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BTC
The theory behind Bitcoin was first described by Satoshi Nakomoto in a paper “Bitcoin: A Peer to Peer Electronic Cash System”published to a cryptographic mailing list on the 31st of October 2008. In this paper, Satoshi described the protocol (Proof of Work) that would solve the “double-spend”problem inherent in non-physical (digital) forms of currency. The first or Genesis block was mined by Satoshi on the 3rd of January 2009, with the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” written into the coinbase of the block to act both as a timestamp and a rebuke to the economic instability caused by the widespread practice of fractional reserve banking.
The total supply of Bitcoins is capped at 21 million coins (roughly 18 million are currently in circulation), with each coin being divisible to the 8th decimal place, with a single unit of the smallest division (0.00000001 BTC) being known colloquially as a Satoshi (or sat). The software to run miners and wallets is open source and decentralized, meaning that the network is accessible to anyone with a computer and an internet connection. Transactions are validated and written into the blockchain by miners selected via the Proof of Work (SHA-256) protocol. The difficulty of the Proof of Work algorithm is adjusted every 2016 blocks (roughly 2 weeks) to maintain an average block time of roughly 10 minutes.
Official Website: Website
Block Explorer: Contract address
ETH
The Ethereum white paper was released by Vitalik Buterin in late 2013 after proposals to include a scripting language to enable decentralized applications (dApps) on the Bitcoin blockchain failed to gain traction. Ether is the native currency of the Ethereum blockchain and is used to compensate nodes for performing computations in the Turing-complete instruction set of the Ethereum Virtual Machine (EVM). These instructions form the backbone of smart contracts and digital asset ownership which are recorded and issued upon the Ethereum blockchain.
The development and governance of Ethereum relies upon the use of open-source Ethereum Improvement Proposals (EIPs) whereby developers and the wider public can submit proposals to improve or change standards to the Ethereum platform. These proposals can affect all aspects of the Ethereum ecosystem, from core code changes and ERC token standards through to public informational resources.
Official Website: Website
Block Explorer: Contract address
Risk Alert:
Newdex does not endorse any project. Please be cautious about participating in any transaction.
Newdex Team
March 20, 2020
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