How does Ethereum work? Is it too late to join Ethereum mining now?

Sajjad Hussain
Oct 6 · 2 min read
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What is Ethereum?

Ethereum is a public blockchain platform with smart contract functions. Through blockchain technology, anyone is allowed to build decentralized applications on the platform. Like Bitcoin, open source projects are not controlled by anyone, but unlike Bitcoin, it solves the problem of insufficient scalability, is flexible, convenient, and adaptable.

Ethereum work

The basic unit of Ethereum is the account. Its accounts are divided into two categories, one is an external account (EOA), which is controlled by a private password, and the user controls the private key of the account through the password; the other is a contract account, which is controlled by the contract code and can only be through the EOA account The “smart contract” is the code in the contract account. When a transaction is sent to the account, the contract code will be executed. By deploying the code to the blockchain, users can create a new contract, that is, create a new contract account.

More than 200 applications have been developed on Ethereum. The biggest feature is the smart contract. Once executed, no one can change it to prevent its execution.

Digital currency Ethereum

The Ethereum system itself has a digital currency called Ethereum. It operates in a decentralized manner, is not controlled and cannot be forged. The price of Ethereum on October 6, 2020 is 350 USD.

Crypto Pundit

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