What is Ethereum blockchain?

Initially released in 2015, Ethereum Blockchain is an open-source, blockchain-based, decentralized platform. Since its initial release, Ethereum has achieved several milestones. One of the recent big achievements of the platform is the partnership between Microsoft and ConsenSys.

What is Ethereum & how does it work?

What is Ethereum? Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority.

How many crypto wallets are there on the Ethereum blockchain?

It's one of the world's most used blockchains, second only to the bitcoin network. There are more than 71 million crypto wallets on the ethereum blockchain today, according to the Ethereum Foundation, a group of developers who now oversee the blockchain.

How do smart contracts work on Ethereum blockchain?

Smart contracts on the Ethereum Blockchain platform are fueled by gas. Whenever a smart contract is executed on the platform, a small amount of gas is transferred to the miners. Ethereum Blockchain’s smart contracts have multiple applications, such as banking, real estate, voting, and construction.