The founder of Ethereum is Vitalik Buterin. It was founded in 2015 when Buterin was just 19 years old. Rather than being an altcoin it seems, it is a blockchain network with advanced software. According to its founder, Vitalik Buterin, if we accept Bitcoin as gold and Litecoin as silver, we should accept Ethereum as oil. Ethereum was created as the energy source of the new technological world. The Ethereum cryptocurrency was created to meet the energy needed by this network.
Ethereum is considered the second generation of the useful blockchain network with functionality in all areas of life. Developers can develop solution-oriented projects for every conceivable problem on the network. The Bitcoin blockchain was created to receive/send payments with a digital asset. This is where they part ways with Ethereum because the Ethereum network has built its blockchain technology to be able to use hundreds of thousands of different things.
Ethereum Mining
Mining is done on the Ethereum network, however, for every transaction made on the network, miners are paid some amount of gwei as a transaction fee. This is called a gas fee. Ethereum software is resistant to ASIC devices. Since the day it was created, mining can be done through video cards. This is called proof of work mining. As of today, Nvidia Titan V, Nvidia GeForce RTX 3080 and Nvidia GeForce GTX 970 graphics cards are the hardware offering the highest hash rate. With the arrival of the Ethereum 2.0 update, the mining system will change to proof of stake. Thus, transactions on the network will be confirmed in return for ETHs locked to the Ethereum network. On the other hand, users who lock ETH on the network will be rewarded by getting a share of the transaction fees.
Smart Contracts
Smart contracts are protocols that allow assets to be encoded in a kind of digital environment. Everything that can be barcoded, such as money, tickets, products, shares, can be registered on the blockchain through smart contracts. Since the network is not centralized, it is not possible to manually interfere with anything registered on the network. These uncontrollable applications are called dApps, that is, decentralized applications. A decentralized system means that data on the network is randomly stored in the assets of all Ethereum users around the world. Thus, no company, organization, person or entity can have control over the information or make changes in the data.
ERC20
ERC20 is a standard used on the Ethereum network. With ERC20, developers can develop their own cryptocurrencies and launch them on the network. They can use smart contracts, protocols, updates on the network in their own developed cryptocurrencies. New updates to the network such as Ethereum 2.0, new protocols such as the EIP-1559 protocol are available for everything that is transacted on the network.
Ethereum Address
The Ethereum address consists of a code with 0x at the beginning and 40 alphanumeric characters. ETH can be deposited to the wallet via this address.
