Dictionary of Coins - Ethereum/Ethereum... (Preparing for Lunyr)steemCreated with Sketch.

in #cryptocurrency3 years ago

Ethereum (Ether)

Created in 2014 (currently there are 2 Ethers)
Symbol: ETH/ETC
Source: https://ethereum.org/

Description

Ethereum is the name of the blockchains that uses Ether as cryptocurrency. In 2016, Ethereum divided by a hard fork into Ethereum (ETH) and Ethereum Classic (ETC). Each has its own ether. It is an open sourced protocol that innovated by making available the use of Solidity, a programming language built inside, that can be used to write DAPPS (Decentralized Apps) that run by consuming gas, a form of fuel created by Ether that is consumed to run the DAPPS.

Mining

  • Ethash PoW - Proof of Work with ASIC resistance. It is suited for GPUs today.
  • On frontier, 5.0 Ether reward.
  • Consumes gas that is compensated by the senders
  • Extra reward as Uncles (1/32 per Uncle)

Supply

  • Ethereum always produces continuously by mining - it is an inflationary currency
  • Current supply is 92.481.286 (ETH) and 92.596.370 (ETC)

Current Value

On CoinCap.io (May 28, 2017): U$ 360.00 (ETH) - U$ 18.00 (ETC)

Major Advantages

  • Ethereum allows for writing Smart Contracts that are clauses written in Solidity that will execute no matter what
  • Allows for the creation of many other coins inside the Ethereum platform, ICOs that create new coins, called tokens.

Major Disadvantages

  • Power is centralized under Vitalik Buterin control
  • Hard forks may create even more Ethereums in the future. Specially, a hard fork that will turn Proof of Work to Proof of Stake is known to have a high possibility of happening in a near future
  • No immutability on new forks. The fork that originated ETH and ETC is known to have been used to roll back the blockchain of ethereum in order to fix a major hack on the DAO (Decentralized Autonomous Organization) written by Smart Contracts and caused huge losses to users
  • All coins/tokens created in the Ethereum are subject to whatever happens to the chain itself turning them all into huge liabilities
  • Ethereum is a complex system. With Hard Forks it became almost impossible to understand to regular users.

EDUARDO CAPANEMA
@bitworkers

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Hi Bitworkers,

When do you think we're going to see the flippening? Win 10 STEEM :) my link below:

https://steemit.com/ethereum/@steemthenews/the-flippening-is-comming-let-s-predict-the-flippening-date-and-win-10-steem

Hi, @steemthenews.
I actually don't see that happening. But I'm no futurologist, of course. Let's wait and see. :D
Cheers,
@bitworkers

Again I learn more things I didn't know! thanks for sharing! Most surprised with the fact that all the coins which are created in Eth are subject to what happen to the chain itself! :O

Thank you very much @skirim
Dictionary of Coins aims at this: fast curated info directly telling what needs to be said imparcially.
Cheers,
@bitworkers

Yes, that's what I love about these posts, fast, much information! Keep up the good work!

Thanks, @skririm
Really glad with your feedback
Cheers,
@bitworkers