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What is Ethereum?  

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Satoshi FX
(@satoshifx1)
Active Member
Joined: 6 months ago
Posts: 9
24/04/2019 12:33 pm  

 

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Ether is a token whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed.[3] Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.[4] The virtual machine's instruction set, in contrast to others like Bitcoin Script, is thought to be Turing-complete. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.[4]

Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014.[4]

In 2016, as a result of the exploitation of a flaw in The DAO project's smart contract software, and subsequent theft of $50 million worth of ether,[5] Ethereum was split into two separate blockchains – the new separate version became Ethereum (ETH) with the theft reversed,[6] and the original continued as Ethereum Classic (ETC).[7][8]


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