What is Ethereum?

Ethereum was originally released in 2015 by Vitalik Buterin. Ethereum is a decentralized platform that runs smart contracts, censorship fraud or third party interference. In the Ethereum protocol and blockchain there is a price for each operation. The general idea is, in order to have things transferred or executed by the network, you have to consume or burn Gas. The cryptocurrency is called Ether and is used to pay for computation time and for transaction fees.

Ethereum Details

Time stamping scheme: Proof-of-work

Ticker: ETH

Block Reward: 3 ETH (no-deterministic)

Cryptocurrency Rank: 2nd in terms of market cap.

Mining – Proof of work algorithm used is Ethash, which reduces advantages of asics, great for GPU miners!

Wallets – Ethereum wallet addresses start with “0x” which is one hexadecimal digital. There are an additional 20 bytes/40 hexadecimal digits. The additional 20 bytes are Keccak-256 hash of the elliptic curve digital signature algorithm (ECDSA) public key.

Block Time – Ethereum block time varies between 14-15 seconds.

Supply – There are currently approximately 98 million Ether created. There is no hard cap to the total supply of Ethereum.

Forks: Ethereum Classic

 

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