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More Grayscale research papers and investment theses are available at: www.grayscale.co/insights 09|19 Key Features of Ethereum Ethereum is the first digital asset to incorporate a platform with smart contract capability. It is comprised of the following elements, which are essential to understanding the network and its many applications. Ether (ETH) ETH is the digital currency native to Ethereum. It serves three main purposes: (i) to store value in ETH, (ii) to settle transactions by allowing users to send or receive payments in ETH and (iii) to facilitate network operations (i.e., power DApps) via transaction fees paid in ETH (known as ‘gas’), which are based on the computational costs of executing the code. Gas is the internal unit of value used for smart contract code execution, calculated by measuring the computational cost of executing a given instruction. Miners and smart contract programmers collect transaction fees in ETH, based on the equivalent amount of gas. Gas prices are measured in wei, the smallest unit of ETH, where 1018 wei is equal to 1 ETH. Smart Contracts Smart contracts are lines of code that facilitate the exchange of anything representative of value, such as money, information, property, or voting rights. They are uploaded onto the blockchain and transactions executed cannot be modified. Using smart contracts, users can send or receive ETH, create markets, store registries of debts or promises, represent ownership of property or a company, transfer funds given a set of logical instructions, and form new digital assets in compliant offerings or issuances. The concept of a smart contract was first proposed by Nick Szabo, a renowned computer scientist specializing in digital currencies and the creator of Bit Gold, and was explored in his 1997 whitepaper. Solidity Solidity is the primary programming language of Ethereum. It is used to write smart contracts, develop DApps, structure DAOs, and operate IoT (Internet of Things) devices built on Ethereum technology. Additional languages for the Ethereum network, such as Vyper, are now live while others have been deprecated, like Serpent and Mutan. Decentralized Applications (DApps) DApps are applications, programs, or tools that utilize smart contracts built into the Ethereum network. DApps have potential use cases across many sectors, including financial services, asset management, supply chain management, identity management, and data storage encryption and transfer. Some popular DApps built on the Ethereum blockchain include MakerDAO, CryptoKitties, and IDEX. MakerDAO, in particular, is currently the largest decentralized financing (DeFi) platform.24 As a tangible application of Ethereum, it has the potential to democratize access to financial services. As of February 12, 2020, approximately 3.1 million ETH were locked up as collateral for DeFi purposes. 24. “Maker Dominance.” DeFi Pulse. February 12, 2020. https://defipulse.com/. PLEASE REVIEW IMPORTANT DISCLOSURES & OTHER INFORMATION AT THE END OF THIS PAPER. ©2020 Grayscale Investments, LLCPDF Image | An Introduction to Ethereum
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