Ethereum (ETH) Wallet

What is Ethereum?

Ethereum is an open-source blockchain with a focus on smart contracts. The project was established in 2013 by a Russian-Canadian programmer, Vitalik Buterin when he was just 20 years old. Just like many other crypto projects, Buterin was looking to expand and improve on the technology behind Bitcoin. Ethereum became the second-largest cryptocurrency in the world due to multiple technologies introduced by the team behind it, including its own scripting language and virtual machine, known as EVM. The feature that makes the blockchain stand out the most is its application of smart contracts which were first mentioned by Nick Szabo but were popularized by the Ethereum network. Currently, the network is using the same consensus algorithm as Bitcoin, Proof-of-Work, but has begun working on introducing the Proof-of-Stake onto the blockchain back in 2020. Ethereum’s oldest testnet, Ropsten, has already been merged with the Beacon chain which facilitates the usage of the Proof-of-Stake consensus mechanism. “The Merge” will be performed with the Ethereum mainnet sometime in 2022.

ETH on BSC

Ethereum, as a cryptocurrency, also exists on the Binance Smart Chain, creating an ETH BEP20 token. The ETH BEP20 allows users to utilize the Binance Smart Chain in order to void Ethereum’s slow transaction times and high transaction fees until “The Merge” has been completed.