Ethereum is a decentralized global network of connected computers that follows a set of rules called the Ethereum protocol. The network’s native programming language, Solidity, enables the use of smart contracts, which are computer programs that run on the network itself. Each of these contracts...
Part of the Series What Is Ethereum and How Does It Work? What Is ERC-20? ERC-20 is the technical standard for fungible tokens created using the Ethereum blockchain. A fungible token is one that is exchangeable with another token, whereas the well-known ERC-721 non-fungible tokens (...
Activity between users on the Ethereum network is known as a transaction. Since 2022, Ethereum has adopted a proof-of-stake (PoS) consensus mechanism, which enables node operators to deposit a “stake” of 32 ETH as collateral. This stake is then included in an Ethereum smart contract and...
Building a blockchain from the ground is no easy task, and most projects end up being hacked because of weak network security. Through SCP, the network’s security improves greatly. However, as SCP is quite a complicated thing to understand (as we’ll see below), they only emphasized thes...
Ropsten Network, also called "testnet", was a pre-configured proof-of-work Ethereum test network. The main purpose of Ropsten Network is for developers to test their Ethereum related applications. On the Ropsten Network, the Ethereum money "Ether" has no real value. You can get Ether funds...
What Is Ether? Ethereum, like any complex system, needs resources to function. It's a distributed network, meaning there's no central owner, but the computers (nodes) that keep it running need power and other resources to run. This requires some method of compensating for these costs. Thin...
But what is gas and why do people bring this concept up so often while talking about Ether? Gas is the transaction fee that you pay to compensate for the energy that the network has spent to execute the operation. Basically, miners — or people who spend their computational power to make...
Ether (ETH) is Ethereum's native cryptocurrency. It is bought and sold using the Ethereum platform. It is one of many cryptocurrencies that can be traded using the Ethereum network. It is also used to reward miners when they add blocks to a blockchain. ...
Thus, Ethereum 1.0 was born. Think of it as Apple’s App Store: one space for tens of thousands of different applications, all abiding by the same ruleset. Only that ruleset is hardcoded into the network and enforced autonomously with developers able to enforce their own rules within DApps....
Ethereum uses a blockchain, which is a distributed ledger (like a database). Information is stored in blocks, each containing encoded data from the block before it and the new information. This creates an encoded chain of information that cannot be changed. Throughout the blockchain network,...