ERC20 Token Generator - Blockchainx

1. What is Ethereum (ETH)? An introduction to the blockchain project Blockchainx

2. What is Ethereum? Ethereum development should be understood less as a currency system and more as a development platform Today, the blockchain platform is the infrastructural basis for a large number of projects from the crypto world Smart contracts , decentralized applications and decentralized organizations are among the most innovative features of Ethereum Over time, the native token Ether rose to become the second largest cryptocurrency by market capitalization Ethereum has always had scaling problems, for which there are several possible solutions As an integral part of the Ethereum ecosystem, Ether is closely tied to the success of the Ethereum platform ● ● ● ● ● ●

3. Ethereum technical characteristics Mining Ethereum is a cryptocurrency that works thanks to the PoW consensus protocol using the Ethash algorithm . This algorithm is designed to be highly demanding and targeted for GPU mining. For this reason, mining was initially highly decentralized and diverse. Ethash uses the Keccak hash function, also known as SHA-3. In this way, the algorithm seeks to use highly secure cryptographic elements. At the same time, Ethash is intended to be memory and cache intensive. Both characteristics are aimed at offering resistance to ASIC mining and avoiding its centralization.

4. Cryptocurrency issuance This cryptocurrency currently has an annual issuance limited to 18 million Ethers per year. That is, each year the mining activity can generate 18 million new coins at most. However, the total emission is infinite. To achieve the issuance, the network has a rather peculiar coinbase transaction system . In the first place, if a miner finds the solution of a block, he receives 2 ETH as a reward. But if another miner also finds a solution to that block at that time, that miner also receives a reward. In this way, the coins are issued on the Ethereum blockchain. The initial issuance of Ether on the blockchain was related to the pre-sale that was made to boost the project. Back then, a total of 60 million Ethers were created. Of these, 12 million were used to create a development fund, this is the beginning of the well-known Ethereum Foundation .

5. Gas, the basis of everything The Gas is a very unique concept of network ethereum. This is used to measure the work done within the blockchain. Each action in the blockchain as an operation or a set of operations has a specific cost that is given in Gas units. Assigns a cost to the execution of tasks. Helps improve system security Reward the miners.

6. Block size and generation time Ethereum is characterized by calculating the size of its blocks in a somewhat particular way. Unlike Bitcoin, where its size is limited to 1 MB, in Ethereum its size is limited to a specific amount of Gas. To be more precise, the Ethereum block size limit is 12,500,000 Gas (as of February 2021). This means that each block can contain a total of operations as long as it does not exceed the specified Gas limit. In general , a block can contain about 500 payment transactions between accounts , the simplest of the possible transactions. In the case of a smart contract, the operations of one of them can easily reach the Gas limit of each block.

7. Smart contracts A smart contract or smart contract is a computer program that executes certain pre-established actions in its code under certain conditions. Actions that have been reviewed and accepted by the different parties that have "signed" said contract. In this way, the smart contract enforces its programmed conditions by presenting a response according to its clauses in a completely autonomous way. Smart contract technology is one of the fundamental bases of Ethereum development and the operation of many of its characteristics. A situation that can be seen especially in the tokens and DApps of this blockchain.

8. Ethereum Virtual Machine The Ethereum Virtual Machine (EVM) is a software whose objective is to serve as an abstraction layer in the execution of code that is stored in the blockchain. With this, it seeks to prevent a malicious programmer of a DApp or smart contract from threatening the security of the network nodes and with the network itself. To achieve this, EVM performs a complete abstraction of the system, managing access to computer resources and limiting its actions in a controlled environment or virtual machine. But in addition to this, EVM also seeks to simplify the development and update of applications and features available for DApps . That is to say, EVM was created both to protect and to allow to extend the functions of Ethereum in a simple way. EVM allows the operation of smart contracts and DApps thanks to the use of the Solidity programming language . This language allows you to program all the logic behind DApps and smart contracts while allowing decentralized execution of your code using EVM.

9. Ethereum 2.0, the long-awaited promised future for Ethereum Ethereum 2.0 is a project that began its development in 2017 with the arrival of Ethereum Metropolis and its two updates Byzantium and Constantinople. At that time, the transformation of Ethereum began to seek to provide it with a better ability to scale, reduce commission costs and control the mining of the cryptocurrency that already accused of problems such as “the Ice Ages”, those dangerous moments in which the Ethereum mining would be so complex that it would be impossible for the network to carry it out.

10. Ethereum uses Ethereum is one of the cryptocurrencies and blockchain with the greatest variety of uses that currently exist, among them we can highlight: ● Smarts contracts and DApps ● Carrying out ICO ● Accept and receive payments quickly and safely

11. Advantages of ethereum 1. It is a multipurpose blockchain thanks to its ability to integrate and use smart contacts. The use and development of Ethereum virtual machine EVM confers a high level of security to execute smart contracts and DApps in a completely decentralized and secure way. It has a fast production of blocks which allows it to have a speed of confirmation of transactions much faster than Bitcoin and other cryptocurrencies. Development is not controlled by any central authority, its Development Core is completely decentralized and decisions are made by consensus. In addition, the community has a high impact on decisions about the development of the blockchain. 2. 3. 4.

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