Ethereum currency unit and Wallets
- Ethereum’s currency unit ether.
- It identified as “ETH” or with the symbol ≊(From the greek letter “XI” or, less often,🔷.
- For example: 1 ether,or 1 ETH, ≊ or 🔷1.
- Ether smallest unit = WEI
- Ether is subdivided into smaller units wei.
- One ether is 1 quin trillion wei (10 18 or 1000,000,00000,000,0000)
- Ethereum system,ether currency.
- When you transact 1 ether,the transaction encodes 1000,000,000,000,000,000 wei value.
Types of Wallets
- Mobile Wallets,
- Desktop Wallet,and
- Web based wallet,
Generally popular a wallet application is, the more trust worthy likely to be.
- It is good practice to avoid “putting all your egss in one basket” and have your Ethereum accounts spread across of wallets.
- Ethereum is currently developing and implement a series of upgrades called Ethereum 2.0.
- Current specifications for Ethereum 2.0 include a transition to proof of stake and in transaction throughput using sharding technology.
- Open source development is currently underway for upgrade to the Ethereum platform, Ethereum 2.0, or Eth2.
- The main purpose of the upgrade is transaction throughput for the network, from of about 15 transactions per second to up to tens of thousands of transactions per second.
- The increase in throughput is achieved by splitting up the work load into many block chains running in parallel having share consensus, to maliciously tamper with one chain would require that one tamper with the common consensus, cost the attacker money than ever gain from the attack.