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Ethereum is an open-source, decentralized blockchain platform that was introduced in 2015.

Blockchain network gives developers the ability to create smart contracts and decentralized applications (dApps). Because of its security, scalability, and flexibility, Ethereum has grown to become one of the most widely used blockchain platforms. Since its introduction, Ethereum development has altered the trajectory of the blockchain ecosystem.

The blockchain industry saw a major development with the launch of Ethereum in 2015. On top of its blockchain network, it was the first blockchain platform that let programmers create decentralized apps and smart contracts. With the introduction of Ethereum, a plethora of blockchain-based projects and decentralized applications became possible that are still in use today.

Solidity is a contract-oriented programming language made especially for Ethereum blockchain smart contract development. Since its introduction in 2015, it has grown to be the most widely used programming language for creating Ethereum smart contracts. On the Ethereum blockchain, Solidity has made it simpler for developers to create intricate smart contracts.

On the Ethereum blockchain, tokens are created and used using to ERC20 token development technical standard. Since its introduction in 2015, it has grown to be Ethereums most widely used token standard. Many new blockchain-based projects have been sparked by the ERC-20 standard, which has made it simpler for developers to create their own tokens on Ethereum.

On the Ethereum blockchain, smart contracts are carried out by the Ethereum Virtual Machine (EVM), a decentralized runtime environment. Since its introduction in 2015, it has grown to be a crucial component of the Ethereum network. On the Ethereum blockchain, developers can now create sophisticated decentralized apps and smart contracts thanks to the EVM.

Ethereum uses the Proof of Stake (PoS) consensus algorithm to approve transactions and add new blocks to the blockchain. It was unveiled in 2017 as a substitute for Bitcoins Proof of Work (PoW) algorithm. PoS is superior to PoW in many ways, such as lower energy consumption, less centralization, and better scalability.

Users can register human-readable names for Ethereum addresses through the decentralized Ethereum Name Service (ENS). Since its introduction in 2017, it has grown to be a crucial component of the Ethereum network. By streamlining the sending and receiving of Ethereum transactions, the ENS has facilitated user interaction with the Ethereum blockchain.

An Ethereum blockchain layer-two scaling solution is the Raiden Network. Since its introduction in 2017, it has grown in significance for the Ethereum ecosystem. Developers have found it easier to create decentralized applications thanks to the Raiden Networks ability to facilitate quick, affordable, and scalable transactions on the Ethereum blockchain.

Developers can suggest enhancements to the Ethereum platform through the community-driven Ethereum Improvement Proposal (EIP) process. Since its introduction in 2015, it has grown in significance within the Ethereum network. The Ethereum Platform Improvement Process (EIP) has enabled developers to participate in the platforms development and has resulted in numerous significant platform enhancements.

An important turning point in the evolution of the Ethereum network has been reached with the release of the Serenity update for Ethereum 2.0. It seeks to enhance security while resolving some of the scalability and energy efficiency problems with the existing Ethereum network.

The introduction of a new consensus mechanism, known as Proof of Stake (PoS), to replace the existing Proof of Work (PoW) mechanism is one of the main changes in Ethereum 2.0. Unlike PoW, which requires miners to carry out difficult mathematical calculations, PoS is a more energy-efficient consensus method. Rather, Proof of Stake (PoS) depends on validators to confirm transactions and append fresh blocks to the blockchain. Validators must put up a specific amount of As collateral, validators must stake a certain amount of Ether (ETH), which they must forfeit if they act maliciously.

The addition of shard chains to Ethereum 2.0 is another significant modification. All nodes in the current Ethereum network are required to process every transaction because it functions as a single chain. This restricts the networks capacity to grow and may result in expensive gas costs when network traffic is at its peak. Conversely, shard chains enable the network to be divided into smaller chains, each of which is capable of handling transactions on its own. As a result, the network can handle more transactions, increasing its scalability and lowering gas costs.

Ethereum WebAssembly, or eWASM, is a brand-new virtual machine that will be included in Ethereum 2.0 with the goal of enhancing the effectiveness of smart contract execution. Compared to the current Ethereum Virtual Machine (EVM), eWASM is more effective and adaptable, and it will allow programmers to create smart contracts using a larger variety of programming languages.

Phases of the Ethereum 2.0 upgrade are being carried out, with new features and enhancements added at each stage. The Ethereum 2.0 networks backbone, the Beacon Chain, was first introduced in Phase 0, which debuted in December 2020. In addition to overseeing the shard chains and validators, the Beacon Chain is in charge of maintaining network consensus.

Phase 1 is anticipated to go live in 2021 and bring shard chains, which will increase the networks transaction processing capacity. Additional network enhancements, such as smart contract execution on shard chains, will be implemented in Phase 2.

Developers can create smart contracts on the Ethereum network more easily with the help of pre-built code templates called smart contract templates. The time and effort needed to create smart contracts can be decreased by customizing and modifying these templates to fit various use cases.

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The Top 10 Ethereum Developments That Impacted History | by Ragunath | Dec, 2023 - Medium

Ethereum is an open-source, decentralized blockchain technology that supports smart contracts and decentralized apps (dApps). It also has its own coinage, Ether (ETH). The Russian-Canadian programmer and cryptocurrency enthusiast Vitalik Buterin initially introduced Ethereum in a 2013 whitepaper. As of November 2021, Ethereum had a market valuation of over $200 billion, making it one of the most significant and inventive initiatives in the cryptocurrency sector since its introduction in 2015.

Ethereum wants to be a worldwide platform for decentralized apps, enabling people to create and operate software that is immune to fraud, outage, and censorship. Additionally, Ethereum wants to make Web3 possiblea new paradigm for online development that combines ideas like token-based economics, blockchain technology, and decentralization.

We will examine some of the most important facets of Ethereums development in this piece, including its Web3 environment, smart contracts, and potential obstacles and possibilities in the future.

Simply put, smart contracts are blockchain-based programs that execute in response to preset triggers. Generally, they are employed to automate the implementation of an agreement so that there is no need for an intermediary and no delay for any parties involved in knowing the conclusion right away. Additionally, they can automate a workflow so that it only moves forward when certain criteria are satisfied. One of Ethereums main features is smart contracts, which let users build and implement different kinds of decentralized applications (dApps), such as decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and more. Solidity, the native programming language of Ethereum, is intended to be expressive, safe, and user-friendly for writing smart contracts.

Some examples of smart contracts on Ethereum are:

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Ethereum's Evolution: From Smart Contracts to Web3 Wonders - Medium

The Flare Newtok pursues an initiative to unlock the multi-billion dollars lying untapped in digital assets like XRP amid their lack of smart contract support.

In a recent tweet, Flare Network disclosed that the FAssets system, which is set to bring smart contract functionality to non-smart contract crypto projects like XRP, has the potential to unleash the value of $800 billion in crypto assets.

In the video accompanying the tweet, the Flare Network team highlighted that the total value of public blockchain assets has reached a staggering trillion dollars.

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However, it argued that more than 70% of the value comprises tokens from blockchains incapable of supporting smart contracts. Meanwhile, smart contract functionality is crucial for decentralized applications (DApps).

In tackling the highlighted limitation, Flare Labs presents the FAssets system. Emphatically, the FAssets system enables non-smart contract tokens like XRP, Bitcoin, and Dogecoin to become usable in DApps.

Specifically, these non-smart contract tokens will be minted as FAssets on the Flare Network. Doing so allows users to participate in decentralized finance (DeFi), earning yields and unlocking a plethora of untapped value.

At the moment, the private Beta of FAssets is currently active on Flares Coston testnet.

Notably, the FAssets system is not confined to the Flare Network alone. The minted tokens can be bridged to other networks using LayerCake.

In contrast to other wrapped asset systems for non-smart contract tokens, the Flare team underscored that FAssets stands out as trustless. It implies users are not exposed to the risk of relying on a centralized intermediary when engaging their tokens in smart contracts.

Also, the team mentioned that the system relies on Flares native data acquisition protocols to achieve its independence from third parties. It involves leveraging the Flare Time Series Oracle for decentralized price feeds and the Stake Connector for trustless verification of transactions on the underlying chain.

Notably, backing FAssets are three asset types: the underlying asset, Flare native token collateral, and either stablecoin or wrapped Ethereum collateral. Furthermore, the team noted that independent agents facilitate the minting and redeeming processes.

It is worth mentioning that FAssets are minted as ERC20 tokens on the Flare Network, ready for use within DeFi or bridged to other chains.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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FAssets Could Unlock the Potential of $800B in XRP and Other Crypto Assets - The Crypto Basic

Blockchains are already transforming our financial system, as we can see with DeFi (Decentralized Finance).

However, blockchains are not only useful when it comes to finance.

With the invention of blockchain technology came the concept of decentralization i.e. something that is not controlled by a single individual.

The invention of Blockchain also brought another idea to disrupt regular centralized organizations into decentralized organizations called DAOs.

You see, regular centralized organizations could be a company, business, or community that operates with the CEO as the head and central authority.

He makes all the decisions with a small group of people called board members and gives no room for input and transparency for everyone that is part of the organization.

DAO, on the other hand, stands for Decentralized Autonomous Organization. These are organizations (a group of people in a business or community) that govern themselves using computer programs and codes called smart contracts and, as such, have the ability to function autonomously, i.e., without the need for a central authority or single individual.

With a DAO, these groups of people can come together in an agreement to abide by certain rules for the purpose of achieving an objective or goal.

Those rules are often written by a core team of community members into the smart contracts that run when certain conditions are met.

These smart contracts are open and can be verified as well as publicly auditable, thus laying a solid and trusted foundation for the operations of the DAO.

The code is also open for any potential member to understand how that particular DAO will operate fully at all times.

Once the code has been set, it can no longer be altered without a consensus (i.e., a general agreement) obtained through a vote by members; which means there is no specific authority that has the power to change the rules of the DAO. It is entirely up to the token holders to decide.

The computer program used to create a DAO is called "Solidity," and deploying it on a blockchain like Ethereum activates the DAO.

A code of a DAO, once deployed, requires Ether (ETH) to engage in transactions.

A DAO cannot accomplish anything without ETH; hence, the first item of business for a DAO is to have as much ETH as possible.

ETH can be given to the DAOs using the smart contract address during the initial creation phase stated in the code. Once funding is completed, the DAO is ready for deployment towards a specific goal.

The goal of a DAO can be anything from collecting rare NFTs in the case of Pleaser DAO to the management and control of a stablecoin in the case of MakerDAO and DAI stablecoin.

DAOs operate on a decentralized ranking; that is, everyone who is a token holder has a stake, and no one person owns or controls the entire thing the way a regular organization with a CEO would.

All the members of a DAO can access information about the organizations actions and finances alongside vote on decisions affecting the DAO using the tokens they hold.

Thus, there is no central authority of a DAO; instead, power is distributed across tokenholders who collectively cast votes.

All members must first join a DAO by purchasing its native cryptocurrency to become a member.

Funds gotten from the sale of the token issued by the DAO are used to fill up the DAOs treasury.

Token holders receive voting rights in exchange for their money, which are usually proportional to the tokens they hold.

DAOs are community-led organizations that are fully autonomous and transparent because smart contracts lay the rules alongside control the organization treasury.

Smart contracts also execute on the agreed upon decisions, and at any point, even the very code for voting and setting up proposals can be publicly audited.

Generally speaking, community members create proposals on certain issues. Proposals that are put forward are voted on by token holders using the governance token.

Proposals that achieve some predefined level of consensus are then accepted and enforced by the rules embedded within the smart contract.

The concept of a DAO is to promote oversight and management of an entity similar to a corporation.

However, the key to a DAO is the lack of a central authority; the collective group of governance token holders act as the governing body.

Voting power is often distributed across users based on the number of tokens they hold. For example, a user that owns 100 tokens of the DAO will have twice the weight of voting power over a user that owns 50 tokens.

DAOs often have treasuries for keeping tokens that can be issued in exchange for fiat.

Members of the DAO can vote on how to use those funds; for example, some DAOs with the intention of acquiring rare NFTs can vote on whether to liquidate treasury funds in exchange for NFTs.

There are several reasons why a group of individuals may want to pursue a structure of a DAO for an organization.

Some of the benefits of this form of management include:

With DAOs, decisions impacting the organization are made by all of the members as opposed to a central authority.

Instead of relying on the actions of one individual (CEO) or a small group of individuals (Board of Directors), DAOs decentralize authority across a large range of members.

The concept of a DAO encourages people from all over the world to come together to build a single vision. With just internet and a device, tokenholders can interact with other owners wherever they may live.

Within a DAO, votes are cast via blockchain and made publicly viewable. This requires users to act in ways they feel is best, as their vote and their decisions will be made publicly viewable.

Individuals within a DAO may feel more empowered and connected to it when they have a voting power and a direct say on all matters.

Unlike a formal organisation, where trust is the primary motivator for bringing people together, DAO members trust the code.

While DAOs may sound liberating and progressive, there are a few roadblocks that you must consider before jumping right in:

DAOs are still coded, and codes are sometimes vulnerable to hacks, like in the case of The DAO that was hacked and $60 million of ether was stolen in 2016.

DAOs are new innovation that is still in its infancy and requires a more critical perspective.

Also, the majority of DAO-based products are still out of sync with their centralized and offline counterparts.

The most common type of DAOs are known as protocol DAOs. They operate by offering tokens as a means of ownership and governance for its protocol (smart contracts).

When tokens are used as voting requirements for implementing any changes in the DAO, such DAOs structure could be referred to as protocol DAOs.

For example, MakerDAO, who owns DAI stablecoin, votes on proposals to the DAI project through its Maker governance token.

Other examples of protocol DAOs include the decentralized exchange Uniswap DAO, which rewards native governance tokens called UNI to liquidity pool providers.

The UNI tokens can also be used to vote on governance-related decisions as it affects the Uniswap DAO.

Other notable protocol DAOs include Aave and Yearn Finance.

2. Collector DAOs

This is a type of DAO that collects, sells, and issues NFTs. As NFTs have grown in popularity and adoption, they have become a large part of the crypto investments.

The main goal for Collector DAOs is to acquire NFTs from chosen collections or artists.

A good example of a collector DAO is Pleaser DAO. It is a DAO famous for being the owner of Wu Tang Clans album Once Upon A Time in Shaolin and the Doge Meme NFT.

Another popular example of a Collector DAO is ConstitutionDAO, which was formed in an attempt to buy a copy of the U.S. Constitution.

Though the DAO failed at acquiring the asset, the DAO proved a collection of like-minded individuals could form and pursue such endeavours.

Flemingo DAO is also yet another example of a collector DAO, which collected incredibly expensive NFTs from digital artists Cryptopunk in 2021 for $800k USD.

3. Investment DAOs

Investment DAOs are DAOs focused on generating a good return on investments.

It is basically a group of members who pool their funds to generate the maximum possible return on their investment.

Traditional investment firms put investment power in the hands of a relatively small group of money managers of VC funds and hedge funds.

Investment DAOs offer anyone holding its governance token the ability to make decisions regarding its investments.

Profits from investments are distributed either via airdrops to governance token holders or through a staking mechanism. By staking your governance token, youll then receive a share of rewards that you can withdraw from the smart contract.

Some of the top examples of investment DAOs include MetaCartel Ventures, which is a sub DAO of MetaCartel DAO, focused on investments in new dApp projects. Others include The LAO and BitDAO.

4. Social DAOs

Social DAOs intend to bring like-minded people together, coordinated around a token.

By organizing around a token, members have the incentive to create a valuable communityshare insights, host meetups, and throw great parties, etc.

The leading example is Friends with Benefits and its $FWB token. To join, members must submit an application and acquire 75 FWB tokens.

Entry comes with access to a community full of prominent crypto builders, artists, and creatives as well as exclusive events.

As more people understood the benefits of joining the FWB community, the token appreciated, sending the $FWB price from $10 to $75, and therefore, membership cost from around $750 to around $6,000.

You can think of social DAOs as exclusive clubs where you can gain membership by purchasing a specific amount of DAO tokens.

Bored Ape Yacht Club NFTs is also another top example of a social DAOs.

You can buy a BAYC NFT and become a member of an elite club with many celebrities as well as an NFTs link to a distinct bored ape profile picture.

5. Educational DAOs

Educational DAOs are built on strong communities while also providing the foundation for web3 through courses, learning materials, and lecturing events.

What is even more special about these DAOs is that students learning through these DAOs also earn ownership and will have a say in the direction of the DAO.

One educational DAO slowly gaining popularity is SMC DAO which is community of people focused on providing educational interactions, tutorial videos and courses on cryptocurrencies and NFTS as well rewarding students and tutors with DAO tokens and points for learning and adding value.

With several use cases in real life, DAOs are becoming the best option adopted by many organizations to mitigate the operational cost and achieve a shared vision.

The main advantage is transparency and security as they are smart contract enabled, thus providing a good level of security and trust.

Its no wonder DAOs are already becoming very bold and valuable, especially with a market valuation of close to $13 billion.

Uniswap (UNI) is leading the charge, with over 2,750,000 members in the ecosystem.

DAO ecosystem tokens like MKR, UNI, CRV, and soon SMC DAO tokens are tokens investors should be worth paying attention to.

Even billionaire Mark Cuban believes that DAOs have a good chance at becoming the future of modern businesses in the long run.

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Decentralized Autonomous Organization (DAO) | by SMC Research | Dec, 2023 - Medium

ChatGPT, as a natural language processing AI model, holds the promise of catalyzing a substantial transformation within the realms of smart contracts and blockchain technology. Its ability to simplify interactions by providing a user-friendly interface for engaging with blockchain systems and smart contracts in plain language is poised to break down barriers to entry, welcoming a more diverse and extensive user base into the blockchain ecosystem. Beyond simplifying interactions, ChatGPT accelerates smart contract development by generating code snippets and producing comprehensible documentation, streamlining the coding process while enhancing transparency. Moreover, it contributes significantly to security through automated audits, vulnerability detection, and real-time security advisories, preempting threats before they can be exploited. In tandem, ChatGPT serves as an educational resource, educating users and developers about blockchain intricacies and promoting best practices, ultimately cultivating a more informed and secure blockchain community. Additionally, it aids in the integration of legal contracts with smart contracts, ensuring compliance and enhancing the privacy and security of transactions. While ChatGPT empowers blockchain technology, it is crucial to remember that its effective incorporation should be guided by a balance of AI and human expertise, security measures, and adherence to ethical principles. ChatGPT, as a natural language processing AI model, has the potential to play a significant role in revolutionizing smart contracts and blockchain technology in several ways:

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Why ChatGPT Is The Next Revolution In Smart Contracts And ... - Blockchain Magazine