Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network [Ethereum]by @nadeesew
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Hello everyone,
This is my first article in this community. I'm happy to take part in the academy contests. I thank the community for organizing a contest about our favorite blockchains. So let me share my favorite blockchain with you.
Introduction
Blockchains are open source. It means everyone can create new things in it. In the contest post it as explained about Bitcoin blockchain. I started finding about blockchains and read many articles related to blockchain. I saw many has written about Steemit. So I will share my knowledge about Ethereum and why I prefer it as a blockchain.
Ethereum is the second widest blockchain in the crypto world. There is a huge fan base for that. Ethereum blockchain has several programs and events in it.
Tell us about your favorite Blockchain network, its history, and why it's your favorite
Ethereum is a world highest scale blockchain. This was introduced by Vitalik Buterin in 2013. But it came into usage in 2015. As the initial step it has generated open source projects. The users could create their own applications and contracts at the initial stage. By 2018, Ethereum was the second largest cryptocurrency in market capitalization. Bitcoin holds the first position.
Due to high usage and decentralization the founders faced security issues and there were few changes made in 2019 and 2020. Ethereum was designed as a non hierarchical structure. The nodes in the blockchain communicates with its peers. This blockchain uses the proof of work system. When new transactions are included a copy of it is send to all the others who are as peers. Blockchain miners maintain list of transactions when creating new blocks.
Ether is the cryptocurrency of the Ethereum blockchain. It uses the proof of work mechanism. It pays the transaction fees which is benefited for the miners as it gives an incentive to the miners for holding it. This is a good point to grow the blockchain.
I prefer the ETH as I'm keen on cryptocurrency mining. To increase the profit it is good as we have the fees for holding the coins. The amount changes as monthly, quarterly and annually. I have started mining few other coins and wish to mine ETH too after gaining profits from other invested coins.
Does the network has some earliest shortcomings and how has the network's team taken care of the problem?
At the start up level as it is a decentralized blockchain there were plenty of security issues and also storage issues. Later in 2016 they had introduced the Merkle tree system to overcome the security issues. This also has improved the scalability of the blockchain. The merkle tree system has allowed the blockchain's hash optimization. This has helped in storage saving.
There is a high security state transition state in Ethereum. Here users can check the validity of the transaction with the proper signature.
The only short coming that I realized to my knowledge is the size of smart contracts. The size is too small and it may lead in lack of gas soon. If the size is increased then a smart contract can be kept without being out of gas.
What changes do you think would make the network better?
After studying the blockchain as a beginner I don't feel any special change that should be done in the blockchain other than the existing features. So I will explain some points that have made the change to the blockchain.
The ETH contracts have a significant role and it is a unique change that I see compared to other blockchains that I have studied so far. Here in this blockchain there are two types of accounts as Externally owned accounts which are controlled by private keys and contract accountswhich are controlled by the contract code.
When considering its outstanding features I still do not have a proper knowledge to explain the changes that should be made.
Write about a Project that is built on your favorite Blockchain
Smart contracts
Smart contract is a way of sharing information within the blockchain. Users can send transaction details to another one by using their own smart contract. Even though the size is small it has made the process easier when sharing transaction details with others. The users can pay the gas fee and use the smart contracts. All transaction details can be sent to another smart contract by their own. This is one of the best projects done by Ethereum blockchain.
This is the end of my contest post. I would like to invite my dear friends @joti-thelight , @mrsokal , @ashkhan to take part in the contest. Thank you for reading my post. Have a good day.
Greetings, my favourite network, what attracts me to this network is a support in a world where so much distrust has been generated. Besides being the generator of so many reliable projects.
Thank you for stopping by my post dear.