Some Key Points About Ethereum Part III

Continuing our series about the Ethereum platform, today we will cover some other key points that are often the subject of confusion in the mainstream media. Here are points 11 to 15.

11-Ethereum Supports Multiple Digital Currencies

Ether is the main digital currency in the Ethereum. However, Ethereum provides the framework and infrastructure to implement and support other currencies. There are even projects that propose and implementation of Bitcoin on top of Ethereum.

12-Ethereum Scripts can’t Access Data or Resources Outside the Blockchain

Allowing that will become a potential compromise in the state of the blockchain. Functionally, Ethereum’s Oracles are the cleanest model to access off-chain data. Oracles is a rapidly growing area of interest within the Ethereum community.

13-Ethereum Supports Private Blockchains

Ethereum seamlessly supports private blockchain architectures. To create a private blockchain, you can use the main Ethereum client with a new genesis block and a new network.

14-In an Ethereum Private Blockchain, Miners Become Validators

In a private blockchain, the network is protected by traditional methods which undermines the need for currency miners. In those architectures, Ethereum substitutes miners with a concept called validators that are responsible for evaluating the state of the blockchain.

15-Ethereum Transactions Use Gas

Gas is Ethereum concept used to calculate the cost of a transaction in Ether which will be subsequently paid to miners. Each Ethereum transaction has a number of Gas units associated with it which are also used to avoid problems such as infinite loops, dead locks, etc.

CEO of IntoTheBlock, Chief Scientist at Invector Labs, I write The Sequence Newsletter, Guest lecturer at Columbia University, Angel Investor, Author, Speaker.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store