum classic and Ethereum.
What is Ethereum Wallet?
Ethereum Wallet is simply application that allowing investors to interact with their asset through an Account. Meaning investors can swap asset or manage multiple wallets with one application
your Ethereum apps allows investors to:
- Connect wallet to any Decentralized exchange
- show transaction history
- Swap
- Send and Receive
for more information about Ethereum
Ethereum website: https://ethereum.org
Ethereum Wallet: https://ethereum.org/en/wallets/
Ethereum staking: https://ethereum.org/en/staking/
Ethereum Zero knowledge of proof: https://ethereum.org/en/zero-knowledge-proofs/
Ethereum whitepaper: Ethereum Whitepaper | ethereum.org
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