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Infographic – Popular Specific Ethereum Terms

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Ethereum continues to make its mark in the cryptoverse with its dynamic platform. It is not a false supposition that, flippening might soon take the cryptosphere by a storm. The smart contracts in Ethereum coded using Solidity.

Ether can be stored on hardware, software and paper wallets. The wallets can be generated from MEW (MyEtherWallet). In 2016 Ethereum was split into two separate blockchains – Ethereum and Ethereum Classic. This took place after a malicious actor stole more than $50 million worth of funds raised on The DAO, a set of smart contracts originating from Ethereum’s software platform. The new Ethereum was a hard fork from the original software intended to protect against further malware attacks.

Specific Ethereum Terms

 

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The ‘Ethereum Virtual Machine’ (EVM) is capable of running smart contracts that can represent financial agreements such as options contracts, swaps or coupon-paying bonds. It can also be used to execute bets and wagers, to fulfill employment contracts, to act as trusted escrow for the purchase of high value items, and to maintain a legitimate decentralized gambling facility.

Ether can be mined by creating a new block and adding it to the blockchain. On an average, a new block is added to the blockchain every 15 seconds and the miner who generated the new block is rewarded with 3 ethers. Ether supports CPU and GPU based mining.

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