Ethereum Algorithm Explained

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Ethereum Algorithm Explained

Ethereum is a blockchain-based open technology platform that enables individuals to develop and launch decentralized applications (also known as dapps). This is made possible due to the smart contract functionality that the Ethereum platform possesses. The native asset for the Ethereum blockchain is ether, which functions as a fee every time a computation is made on the Ethereum network. Ether also plays an important role in Ethereum’s proof of work mining process, serving as a financial incentive mechanism that encourages miners to secure the network. Underpinning Ethereum is the Ethereum algorithm for proof of work mining, which is the Ethash hashing algorithm.

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