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