The Steemit Crypto Academy Week 4: All About the Ethereum Blockchain

Hello steemians:
Greetings to you all in the name of your creator,and hope you heard a wonderful day. Its another amazing lecture and task in the steemit crytpo acedemy aim in ending illiteracy when it comes to Euthereum block chain by our eligible professor @gbenga. But I will start tasks from the bride meaning of Euthereum from the lecture.

What is Ethereum

Source
Ethereum can be regarded as the progenitor of Decentralized Applications (dApps) and it is a decentralized computing platform just like the internet but instead of utilizing a single server, it uses multiple nodes simultaneously. Just like the internet allows for the creation of Applications but in a centralized manner, Ethereum allows for the creation and running of Decentralized Applications as well as the creation and use of Smart Contracts on the Blockchain. With Smart Contract, users can make agreements as trust the Blockchain to transact (buy, sell, and perform other transactions).

To explain in full the project built on the Ethereum Blockchain
Full details:
These apps differ from regular mobile and web-based apps because they aim to hand users more control over the data the apps manage. Traditional apps, such as Robinhood or Twitter, are managed by a central authority, which ultimately has the last word on how their customers’ data is secured and used – for better or worse.

Dapps take a decentralized approach to data management, theoretically putting control back in the hands of the user with the help of blockchain technology – the basis of the Ethereum network. Ethereum is the name of both the world’s second-largest cryptocurrency by market capitalization (after bitcoin) and the first platform to facilitate the creation of dapps.

While the promise of Ethereum is tantalizing to proponents of the technology, it’s an open-source platform, meaning the projects built upon it are often experimental and sometimes outright scams. Conducting diligent research before investing is highly recommended.

Top Ethereum projects:

From the euthereum block chain the are project rested on, to ensure correct immunity to all. Which you will see below.
Right now, many of the top Ethereum projects are focused on decentralized finance, or DeFi. DeFi aims to expand the utility of cryptocurrencies from day to day transactions to more complex financial use cases, such as loans and derivatives.

The DeFi space gained significant traction in 2020, with the total value of crypto assets locked in its protocols rising over 2,000% from $650 million at the start of the year to $16.05 billion at the close.

Ethereum dapps have become so popular that the increased congestion has pushed transaction fees – the amount of ether required to send payments over the network – higher than ever. This is a direct result of dapp users competing to get their transactions processed faster by miners. The higher the fee attached to a transaction, the more likely an ETH miner will add that to the blockchain sooner.

MakerDao:

Source
Stablecoins has effort to improve upon one of the pain points of cryptocurrencies. Crypto prices fluctuate unpredictably, making them unsuitable as a means of payment and as a reliable store of wealth. While most stablecoins are centralized, MakerDAO is different in that it has put forth a detailed plan for how to eventually decentralize the control of its stablecoin, dai.

Uniswap:

Source
Uniswap is a decentralized exchange, meaning that unlike most exchanges it never takes control of a user’s funds. It’s the most popular decentralized exchange so far. This exchange is a cornerstone of Ethereum’s recent booming DeFi movement, facilitating trades from coin to coin. The project even attracted a “vampire” competitor, SushiSwap, which tried to suck up all its users. Another unique aspect of Uniswap is that it utilizes an automated market maker (AMM) system for facilitating trading, meaning the underlying liquidity pools that manage the actual coin-swapping are run by smart contracts as opposed to a traditional order book system.

When trading on a regular centralized crypto exchange, the market price for an asset is determined by supply and demand. In order to buy and sell, a trader must find someone on the opposite side of the order book to provide liquidity to complete a transaction. With AMM-based exchanges like Uniswap, a pricing algorithm determines the market price of each asset. Investors are incentivized to provide liquidity which is pooled together and used to execute all trades at the set market prices.

Chainlink:

Source
Chainlink is an oracle platform, which means it connects smart contracts with real-time data from the outside world such as weather information or stock prices. A smart contract uses that data to execute pre-defined instructions. For example, payout an insurance claim in the event of a hurricane.

While Chainlink has been around since 2017, the project didn’t really come to the forefront of the space until 2019 – after it partnered with Google. Chainlink is fuelled by an ERC-20 crypto token, LINK, and runs on top of the Ethereum network.

Axie Infinity:

Source
Axie Infinity is an online role-playing game where users collect and raise digital, fantastical characters called “Axies.” Under the hood, Axies are types of nonfungible tokens (NFT), which means each one is cryptographically unique, gamers have full ownership over them and in some cases have a monetary value due to their scarce, collectible nature.

Aave:

Source
Aave is a decentralized lending and borrowing platform that recently raised $25 million from leading venture capital firms Blockchain.com and Blockchain Capital.
According to tracker DeFi Pulse, Aave is currently the fourth-largest DeFi app based on the $1.14 billion locked up in the app. It was briefly the largest earlier this year.

Conclusion
Ethereum is a technology that completely revolutionises the way transactions are carried out, it is now possible to replace all existing standard contracts to improve transaction security, limit costs and decentralise the world.
Saying a big thanks to @gbenga for the wonderful lecture and to the following personalities for their good works
@stream4u
@yohan2on
@besticofinder
@sapwood
@stemitblog

thanks for stopping to read