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What is Ethereum?

Di foundashon for awa fushure wey dey dijital

Di komplete boginna's guide to di way Ethereum dey work, di benefits e dey bring and di way millions of pipol around di world dey yus am.

Wi dey si pesin wey dey look inside bazaar, wey reprisent ethereum

Summary

Ethereum na network of komputas wey dey for di world dey folow rules wey dem set and dem dey koll am di Ethereum Protocol. Di Ethereum network dey do like di foundashon for join body dem, aplikashon dem, organizashon dem and digital asset dem wey anybody fit build and yus am.

Yu fit kreate Ethereum akant from anywia, by any taim, and yu fit eksplor plenti app abi make yu build yor own. Di main innovashon bi say yu fit do all dis and yu nor nid to trust any sentral pawa wey fit shange di rule dem abi komot yor asess.

Kontinu to dey read make yu learn more…



Yu wan sabi wetin Ethereum fit do?

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Bank wey dey for evryone

Nor bi evryone get asesss to finashial savisis. But all yu nid to asess Ethereum and di lendin, borrowin and savin produts base intanet koneshon.

🕵

Intanet wey open for evrybody

Anyone fit interact wit Ethereum network abi build aplikashons on top am. E make am posibol make yu fit kontrol yor own assests and identity, insted of dem few mega-koporashons to dey control am.

👥

One peer-to-peer network

Ethereum dey alow yu koordinate, make agriments abi even transfa digital assets straight wit plenti pipol. Yu nor nid to rely on pipol wey dey always do midol-men.

🛡️

Sensorship resistant

Nor gofament abi kompany get kontrol ova Ethereum. Desentralizashon dey make am nor dey posibol for anyone to stop yu to dey risiv payment abi dey yus savis on Ethereum.

🛍️

Commerce guarantees

Kutomas get one sijure, guarantee wey wi build inside sey fund go only shange if yu provide wetin wi gri, Likewise, developas fit dey sure sey di rules nor go shange on dem.

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Products wey dey komposabol

Dem build all app on di same blockchain wit one shia global state, wey mean sey dem fit build am on top ish oda (like Lego bricks). Dis dey alow for beta product and ekspiriens and assurans say nor body fit rimuv anytin on top di app.

Why I go wan yus Ethereum?

If yu get intrest for plenti resilient, open and trustworthy ways to koordinate globally, kreate organizashons, build apps den kome folow shia value, Ethereum na for yu. Ethereum na one story wey all of us join hand write, so follow kome si di plenti new tins wey dey hapun wey wi fit build wit am togeda.

Ethereum don dey invaluabol for pipol wey don get trust issues konsanin sikutity abi soundness abi di way dia assets go dey muv via say external forces dey wey noe dey dia kontrol.

Sheapa and chap chap Krossborda Payments

Koins wey nor dey shange price dem be kurrensy wey dey rest upon anoda kurensy wey nor dey luz value anyhau. Majority of dem dey rest upon United States kurensy dollar and diafor dey maintain di value of data kurensy. Dis dey alow for one global payment system wey dey very sheap and stabol. Many kurent stabolkoins dey build on di Ethereum netwok.

Ethereum and stabolcoins dey make di prosess of sending money abroad izy. E fit often take few minutes to muv funds akross di globe, insted of di several biznes days abi even weeks wey im fit take for yor averaj bank, and na for shikini amount of money. Adishonaly, nor bi extra fee dey if yu wont do high value transakshon, and nor get restrishon at all on wia abi why yu dey send yor money.

Di Kwik helep wey dey for Taim of Krisis

If yu dey lucky enuf to get plenti bankin opshons thru trusted institushons base on wia yu dey stay, yu fit take for granted di finanshial fridom, sikurity and instability wey dem dey offa am. But for di pipol wey dey dis world wey kom dey fase politika ripreshon abi ekonomik hardship, finanshial institushons nor fit provide di proteshon abi savis wey dem nid.

Wen war, ekonomik katastrofis, abi krakdowns on civil libatis dey hapun for places like Venezuela(opens in a new tab), Cuba(opens in a new tab), Afghanistan(opens in a new tab), Nigeria(opens in a new tab), Belarus(opens in a new tab), and Ukraine(opens in a new tab), cryptocurrencies naim bi di quickest and somtaims di only opshon wey pipol fit yus hold onto dia money. As wi si dis eksampols, cryptocurrencies like Ethereum fit give pipol fri asess to global ekonomy wen dem dey kut am komot from outside world. Also, stabolcoins dey offa plase wey pesin fit store value wen lokal kurensis dey kolapse bikos of supainflashon.

To dey empowa Kreators

For 2021 alone, artists,musicians,writers, and other people wey dey create content been use Ethereum tu get moni wey join reach $3.5 billion. E come make Ethereum one of di largest global platform for people wey like tu dey create, e follow join Spotify, YouTube, and Etsycome follow tu learn more(opens in a new tab).

To dey empowa Gamer

Play to earn games (wia playas dey akshualy get riwod to dey play di games) don just start and dey shange di gamin industry. For tradishon, im gri make dem dey trade abi transfa in-game assets to anoda playas for real moni. Dis dey forse playas to yus blak market websites wey often get sikurity risk. Blockchain gamin dey embrase in-game ekonomy and promotes such bihavior for manna wey yu trust.

Moreova, dem give playas insentive as dem fit trade di tokens wey dey di game for real moni and e kome get riwod true-true for di taim dem dey play.

2010
Pesin wey dey put money for projects
2014
Pesin wey dey put money for projects
Divelopas
Companies
Nau
Pesin wey dey put money for projects
Divelopas
Companies
Artists
Musicians
Writas
People wey dey play games
Refugees

Ethereum as e dey plenti

4k+
Projects built on Ethereum
96M+
Accounts (wallets) with an ETH balance
53.3M+
Smart contracts on Ethereum
$410B
Value secured on Ethereum
$3.5B
Creator earnings on Ethereum in 2021
1.187M
Number of transactions today

Who dey run Ethereum?

Ethereum nor dey unda di kontrol of any paticula pipol abi tin. E dey exist anytaim wen komputas wey konet dey run software wey dey follow d Ethereum protocol and dey add to di Ethereum blockchain. Ish of dis komputas dem sabi as node. Anybody fit run nodes, aldoh if yu wont patisipate for sikurin di netwok, yu go nid stake ETH (Ethereum’s native token). Anybody wey get 32 ETH fit do dis without any pamishon.

Even di Ethereum sorse kode nor dey kome from one singol entity. Anybody fit sujest shanges to di protokol and diskus upgrades. Dem get plenti implimentashon of di Ethereum protocol wey dey come from independent organizashons for diferen programin languaj, and dem usually dey built for di open and dey enkoraj kontribushons from di komunity.

What are smart contracts?

Smart contracts na computa programs wey dey live for di Ethereum blockchain. Dem dey exekute am wen dem trigga dem by one transakshon from one user. Dem make Ethereum very flexibol for di tins wey e fit do. Dis programs dey serve as buildin bloks for desentralized apps and organizashons.

Yu don eva yus one product wey dey shange im tams of savis? abi wey don rimuv one feashure wey yu find yusful? Wons smart kontract dey published to Ethereum, e go be online and go dey operate as long as Ethereum dey. Nor bi even di author fit take am down. Sinse smart contracts dey automated, dem nor dey diskriminate against any user and dem always dey ready tu yus.

Popular eksampol of smart kontracts na to lend apps, desentralize tradin ekshanges, insurans, quadratic fundin, soshial networks, NFTs - na anything wey yu fit tink of.

More on smart kontractsSearch dapps

Make yu meet ether, Ethereum cryptocurrency

Many akshons on di Ethereum netwok dey rikwaya some kain work make dem do on Ethereum's embedded computer (wey dem sabi as di Ethereum Virtual Machine). Dis computashon nor dey fri; dem dey pay for am using Ethereum's native cryptocurrency wey dem dey koll ether (ETH). E mean say yu nid at least smoll amount of ether make yu fit yus di network.

Ether dey purely digital, and yu fit send am to anybody anywia for di world instanta. Di supply of ether nor dey kontrolled by any gofament abi kompany - e dey desentralize and transparent kpatakpata. Ether get issue based on di protokol, only to stakers wey dey sikure di netwok.

How about hau Ethereum dey yus enargi?

For September 15,2022, Ethereum go thru Di Merge Upgratde wey shange Ethereum from proof-of-work to proof-of-stake.

Di Merge na Ethereum's upgrade wey big pass and e dey ridus di way e dey chop enargi wey dem nid to sikure Ethereum by 99.95%, and e dey kreate one more sikure network wey get shikini carbon kost. Ethereum don bi one low-carbon blockchain as e dey boost sikurity and skalability.

I hear say dem dey yus crypto as tool for criminal runs. Na true?

Just like any tecknologi, pipol go dey misyus am somtaims. Anyhau e bi, bikos all Ethereum transashons wey dey hapun on open blockchain, e always dey izy for authoritis to track aktivitis wey bad wella pass di way e for bi for tradishonal finanshial system, wey nor dey make Ethereum bi shoise for doz wey go rada go undetekted.

Dem dey yus crypto less dan fiat currensis for kriminal puposes according to d key findings of one risent riport wey Europol, d European Union Agency for Law Enforcement Kooperashon, riliz:

The yus of cryptocurrencies for bad tins to spoil only smoll part of di komplit cryptocurrency ekonomy, and e look like say e dey smoll pass di amount of bad funds wey dey involve for tradishonal finans

Wetin bi di difrens bitwin Ethereum and Bitcoin?

Dem launch sinse for 2015, Ethereum dey build on top wetin Bitcoin build already, e still get some big difrens.

Both of dem dey gri make yu yus digital money witout di nid for payment provida abi banks. ButEthereum dey programmabol, so yu fit folow build den kome deploy desentralize aplikashons on top im network.

Bitcoin dey make us send basik messages from one pesin to anoda pesin about wetin wi tink say get value. To dey establish value wey nor get authority dget pawa already. Ethereum folow stretch dis: pass make e just be messages, yu fit write any general program, abi kontract. E nor get any limit to di kain of kontract wey fyu it kreate and gri upon, as e be like dis, big-big tins dey hapun on top di network.

As Bitcoin bi network wey dey only for payment. Ethereum dey more like marketplace of finashal savis, games, soshial netwoks and oda apps.

Further reading

Week wey dey Ethereum News(opens in a new tab) Weekly newletter wey dey kova di main di main divelopment for di whole ecosystem.

Atoms, big-big skools, Blockchains(opens in a new tab) Why blockchains mata?

Kernel(opens in a new tab) Ethereum Drim

Play wit ethereum

Test your Ethereum knowledge

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