Ethereum ICO

How Ethereum works

High-level explanations of Ethereum and blockchain technology generally.

• How does Ethereum work, anyway? Sept 27, 2017 – Preethi Kasireddy
• A Gentle Introduction to Ethereum Oct 2, 2016 – Antony Lewis
• Introduction to Blockchain through Cryptoeconomics – Part 1 Jan 26, 2018 – Zubin Koticha
• Introduction to Blockchain through Cryptoeconomics – Part 2 July 19, 2018 – Zubin Koticha
• Understanding Ethereum Apr 27, 2021 – Allan Gulley
• Ethereum’s original Whitepaper

Smart contracts

A “smart contract” is simply a piece of code that is running on Ethereum. It’s called a “contract” because code that runs on Ethereum can control valuable things like ETH or other digital assets.

• Want to learn how to program on Ethereum with smart contracts? ethereum.org/developers
• What is a Smart Contract? Nov 12, 2018 – Andreas M. Antonopoulos, Gavin Wood
• What are Smart Contracts/Decentralized Applications? Updated often – Ethhub

Ethereum development

Aspiring Ethereum developer? Check out our developer portal. It’s got documentation, tutorials, and other resources for learning how to build Ethereum products. View developer portal

Proof-of-work and Mining

Ethereum currently uses a system called “proof-of-work”. This allows the Ethereum network to agree on the state of all information recorded on the Ethereum blockchain, and prevents certain kinds of economic attacks.

• What does it mean to mine Ethereum? Updated often – Ethhub

You can learn more about proof of work and mining within our developer documentation.

After The Merge, Ethereum will be moving to a different system called “proof-of-stake”. Read more about consensus layer upgrades below.

Clients and Nodes

The Ethereum network is made up of many nodes, each of which runs compatible client software.

You can learn how to run a node of your own or find a comprehensive list of all Ethereum clients within our developer documentation.

Enterprise Ethereum

Enterprise Ethereum refers to private, consortium, and hybrid implementations of the Ethereum codebase for business applications. Companies across the globe are already using Enterprise Ethereum to streamline financial markets, manage supply chains, and create new business models.

Read more about Enterprise Ethereum.

Improving Ethereum’s scalability

There are many efforts underway to make Ethereum more “scalable” by improving its speed and overall transaction throughput. Generally these are sorted into “Layer 1” and “Layer 2” solutions.

“Layer 1” refers to improving the core Ethereum protocol. Ethereum has a set of upgrades planned for the continual improvement of both the execution layer and the consensus layer.

“Layer 2” refers to technologies that are built “on top” of the base Ethereum protocol, enabling greater scalability without compromising on security. There are also “off-chain” technologies like side-chains, which enable greater scalability by making a different set of security tradeoffs.

More on Layer 2

Consensus layer upgrades

A set of upgrades (originally known as ‘Serenity’ or ‘Eth2’) that aim to upgrade the Ethereum protocol’s core for a more scalable, sustainable future, utilizing a proof-of-stake consensus layer.

Learn everything you need to know about Ethereum upgrades.

Execution layer upgrades

Execution layer upgrades are a separate area of research from the consensus layer. The goal is to continue to improve and maintain the execution layer of Ethereum while the consensus layer is developed and implemented.

For more information, see EthHub’s explainer page about Ethereum’s execution layer.

Cryptoeconomics

“Cryptoeconomics” is the practical science of building distributed systems, where properties of those systems are secured by financial incentives, and where the economic mechanisms are guaranteed by cryptography. It is the general term for the practice of designing and scaling blockchains like Ethereum and Bitcoin.

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