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Cryptocurrencies · lesson 2 of 20

Ethereum and smart contracts

Ethereum is a blockchain launched on 30 July 2015. Its cryptocurrency is called ether. Unlike bitcoin, it is designed to run programs.

These programs are called smart contracts: code that runs on the blockchain and executes automatically when certain conditions are met. Once published, it normally cannot be changed.

Every operation on Ethereum requires a fee, called gas, paid in ether. Financial applications, games, registries and many of the tokens circulating in the sector are built on smart contracts.

Questions

1. When was the Ethereum network launched?

On 30 July 2015

Its cryptocurrency is called ether.

2. What is a smart contract?

Code on the blockchain that executes automatically

Once published, it normally cannot be changed.

3. How is gas paid on Ethereum?

In ether

Gas is the fee for every operation.

Next lesson: Proof of stake

Continue from lesson 4

Cryptocurrencies: an online course in 20 short lessons with quizzes and a final certificate, on Unicorn Academy.

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