Thread by @0xViking

Have you ever wondered "WTF is ETHEREUM" and why was it created?

Ether the native currecny of Ethereum blockchain is the second largest cryptocurrency in the market share after bitcoin.

I don't think i can complete about ethereum in one thread, Will do it in parts.

👇🧵

1/

In the previous "WTF is" threads i have explained about "Bitcoin" the first cryptocurrency ever created which inturn revolutionized the concept of underling technology "BLOCKCHAIN".

Have a look at that thread if you haven't till now at
👉bit.ly/WTFisBITCOIN

2/

Bitcoin was created to decentralize the money(General currecny we use now like USD, EUR etc.,)

It was sucessful in what it meant to do.

As of 20-01-2022 bitcoin marketmap is around $813,888,437,267 with share of 40.2% in number one place according to @CoinMarketCap

3/

@CoinMarketCap There are still many other centralized entities like:

- Finance system
- Voting system
- Insurance
- Realestate/household
- Social media

we can't use just use Bitcoin to make them decentralize because it is just money, But the underlying technology can be used!!

4/

@CoinMarketCap Blockchain technology was byproduct of bitcoin invention by Satoshi

@ethereum was created to leverage the blockchain technology and try to make majority of the things decentralized

Ethereum was first described in a 2013 whitepaper by @VitalikButerin
bit.ly/ETH-WP

5/

@CoinMarketCap @ethereum @VitalikButerin - Ethereum is a decentralized open-source blockchain system with native cryptocurrency, "Ether"

- Launched officially in 2014

- Ethereum has pioneered the concept of a blockchain smart contract platform.

6/

@CoinMarketCap @ethereum @VitalikButerin - Smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between several parties on the internet.

- All the programs are written in Solidity programming language by @solidity_lang

7/

@CoinMarketCap @ethereum @VitalikButerin @solidity_lang - Once any program was written and deployed to the blockchain no one can control or change not even you who wrote it

- The currency that is incentivized as blockreward for Ethereum network is it's native currency ETHER

8/

@CoinMarketCap @ethereum @VitalikButerin @solidity_lang - Because of these smart contracts Ethereum is able to host other cryptocurrencies, called “tokens,” through the use of its ERC-20 compatibility standard

- There are several other standads like:
* ERC 721 – Non Fungible Tokens
* ERC 1155 – Advanced Non Fungible Token

9/

@CoinMarketCap @ethereum @VitalikButerin @solidity_lang - According to @CoinMarketCap there are 280,000 ERC-20-compliant tokens as of 20-01-2022

- Over 40 of these make the top-100 cryptocurrencies by market capitalization, for example, USDT( @Tether_to ), LINK ( @chainlink ) and BNB ( @binance )

10/

@CoinMarketCap @ethereum @VitalikButerin @solidity_lang @Tether_to @chainlink @binance - Ethereum is works via the Ethash proof-of-work algorithm, belonging to the Keccak family of hash functions

- There are plans, however, to transition the network to a proof-of-stake algorithm tied to the major Ethereum 2.0 update

11/

@CoinMarketCap @ethereum @VitalikButerin @solidity_lang @Tether_to @chainlink @binance That brings to the end of part 1 of WTF is ETHEREUM thread.

I tried my best to explain ethereum in simple terms which will help everyone to understand.

I will do more parts in later days which will be little more technical on how ETHEREUM actually works.

12/

@CoinMarketCap @ethereum @VitalikButerin @solidity_lang @Tether_to @chainlink @binance If you are a developer take advantage of the technology, be part of the revolution and develop something which will change the way we use it now.

If you are a normal person, be ready to expereince the ride which is going to change everything the way we use in near future.

13/

@CoinMarketCap @ethereum @VitalikButerin @solidity_lang @Tether_to @chainlink @binance Resources

Video:
by @99BitcoinsHQ

Website:
ethereum.org/en/

This thread is part of challenge i took myself, Please have a look at this article : bit.ly/21DOLS

14/

@CoinMarketCap @ethereum @VitalikButerin @solidity_lang @Tether_to @chainlink @binance @99BitcoinsHQ Thank you for reading it till here.

I am a budding developer in web3, Started #21DaysOfLearnandShare to learn more and share.

If you like my explanation,
✅Like the post
✅RETWEETS are APPRICIATED
✅Please follow @0xViking for more such content

Thanks again
0xViking