Homework 4 | Steemit Crypto Academy Week: Ethereum blockchain | lecture by @gbenga

Image source

Dear, Steemians. I welcome you all to a new crypto week at the Steemit crypto academy. I was privileged to participate in a lecture by a crypto professor @gbenga. It was a lecture well detailed on All you need to know about Ethereum blockchain, I fully understood what he talked about and I will attend to the task given at the end of the class where I will be discussing a DApp built on the Ethereum blockchain, named Uniswap.

Understanding the Ethereum blockchain

Ethereum blockchain blockchain came into full implementation in the year 2015 in the quest to correct the deficiency experienced with the existing Bitcoin blockchain. Ethereum blockchain has its own token known as Ether which is a ERC-20 token (token on the Ethereum blockchain).

Image source

A few out of the corrections Ethereum blockchain brought to the crypto ecosystem is the ability of users to build Apps otherwise known as DApps (Decentralized applicatioms) on the blockchain thereby allowing users to write codes on the blockchain and also allows automated transactions on the blockchain.

Uniswap decentralized application (DApp)

Uniswap is a very popular word amongst DApps available in the crypto ecosystem. Uniswap is a decentralization exchange built on the Ethereum blockchain that offers quick exchange, otherwise swap of ERC-20 tokens (tokens placed on the Ethereum blockchain) instantly. The way Uniswap operates is fully automated such that users don't have to place a bid or ask (buy or sell) before exchanging their ERC-20 tokens to a token of choice. Uniswap eliminated the feature of creating orders on the centralized exchanges thereby making the process of exchange an easy one.

I will like to talk about the improvements of Ethereum blockchain through Uniswap and they can be seen as benefits of Uniswap. I will make a list of them below.

Benefits of Uniswap

Instant Transaction: Transactions on Uniswap are instant as there are no wait of expecting the bid or sell price to equal current price as it is in centralized exchanges.

Automated Operation: The operation of Uniswap is fully automated such that a client can easily exchange his/her ERC-20 without the involvement of third parties.

Eliminated Order Book: Uniswap eliminated the process of placing a buy or sell order thereby the process of exchange a simpler one from the existing Bitcoin blockchain.

Support Smart contracts: Smart contracts is a fully automated transaction on the Ethereum blockchain whereby certain activities are performed in the ecosystem automatically without involving third parties, as such, Uniswap supports smart contracts.

How to use Uniswap

Uniswap is completely easy to use for any user that is connected to the Internet. I will be talking
about a few steps to carry out successful transactions on Uniswap. I will be using the web version to take the steps of exchanging your ERC-20 on Uniswap, one after the other.

• Log on to www.uniswap.org.

*Select Use Uniswap button and it will lead you to the DApp exchange page. Being a new user using the web, click on connect wallet to link your outside wallets like Trustwallet and the likes.

• Select the token you are swapping and the one you are swapping to. For example, from ETH to Dai.

• After selecting the token preferences, click swap to complete the swapping process.

Conclusion

The Ethereum blockchain has brought about convenience of exchange to the crypto ecosystem, enable developers to write codes on the blockchain, allow instant exchange of ERC-20 without the involvement of third parties and also supports smart contracts where transactions are fully automated. One of the notable project built on the Ethereum blockchain is the Uniswap which is ever growing on daily basis. Thank you professor @gbenga for the in depth teachings and I hope I've done well on this to some extent. Thank you all for reading.

Regards; Cc: @steemcurator01 , Cc: @steemcurator02 , Cc: @steemitblog , @gbenga