{"id":1243,"date":"2024-06-07T22:30:09","date_gmt":"2024-06-07T19:30:09","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=1243"},"modified":"2024-06-07T17:19:33","modified_gmt":"2024-06-07T14:19:33","slug":"what-is-ethereum-network-eth-how-does-it-work","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/what-is-ethereum-network-eth-how-does-it-work\/","title":{"rendered":"What Is Ethereum Network (ETH)? How Does It Work?"},"content":{"rendered":"<p>Ethereum network is the second largest cryptocurrency next to Bitcoin and has an almost <strong>230 billion dollars<\/strong> market cap. Ethereum is also a cryptocurrency like Bitcoin, but unlike Bitcoin, it is not just a digital asset.<\/p>\n<p>Co-Founder of Ethereum Blockchain <strong>Vitalik Buterin <\/strong>said:<\/p>\n<blockquote><p><strong>&#8220;When I saw it I noticed that this name was more beautiful for me than other alternative names. I think like that the main reason of this is that &#8220;Ethereum&#8221; sounds so good and the word contains &#8220;ether&#8221;. Ether is phenomenon that provides for gliding the light on the space.<\/strong><\/p><\/blockquote>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1244 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Ethereum-eth-1-300x169.webp\" alt=\"\" width=\"604\" height=\"340\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Ethereum-eth-1-300x169.webp 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Ethereum-eth-1-1024x576.webp 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Ethereum-eth-1-768x432.webp 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Ethereum-eth-1.webp 1320w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/p>\n<p>Ethereum&#8217;s target is being a <strong>world computer<\/strong>. The &#8220;computer&#8221; is working thanks to the blockchain network and its own <strong>Virtual Machine.\u00a0<\/strong>We said that Ethereum isn&#8217;t just a digital asset, unlike <strong>Bitcoin<\/strong>. By any definition, Ethereum is the world. The network is available for building new apps on its. Furthermore, the <strong>App<\/strong> has a new feature: <strong>Decentralization.\u00a0<\/strong><\/p>\n<p>That&#8217;s why the apps convert to <strong>dApps (decentralized apps). <\/strong>Right now Ethereum is the most decentral blockchain network. Because the network has a completely decentral structure. The transactions on Ethereum are kept in almost <strong>500.000<\/strong> nodes. That&#8217;s why Ethereum can provide its decentralized structure.<\/p>\n<p>Every user can deploy their <strong>smart contract<\/strong> on the Ethereum blockchain. Even they build their app thanks to the feature. Here, it&#8217;s Ethereum&#8217;s difference.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethereum-network-eth-how-does-it-work\/#What_Is_A_Smart_Contract\" title=\"What Is A Smart Contract?\">What Is A Smart Contract?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethereum-network-eth-how-does-it-work\/#What_Is_Token_Standart_Which_Standarts_Are_Most_Common\" title=\"What Is Token Standart? Which Standarts Are Most Common?\">What Is Token Standart? Which Standarts Are Most Common?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethereum-network-eth-how-does-it-work\/#What_Is_dApps_Decentralized_Applications\" title=\"What Is dApps (Decentralized Applications)?\">What Is dApps (Decentralized Applications)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethereum-network-eth-how-does-it-work\/#Ethereum_Virtual_Machine_EVM\" title=\"Ethereum Virtual Machine (EVM)\">Ethereum Virtual Machine (EVM)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethereum-network-eth-how-does-it-work\/#What_Is_Gas_Fee_On_Ethereum\" title=\"What Is Gas Fee On Ethereum?\">What Is Gas Fee On Ethereum?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethereum-network-eth-how-does-it-work\/#Ethereums_Scalability_Problem\" title=\"Ethereum&#8217;s Scalability Problem\">Ethereum&#8217;s Scalability Problem<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_A_Smart_Contract\"><\/span><strong>What Is A Smart Contract?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Smart contracts are the fundament of the Ethereum blockchain. The network building on them. Smart contracts are written using the <strong>Solidity\u00a0<\/strong>programming language. If you don&#8217;t want what is a smart contract or how it works, don&#8217;t worry. Let&#8217;s imagine 2 people named <strong>Alice<\/strong> and <strong>Bob.\u00a0<\/strong>Alice wants to send money or information to Bob<strong>.\u00a0<\/strong>But she needs <strong>third-party payments<\/strong> or <strong>organizations <\/strong>for doing the transactions.<\/p>\n<p>Here, they can do that thanks to smart contracts. Because the smart contract isn&#8217;t the third party. They just need a wallet and smart contract. But, at the same time, they should keep an eye on when choosing smart contracts. Because some contracts&#8217; owners may be malicious.<\/p>\n<blockquote><p><strong>You might also like: What Is Smart Contract?\u00a0<\/strong><\/p><\/blockquote>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1245 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/akilli-sozlesmeler-nedir-300x165.png\" alt=\"\" width=\"598\" height=\"329\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/akilli-sozlesmeler-nedir-300x165.png 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/akilli-sozlesmeler-nedir-768x422.png 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/akilli-sozlesmeler-nedir.png 800w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/p>\n<p>&#8220;Smart Contracts&#8221; term was created by <strong>Nick Szabo<\/strong> in 1994. They are similar to Automats. These machines also work that. You choose a product, it says the relevant price and you pay for that. And then you click the button and it gives the product that you wanted.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Token_Standart_Which_Standarts_Are_Most_Common\"><\/span><strong>What Is Token Standart? Which Standarts Are Most Common?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>First of all, we should mention EIPs <strong>(Ethereum Improvement Proposal).\u00a0<\/strong>They are proposals for the development Ethereum community and technology. If there are some changes to the network, it is present to the community as EIP.<\/p>\n<p>Some EIPs are related to standards, they are presented as Ethereum Request for Comment <strong>(ERC). <\/strong>All standards&#8217; names are inspired by it: <strong>ERC-20<\/strong>, <strong>ERC-1155<\/strong>, <strong>ERC-721<\/strong>, etc.<\/p>\n<ul>\n<li>ERC-20: The standard was designed for <em>voting<\/em>, <em>staking<\/em>, and <em>digital currency<\/em> tokens.<\/li>\n<li>ERC-721: Usually this standard is used by unique, non-fungible tokens (NFTs).<\/li>\n<li>ERC-777: This token standard is changed and developed ERC-20<\/li>\n<li>ERC-1155: The standard contains both of them fungible and non-fungible tokens.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1246 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-202407-300x169.png\" alt=\"\" width=\"593\" height=\"334\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-202407-300x169.png 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-202407-1024x578.png 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-202407-768x433.png 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-202407-1536x866.png 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-202407.png 1583w\" sizes=\"auto, (max-width: 593px) 100vw, 593px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_dApps_Decentralized_Applications\"><\/span><strong>What Is dApps (Decentralized Applications)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You think Decentralized Apps are like normal apps on <strong>Web 2.0<\/strong>. Dapp is an application for creating connections between users and servers, but they haven&#8217;t a data center, unlike Web 2.0 applications. Smart Contract provides a decentral connection. Additionally, all dApps work as P2P (person-to-person).<\/p>\n<p>They have pure structure. In this manner, dApps can use smart contracts which they were written by another or unknown deployer(owner). Apps and dApps are similar. A difference is in the <strong>backend<\/strong>. Normal applications use the backend where all data is collected on the sole center. But dApps don&#8217;t collect their data as it is. They can&#8217;t do that. Because their backend is blockchain and blockchain is <strong>distributed ledger technology.\u00a0<\/strong>That&#8217;s why data don&#8217;t collect in one center.<\/p>\n<p>Generally, Web 2.0 applications&#8217; structure is that: Front-End \u2192 API \u2192 Database. But <strong>Web 3.0<\/strong> or <strong>Decentralized applications<\/strong>: Front-End \u2192 Smart Contract \u2192 Blockchain.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1247 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/1_3WIaAmxwY2bq6agxp0BnnA-1-300x181.jpg\" alt=\"\" width=\"586\" height=\"353\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/1_3WIaAmxwY2bq6agxp0BnnA-1-300x181.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/1_3WIaAmxwY2bq6agxp0BnnA-1-1024x618.jpg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/1_3WIaAmxwY2bq6agxp0BnnA-1-768x464.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/1_3WIaAmxwY2bq6agxp0BnnA-1.jpg 1400w\" sizes=\"auto, (max-width: 586px) 100vw, 586px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ethereum_Virtual_Machine_EVM\"><\/span><strong>Ethereum Virtual Machine (EVM)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>EVM is the fundament of the Ethereum blockchain&#8217;s operation structure. We can think of the machine as a presence that was sustained by thousands of computers. EVM is the processor. Generally, Virtual Machines are converted bytecodes. EVM is a &#8220;<strong>supporter<\/strong>&#8221; to users for reducing problems on the network.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1248 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/ethereum-virtual-machine-300x157.jpg\" alt=\"\" width=\"589\" height=\"308\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/ethereum-virtual-machine-300x157.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/ethereum-virtual-machine-768x402.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/ethereum-virtual-machine.jpg 1024w\" sizes=\"auto, (max-width: 589px) 100vw, 589px\" \/><\/p>\n<p>Ethereum has 2 types of accounts: <strong>External Owned Accounts (EOA)<\/strong> and <strong>Contract Accounts<\/strong>. Account abstraction wants to achieve that EOAs and Contract accounts work similarly. EOAs are managed by private keys.<\/p>\n<p>Developers write codes and created smart contracts using <strong>Solidity. <\/strong>At this time, the codes are bytecode, so they are non-understandable to readers. EVM is converting them to bytecodes, after that, they are being readable.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Gas_Fee_On_Ethereum\"><\/span><strong>What Is Gas Fee On Ethereum?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The gas fee is payment for executing transactions on the Ethereum network. Gas fees are paid using Ethereum Network&#8217;s native token <strong>ETH.\u00a0<\/strong>Usually, gas fees are calculated as <strong>gwei.\u00a0<\/strong>1 gwei equals 0.000000001 ETH.<\/p>\n<p>Gas fees are paid to network validators. Validators have nodes on the Ethereum blockchain. They verify users&#8217; transactions. In return, users should pay relevant amounts to them. Right now Ethereum has <strong>Proof-of-Stake (PoS)<\/strong> algorithm. But its first algorithm was <strong>Proof-Of-Work(PoW). <\/strong>Right now they should have a minimum of <strong>32 ETH<\/strong> to be validators. But validators were called miners when the network has a PoW algorithm. They should mine for be validators node.<\/p>\n<p>On <strong>15 September 2022<\/strong> was realized on the Ethereum Network <strong>Merge Upgrade.\u00a0<\/strong>Ethereum was a PoS blockchain thanks to the upgrade.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1249 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-211836-300x169.png\" alt=\"\" width=\"588\" height=\"331\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-211836-300x169.png 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-211836-1024x576.png 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-211836-768x432.png 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-30-211836.png 1242w\" sizes=\"auto, (max-width: 588px) 100vw, 588px\" \/><\/p>\n<p>There&#8217;s a gas limit. Users can use the function for determining the limit to gas payments. Standard ETH transfer is available for 21.000 gas limits. For example, if you set a 50.000 gas limit, EVM is using 21.000 gas and refunds its piece of 29.000.<\/p>\n<p>Especially in bullish seasons gas fee ratios are increasing. Because so many users&#8217; wants to use the network. In this case, gas fees are increasing. The completed transaction has been some users who are paying large amounts as fees. Because validators verify these users&#8217; transactions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ethereums_Scalability_Problem\"><\/span><strong>Ethereum&#8217;s Scalability Problem<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ethereum is a decentral blockchain, so, your data is reliable on there. But the network isn&#8217;t scalable. The scalability ratio is measured for TXS power. If blockchain produces blocks fast, so it is scalable. But Ethereum isn&#8217;t.<\/p>\n<p>So, can Ethereum produce that? Yes, Ethereum can do it, but in this case, it must produce smaller blocks. Because nodes should download these data. If blocks have huge sizes, and Ethereum produce them fast, nodes can&#8217;t download and keep them on their device. And then, the nodes&#8217; count will reduce. But we don&#8217;t want it as blockchain enthusiasts.<\/p>\n<p>Right now, there are some solutions to the problem: <strong>Rollups<\/strong>, <strong>Danksharding<\/strong>, <strong>Sharding<\/strong>, <strong>ZeroKnowledge<\/strong> <strong>Proof<\/strong> (ZKP), <strong>Sidechains<\/strong>, etc.<\/p>\n<p>Rollups solve the problem of sending zkProofs to the Ethereum Chain. In this case, Ethereum&#8217;s &#8220;noisy&#8221; will reduce. Rollups have 2 types: <strong>Optimistic<\/strong> and <strong>zkRollups<\/strong>. Optimistic Rollups just create proofs and they don&#8217;t convert them zkProof and send them to Ethereum. But zkRollups are using cryptographic methods. That&#8217;s why Optimistic Rollups are faster than zkRollups.<\/p>\n<p><strong>Danksharding<\/strong> is the initial phase of the <strong>Sharding<\/strong> procedure. The phase is preparation. The sharding phase wants to separate chains. In this case, all nodes aren&#8217;t busy at the same time. In there <strong>Data Availability<\/strong> helps for increasing scalability. So, every node can verify the transaction using a little piece.<\/p>\n<p><strong>ZeroKnowledge Proof (ZKP)<\/strong> technology is providing security and scalability at one time. Transactions will be completed using proofs, but the proofs don&#8217;t contain any knowledge or information about the processes.<\/p>\n<p><strong>Sidechains\u00a0<\/strong>want to be parallel workers for the Ethereum chain. They are working and want to reduce Ethereum&#8217;s load as Rollups. Right now the most common sidechain is Polygon. And the network&#8217;s native token is MATIC.<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p><strong><cite>You can present your thoughts as comments about the topic. Moreover, you can follow us on <a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\">Telegram<\/a>, <a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a>, and <a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube<\/a> channels for the kind of news<\/cite><\/strong><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum network is the second largest cryptocurrency next to Bitcoin and has an almost 230 billion dollars market cap. Ethereum is also a cryptocurrency like Bitcoin, but unlike Bitcoin, it is not just a digital asset. Co-Founder of Ethereum Blockchain Vitalik Buterin said: &#8220;When I saw it I noticed that this name was more beautiful<\/p>\n","protected":false},"author":1,"featured_media":1250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,4,1,5],"tags":[236,61,192,62,58,432,105,430,238,431,216,75,81,434,44,84,433,408],"class_list":["post-1243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-projects","category-coin-analysis","category-genel","category-project-review","tag-altcoin","tag-bitcoin","tag-blockchain","tag-coin","tag-cryptocurrency","tag-eth-gas-fee-trackers","tag-ethereum","tag-ethereum-virtual-machine","tag-event","tag-gas-fees","tag-gwei","tag-liquidity","tag-matic","tag-merge-upgrade","tag-million-dollars","tag-polygon","tag-proof-of-stake","tag-smart-contracts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Ethereum Network (ETH)? 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