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Here’s a prediction made just three years ago, “Here’s a prediction. ETH — the asset, not the Ethereum Network itself — will go to zero.” This was said about the cryptocurrency that is the base of numerous new platforms, services, and concepts that would not have existed today if it wasn’t for the smart contract platforms like Ethereum.
From DeFi to yield farming, from oracles to synthetic assets over blockchain, none of these tools would have been possible if it weren’t for an ethereum contract that is programmed into code for automatic execution when certain conditions are met.
With the move away from Proof of Work (PoW) to Proof of Stake (PoS) consensus algorithm, Ethereum is set to overtake Bitcoin. Let’s get you up to speed on what is Ethereum and the Smart Contract.
What is Ethereum?
Ethereum network is an open-sourced public network that uses blockchain technology to program and deploy smart contracts. It has its own cryptocurrency called ETH that is the main engine that runs and pays for the ecosystem’s operation. Alongside the smart contracts, it facilitates cryptocurrency trading securely without a third party involved.
As the Bitcoin network, its operations and programming are transaction-focused. However, unlike Bitcoin, Ethereum is programmable. Ethereum network allows you to create two types of accounts. Externally owned and maintained by human users, funds controlled by private keys, and programmable smart contract accounts.
Ethereum network as a programmable decentralized network facilitates developers to deploy all kinds of apps. Despite having the smart contract, Bitcoin remains the most popular cryptocurrency, but with Ethereum… Read More
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