Explore the possibilities of Ethereum's smart contract feature
ETH2 Is Coming Soon
Ethereum has an update coming soon; it goes to version 2.0. The most notable difference is that it goes to a Proof of Stake system instead of Proof of Work system. What that means is that you can use a small computer as a node and help the network validate the blocks. Earlier you had to have a beast of a machine to ever validate and get rewarded.
This sounds great for the little guy, but you now have to have 32 ether to participate. That amount is staked; if you behave well the amount will go up because of rewards. If you misbehave, you can be punished and lose funds. This is to ensure that nobody tries to create fake blocks and ruin consensus.
Conclusion
Ethereum is growing into a formidable force in finance and tech. Being able to use different wallets and services can help you handle your own finances – and maybe even publish your own art.
I should add that the power of Ethereum comes with the need for caution. Smart contracts are visible on the blockchain, and a bug or security hole in the code could lead to exploitation. Back in 2016, nearly $50 million in ether was drained from Ethereum accounts in this kind of attack, although the developers were able to claw the money back through a hard fork of the Ethereum blockchain. Several updates have improved security since that time, but be aware of the need to test your code thoroughly and use secure programming techniques.
Web 3.0 will be based on digital currencies and their surrounding technologies. Hopefully Ethereum will improve the web experience for most users and help balance the power on the web.
Infos
- Ethereum: https://ethereum.org/
- NFTs: https://en.wikipedia.org/wiki/Non-fungible_token
- Ethereum's Merkle Patricia trees: https://rockwaterweb.com/ethereum-merkle-patricia-trees-javascript-tutorial/,
- Ethereum Ropsten Testnet Faucet: https://testnet.help/en/ethfaucet/ropsten.
- Solidity: https://docs.soliditylang.org/en/v0.8.11/
- Cakeshop on GitHub: https://github.com/ConsenSys/cakeshop/releases
- Cakeshop home page: https://opensourcelibs.com/lib/cakeshop
- Remix IDE: https://remix.ethereum.org/
« Previous 1 2 3
Buy this article as PDF
(incl. VAT)
Buy Linux Magazine
Subscribe to our Linux Newsletters
Find Linux and Open Source Jobs
Subscribe to our ADMIN Newsletters
Support Our Work
Linux Magazine content is made possible with support from readers like you. Please consider contributing when you’ve found an article to be beneficial.
News
-
Endless OS 6 has Arrived
After more than a year since the last update, the latest release of Endless OS is now available for general usage.
-
Fedora Asahi 40 Remix Available for Macs with Apple Silicon
If you've been anticipating KDE's Plasma 6 for your Apple Silicon-powered Mac, then you're in luck.
-
Red Hat Adds New Deployment Option for Enterprise Linux Platforms
Red Hat has re-imagined enterprise Linux for an AI future with Image Mode.
-
OSJH and LPI Release 2024 Open Source Pros Job Survey Results
See what open source professionals look for in a new role.
-
Proton 9.0-1 Released to Improve Gaming with Steam
The latest release of Proton 9 adds several improvements and fixes an issue that has been problematic for Linux users.
-
So Long Neofetch and Thanks for the Info
Today is a day that every Linux user who enjoys bragging about their system(s) will mourn, as Neofetch has come to an end.
-
Ubuntu 24.04 Comes with a “Flaw"
If you're thinking you might want to upgrade from your current Ubuntu release to the latest, there's something you might want to consider before doing so.
-
Canonical Releases Ubuntu 24.04
After a brief pause because of the XZ vulnerability, Ubuntu 24.04 is now available for install.
-
Linux Servers Targeted by Akira Ransomware
A group of bad actors who have already extorted $42 million have their sights set on the Linux platform.
-
TUXEDO Computers Unveils Linux Laptop Featuring AMD Ryzen CPU
This latest release is the first laptop to include the new CPU from Ryzen and Linux preinstalled.