VIW NETWORK (Ethereum)
Networks
Currently, most FTs and NFTs are existing on Ethereum single chain network. But coming future is the cross-chain network era which means single chain networks like Ethereum, Binance Smart Chain, Solana and etc. are connected. This era expands usage and flexibility of FT and NFT, also distributes to establish more healthy and trustworthy Blockchain technology ecosystem. For the coming cross-chain network era, VIW is preparing deploying and minting functions operated in cross chain networks. This means if you deploy or mint in Solana network, you can still use them on other networks like in Binance Smart Chain for example, as if it was from Binance Smart Chain.
Ethereum
Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity.
As a blockchain network, Ethereum is a decentralized public ledger for verifying and recording transactions. The network’s users can create, publish, monetize, and use applications on the platform, and use its Ether cryptocurrency as payment. Insiders call the decentralized applications on the network “dApps.”
As a cryptocurrency, Ethereum is second in market value only to Bitcoin, as of May 2021.
- Ethereum is an open-source blockchain-based platform that creates and shares business, financial services, and entertainment applications.
- Ethereum users pay fees to use dApps. The fees are called “gas” because they vary depending on the amount of computational power required.
- Ethereum has its own associated cryptocurrency, Ether or ETH.
- Its cryptocurrency is now second only to Bitcoin in market value.
Understanding Ethereum
Ethereum was created to enable developers to build and publish smart contracts and distributed applications (dApps) that can be used without the risks of downtime, fraud, or interference from a third party.
Ethereum describes itself as “the world’s programmable blockchain.” It distinguishes itself from Bitcoin as a programmable network that serves as a marketplace for financial services, games, and apps, all of which can be paid for in Ether cryptocurrency and are safe from fraud, theft, or censorship.
Ethereum 2.0
As of May 2021, Ethereum was the second-largest virtual currency on the market, behind only Bitcoin.1 The number of ETHs in circulation crossed the 100 million mark back in 2018.9
Unlike Bitcoin, there is no limit to the number of ETHs that can be created.
Ethereum is currently undergoing a long-awaited upgrade known as Ethereum 2.0, which is intended to allow the network to scale up while addressing congestion problems that have slowed it down in the past.
What Is Ethereum in Simple Terms?
Ethereum, like any blockchain, is a database of information that is designed to be unhackable. Ether, or ETH, is the cryptocurrency used to complete transactions on the blockchain.
Unlike in a traditional database, information in a blockchain is organized as a chronological “chain” made up of “blocks” of data. For instance, every transaction using an Ether coin must be verified and recorded as an additional block on that coin’s unique blockchain. This process of recording every transaction in a sequence is the reason that a blockchain is often compared to a ledger.
The Ethereum blockchain stores more than transaction records for Ether currency. It allows software developers to create games and business applications, called dApps, and market them to users. Those users want to take advantage of the relative lack of risks that come with storing sensitive information on the World Wide Web.
