ΞthΞrum

What is it ?

Ethereum is an open-source blockchain. Ether is the related cryptocurrency, the smallest unit of which is called Gwei and corresponds to 0.000000001 ETH.

Ethereum was conceived by Vitalik Buterin at the end of 2013, the beginning of the blockchain dates back to 30 July 2015 (Frontier, block 0). Many updates and improvements have taken place over time to date.

An important event is that of the DAO Fork, or a fork of the blockchain following the event of the same name. This fork creates two separate blockchains, Ethereum Classic, which is the original, and Ethereum, the forked blockchain.

On 1 December 2020 a parallel blockchain ETH 2.0 is launched: The first block is produced in the Beaconchain and the transition process from a PoW to PoS consensus begins.

In 2021 we have the London update, among the changes, there are those contained in the EIP 1559, to mitigate and stabilize the average price of transactions.

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Operation

Ethereum works via a blockchain. Indeed, the blockchain itself is called Ethereum!

A blockchain is a special type of database, very suitable for storing one type of data: transactions. A blockchain, as the name suggests, is a chain of blocks. Transactions are recorded in each block.

If we take the current point of the blockchain, block X, and go back to block 0 (genesis) we can reconstruct all the movements of the addresses and therefore their current balance.