Ethereum (ETH)

0.02644922 BTC
$ 90.28 USD
-1.39 %

Ethereum News

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About Ethereum
Ethereum Price
What is Ethereum?
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Ethereum Price

$ 90.28 USD
0.02644922 BTC
24hr Volume
$ 1,595,147,606.38 USD
Market Cap
$ 9,368,753,909.00 USD
1 Hour Change
-0.27 %
24 Hour Change
-1.39 %
7 Day Change
-7.35 %

What is Ethereum?

Ethereum is an open-source blockchain technology that functions as a platform for decentralized applications. Ethereum is the blockchain itself and the software that runs it. Transactions on the Ethereum network are paid for in Ether, a cryptocurrency denominated as ETH. Ethereum is a Universally Programmable Blockchain, meaning blockchain applications can be built upon it. The Ethereum blockchain is known for introducing smart contracts, which allow for if/then logic statements that play out in binding, non-reversible ways. The scope of Ethereum is much larger than a single cryptocurrency such as Bitcoin, as it can be used across industries for a variety of purposes. Ethereum also allows for the creation of tokens associated with each decentralized application built on it, meaning that it can theoretically support thousands of cryptocurrencies as their official public ledger.

Decentralized Applications (DApps)

The Ethereum network supports various types of decentralized applications, also known as DApps. Transactions on the Ethereum network are denominated in Ether and recorded on the decentralized, public ledger. The most prominent example would be the Golem App, which settles real-time payments, based on the Ethereum-transactions network.

Ethereum Smart Contracts

Smart contracts are at the core of Ethereum’s value as a blockchain technology. A smart contract is a condition-based transaction, meaning it will only be fulfilled if pre-defined conditions are satisfied. These conditions can replace agreements requiring trusted third-parties such as lawyers, accountants, credit bureaus, banks, etc. In smart contracts, the system itself acts as an escrow and provide a fail-safe platform to transact a range of contracts. Smart contracts are written in Solidity, the Ethereum programming language.

ERC-20 Tokens

The Ethereum network supports a number of different tokens associated with DApps, many of which themselves are traded on cryptocurrency exchanges. The top ERC20 tokens by market cap are EOS, TRON and ICON.

Ethereum Virtual Machine (EVM)

The Ethereum Virtual Machine (EVM) is an innovative program that enables development of smart contracts in various programming languages. Some of the programming languages in the EVM are Solidity, Serpent, LLL, and Mutan.

Proof-of-Work vs Proof-of-Stake

Ethereum currently uses the same proof-of-work model that Bitcoin uses. However, it is slated to be changed into a proof-of-stake model, which will rectify some of the shortcomings. In the proof of stake model, miners will be replaced by validators, who will now have to lock in some of their own ether (the “stake”) to compete for a new block. The validators then bet on the most probable outcome (new block), and then they get rewarded in proportion to their bet amount. This system has a minor flaw in that wrong answers are not penalized. This paves the way for the Casper Protocol, which is a more advanced way of validating the smart contracts. In this system, a wrong validator will be punished by slashing his/her entire stake amount. This will not only remove a lot of guesswork but also make the system faster and cheaper to operate.

Ethereum News 2017

2017 brought mainstream media attention to Ethereum. It attracted major corporations and technologists, who pointed out several flaws and future applications for the system.

On 21st June 2017, Ethereum experienced a flash crash, when its price dropped from $319 to 10 cents in the GDAX network, which is run by US-based exchange Coinbase.

ETH Inflation

Ethereum does not have a supply limit as of now, meaning it can be susceptible to inflation. However, even if there is no fixed maximum supply of Ethereum, there are some limits. Five Ether (ETH) are created every 12 seconds, whenever a miner discovers a block or a bundle of transactions. This number will decrease over time and the number of ether coins being added per year will naturally come down, which is presently around 20% of the total supply cap. The current market cap of Ether is $131.5 billion.

Ethereum Partnerships

As the intrinsic value of Ethereum is in its technological competence rather than simple monetary speculation, many prominent corporations have started to test their products on the Ethereum platform. These include Microsoft, IBM, JPMorgan Chase, Deloitte, Innovate UK, Samsung, etc. In March 2017, the Enterprise Ethereum Alliance (EEA) was formed with 30 founding members, which include new start-ups and Fortune 500 companies. Two companies, J.P. Morgan Chase and Royal Bank of Scotland, have separately started to build their own smart contracts. By July 2017, the alliance had grown to include 150 international members, including MasterCard, Cisco Systems, and Scotiabank.

Ethereum 2018

In 2018 the Ethereum proof-of-work framework will be replaced by the much-anticipated proof-of-stake system, which will further pave the way for the Casper Protocol. Critics say that the system will not be fully implemented on Ethereum because it makes earning ETH easier than before. According to ‘Fortune’, Ethereum has a chance of growing in the early stages of 2018. Financial Institutions such as Credit Suisse and Barclays have announced plans to test the digital currency technology for money transfers between European countries. Barclays is the first corporation to use Ethereum’s Smart Contracts to successfully trade derivatives. Ethereum’s Vitalik Buterin hopes that the Ethereum platform will revolutionize how the world communicates and does business.

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