Cryptocurrency Q&A
What protocol does ETH use?
What protocol does ETH use?
KiteFlyer
Sat Aug 10 2024
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7 answers
1499
Can you tell me what protocol Ethereum, also known as ETH, utilizes? I'm interested in understanding the technical foundations of this popular cryptocurrency and how it facilitates transactions and smart contract execution. Could you please provide a concise yet informative explanation of the protocol at play? I'm curious about its features, security measures, and how it contributes to the overall functionality of the Ethereum network.
7 answers
Giuseppe
Mon Aug 12 2024
The Ethereum network operates on a proof-of-stake consensus mechanism, which differs from Bitcoin's proof-of-work system. In this model, validators are rewarded with Ether for contributing to the security and maintenance of the blockchain.
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Valentino
Mon Aug 12 2024
By validating transactions and adding new blocks to the blockchain, validators earn Ether as a reward. This incentivizes participation and helps maintain the integrity of the network.
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GeishaWhisper
Mon Aug 12 2024
The value of Ether is determined by market forces, just like any other cryptocurrency. Its price can fluctuate based on various factors, including demand, supply, market sentiment, and regulatory developments.
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Lucia
Mon Aug 12 2024
Ether, commonly abbreviated as ETH, is a digital asset that operates on the Ethereum blockchain. It serves as the native currency and primary fuel for transactions within the Ethereum ecosystem.
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Raffaele
Mon Aug 12 2024
As a major player in the cryptocurrency industry, BTCC offers a range of services tailored to meet the needs of traders and investors. Based in the UK, BTCC provides a secure and reliable platform for trading cryptocurrencies.
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