Tag: Ethereum Blockchain

What is Ethereum Virtual Machine(EVM) in Web3?

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The Ethereum Virtual Machine(EVM) Powers smart contracts and Web3 applications on Ethereum and associated blockchains. So, how does EVM work?

 

Ethereum Virtual Machine (EVM) is an invisible engine that powers every smart contract on the Ethereum blockchain network. Through this engine, decentralized applications (dApps) can run smoothly, advancing Web3 utility. EVM is holding multiple blockchains, enabling developers to build, deploy, and scale on a common ground.

 

What is the technology behind EVM?

EVM plays the role of a decentralized global computer processing smart contracts for Ethereum-based platforms and dApps. It is Turing-complete and thus can perform any logic, ranging from token swaps to NFT minting securely and without interference. Its compatibility allows other chains like Avalanche, Polygon, and Binance Smart Chain to support applications.

In other words, due to its security by decentralization, EVM is the brain behind the Ethereum ecosystem and several upcoming blockchains. All nodes in the Ethereum blockchain run the EVM and work independently, verifying each transaction. The reliability and compatibility make it easier for builders to advance blockchain utility and Web3 technologies.

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partyushgoyal

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Ethereum Weekly Active Adresses Hits a New All-time High-Impact on ETH?

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The Ethereum ecosystem has hit a new all-time high of 15.4 million in weekly active addresses. What does this mean for ETH?

 

Ethereum network has seen a 62.7% surge in network activity over the past 7 days, suggesting heightened market participation. According to on-chain data, the ecosystem has hit 15.4 million active addresses as its layer 2 solutions signal dominance. With layer 2s showing a 6.65 times higher usage, Ethereum’s scalability could be on the process.

 

Source:X

 

What does this mean for ETH?

Ethereum has surged 2.93%  with a 12.86% increase in trading volume over the past 24 hours. In the past 7 days, ETH has gained nearly 7% in price uptrend signalling renewed investor interest. The long-short ratio stands at 1.0268 per Coinglass data, as of press time.

The King of altcoins is currently fluctuating around $1821, per CoinMarketCap. With a spike in Open Interest (OI) funding rate in the past 24 hours, Ethereum could be eyeing a breakout above $ 2000 in the next few days.

 

 

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partyushgoyal

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What are Smart Contracts in Web3?

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Modern businesses are integrating smart contracts in their daily operations to enhance trust and transparency. So, what are smart contracts and why do they matter?

 

Smart contracts refer to digital agreements powered by blockchain technology. Traditionally, a contract is written on paper or a digital document requiring manual execution by parties such as lawyers and banks. People trust that these centralized parties will stand by the truth at all times and not violate the terms of the contracts.

Blockchains can store immutable data in a decentralized and transparent manner. A contract involves any agreement between two parties that is executed when the conditions are met. For instance, making a bet on a certain event or trading a commodity. They enable the smooth running of activities by web3 users.

 

The bet or trade agreement is stored as code on the blockchain, data that nobody can change. With a combination of Decentralized Finance (DeFi) and other execution technologies, the terms of the smart contracts are executed automatically when due. Many smart contract platforms are built as Layer 2s on the Ethereum blockchain. However, others like Solana, BNB Chain, and Avalanche are on the rise.

 

 

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