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Different Platforms used in Blockchain Technologies. Part - 2

(By Shivkumar)


ETHEREUM


Ethereum Blockchain

Ethereum is currently working on Proof of Work algorithm, serious work is going on towards transitioning it towards Proof of Stake.2019. Ethereum blockchain currently supports roughly 15 transactions per second compared to, say, the 45,000 processed by Visa.


  1. Ethereum depends on a network of ‘nodes’, since the total number of transactions is increasing approximately every 10–12 seconds with each new block. Decentralization and scalability are currently at odds, but developers are looking for ways around this.

  2. Ethereum is just digital money, then you must know that it not only handles accounts and transactions but at the same time it also stores the information of new programming logic.

  3. Ethreum is also known as a programmable cryptocurrency. Once this programming logic gets stored on Ethereum, it can be used for future reference.programming logic is written, stored and executed on Ethereum Blockchain which is not the case with Bitcoin Blockchain.

  4. Ethereum you can not only transfer the money but also execute smart contracts and make DApps. All this takes place on EVM or Ethereum Virtual Machine with the help of Solidity. Solidity is Ethereum’s native programming language which is inbuilt.


Ethereum’s key features include:


Ethereum Features

  • Ethereum Wallet — it facilitates crypto-assets holding, writing and such smart contracts

  • Can be used for creation of cryptocurrencies

  • Creation of DApps

  • Creation of democratic autonomous organizations or DAOs

  • Supported languages- Python, Go, C++

  • Consensus mechanism: Ethash, proof of work but now planning to move to a proof-of-stake.

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Next Topic on Blockchain Technology :- Recordkeeper Blockchain Technologies - Part - 3

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