In the article Everything About Ethereum from the Bitdemy website, we will discuss the Ethereum blockchain and the Ether currency.
What is Ethereum?
Ethereum is a decentralized blockchain with smart contract capabilities. Ether is the native currency of this decentralized network, which is currently,
After Bitcoin, it is the second most valuable currency (taking into account the total value of circulating supply) among existing cryptocurrencies.
Everything about Ethereum - Ethereum history
The Ethereum blockchain was founded in 2013 by Vitalik Buterin, and then in 2014 other people joined the project as co-founders.
The network was also launched on July 30, 2015. The Ethereum network initially worked with the POW algorithm, which was later changed to POS.
Differences between Ethereum and other networks
The main difference between Ethereum and previous cryptocurrencies was the ability to implement decentralized software on the Ethereum blockchain platform, which caused a major revolution in cryptocurrencies.
Decentralized Finance Applications (DeFi) enable smart financial contracts without a central point on the blockchain platform.
It is also possible to create various tokens and NFTs on the Ethereum blockchain, which has led to the creation of a very strong ecosystem.
Ethereum Scalability Problem
In 2017, after the blockchain game Crypto Kitties gained popularity and the volume of users
and transactions on the network increased, concerns arose about Ethereum's scalability.
The problem that plagued the Ethereum network at that time and even now is that in the event of a large increase in requests
The network capacity will fill up very quickly and fees will increase dramatically, a problem that Ethereum sought to solve in version 2.
Everything about ethereum - Ethereum Version 2.0
Ethereum version 2 is a set of upgrades and changes to the Ethereum code that
were done to change the algorithm from proof of work to proof of stake and thus aim to solve the Ethereum scalability problem.
Although these changes were successful, Ethereum's scalability problem has not been completely solved.
