What is Ethereum?

What is Ethereum?

How does Ethereum work?

What is a smart contract?

How do smart contracts work?

Ether and gas

  • Ether is what you see on your balance when you buy this altcoin. Transactions are carried out in ethers.
  • Gas is a unit of measurement of calculations, that is, how much power is spent on a transaction. For each, there is a certain “price,” indicated by gas.

What is the ERC-20 token?

How are Ethereum and Bitcoin different?

Using Ethereum in DeFi

Future of Ethereum

What is Ethereum 2.0

Ethereum hard forks

  • The first stage — Byzantium — took place in October 2017. Thanks to this update, the processing speed of transactions has been increased, the reward for miners has been reduced from 5 to 3 ETH, and the overall privacy of the system has also been improved.
  • Most importantly, the activation date of the “difficulty bomb” has been pushed back a year and a half. Initially, it was thought that Ethereum would immediately work on PoS, but in 2015, when it was launched, this technology was still “raw.” After the network was launched on PoW, a “difficulty bomb” was placed in it — a programmed mechanism for exponential mining complication, which encourages network participants to switch from the PoW algorithm to PoS as soon as possible.
  • The second stage of Metropolis was the Constantinople hard fork. It was planned for 2018, but after the test network launch, the Ethereum team decided to postpone it. It was launched on February 28, 2019, along with the St.Petersburg update, which removed some bugs in the network. The hard fork increased the efficiency of the network and reduced the reward for miners from 3 ETH to 2 ETH. Some operations have been simplified; it has become easier to develop smart contracts.
  • The third major update is Istanbul, which should bring Ethereum closer to version 2.0. It made it possible to increase the network’s resistance to DDoS attacks, change the price of gas for various operations, and increase the scalability of the cryptocurrency.
  • Berlin became the second phase of Istanbul. It was followed by the London hard fork, which was activated in August 2021. The latest update burned some of the miners’ commissions and expanded the gas limits in the block. After the update, the base commission for each block replaced the gas bidding auction.
  • On October 27, 2021, the Altair update was activated. It introduced penalties for inaction and misbehavior of validators.

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