CryptoAcademy week 4// Homework post for @gbenga of cryptoprofessor// submitted by @jennykel56


INTRODUCTION
Ethereum regarded as a progenitor of Decentralized Applications(dApp) was introduced to improve on the Bitcoin blockchain(first generation of cryptocurrency). Its aim to let people send crytocurrency to anyone for a small fee.

Ethereum.jpg

Outline
-History of Ethereum

  • Ethereum Features
  • Ethereum projects:

    a)Distributed Exchange(DEX) For Ethereum
    System

    b) Chainlink

    c) KYC chain

    • d) Social Network For Artist
    I want to appreciate you @gbenga cryptoprofessor for this lecture.

    HISTORY OF ETHEREUM

    Ethereum was introduced by VITALIK BUTERIN to improve on the Bitcoin blockchain. This was finally completed and launched in 2015 with the help of the Ethereum Switzerland foundation.

    ETHEREUM FEATURES

    Ethereum architecture comprises of a virtual machine that performs scripts using an internal node network.
    Another distinct feature is "ETHER" It is a digital coin or token used to make payments by replacing third parties on the internet.

    ETHEREUM PROJECTS

    DISTRIBUTED EXCHANGE(DEX) FOR ETHEREUM ECOSYSTEM: DEX is a solution concerning ecosystem and finance domain. In Ethereum tokens like ERC 20 and ERC721 deliver the same functionality as Bitcoins, allowing more sophisticated workability than fund transfers.

    ERC 20 tokens represient a single type of asset such as investments or stocks in a company

    ERC 721 token is a collectable coins used in games which is a class of assets

    HOW DOES IT WORK

    A Decentralized cryptocurrency exchange enable direct transactions using these tokens and eliminate third-party interference.
    Note: The choice of DEX depends on the type of tokens
    Example: 1DEX is suitable for ERC20 while OPENSEA is widely accepted for ERC 721

    HOW DO YOU ATTRACT MORE LIQUIDITY
    To attract more liquidity, individual has to stick to one niche or specialization in your exchange and making sure to comply to existing financial regulations with regards to crytocurrency exchanges.

    CHAINLINK
    This is an oracle platform which means it connects smart contracts with real time data from the outside world.
    It has been around since 2017 but didn't come to the forefront of the space until 2019 after it partnered with google. It is fueled by an ERC20 CRYPTO token, LINK and runs on top of the Ethereum network.

    HOW DOES IT WORK
    It is an oracle platform that connects smart contracts with real -time data from the outside world example Wheather information or stock prices.
    A smart contract uses that data to execute pre-defined instructions like paying out an insurance claim in the event of a hurricane.

    KYC CHAIN
    Is a banking solution that allows users to share only the necessary information through" IDENTITY WALLET". The service employs ETHEREUM to store the KYC documents in a decentralized database and the data can be retrieved only by the trusted gatekeeper/ authenticator and the users themselves. It is envolving due to the present day digital arena facing risks of financial frauds, thefts. Such crimes calls for reliable ways to safeguard people's identity.

    SOCIAL NETWORK FOR ARTISTS

    Artists are riding in the bondwagon of Ethereum due to the transparency it offers.
    A web platform called" Ampliative Art" It provides artists the opportunity to exhibit their work and set their own galeries. Both artists and users can earn rewards through tips,donations shares and comments. Here your engagement with the community deteemines your rewards and reputation on the websites.

    CONCLUSION

    The benefits of Ethereum cannot be overemphasize seeing the librality and easy assess to financial leverage it has brought to mankind at large. Creating easy ways of getting job opportunities and stabilization of the world economy at large.


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