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Web3 Fundamentals and NEAR

Ethereum

Ethereum

These contents have been prepared using online resources. Patika.dev’s own contents are currently under preparation.

Ethereum is an open-source blockchain that allows use of smart contract service. This means Ethereum allows builders to create and deploy decentralized applications onto blockchain. So in this way users can interact with blockchain through DApps. Ethereum also provided new words to our lives such as DeFi, NFT and DAO.

Ethereum is preparing for an upgrade called Ethereum 2.0 which comes with the new consensus method Proof of Stake instead of Proof of Work and some improvements for transactions.

Recommend you to read Ethereum Whitepaper to understand it better.

"To understand what that even means, let’s define the following:

ethereum definitions


Dapps are where the action is in crypto and the majority are built on Ethereum. Examples include:

  1. OpenSea for buying and selling digital assets.
  2. Uniswap for swapping digital tokens.
  3. Decentraland for owning land in a 3D digital world.v

All of these dapps cost gas to run. That’s why Ethereum is upgrading to 'eth 2.0' (which includes shifting from proof of work to stake) to scale the network, reduce energy consumption, and lower gas fees."

For further information: Ethereum

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