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NJ Bridgewater
29 April 2018
[NOTE: This post should not be considered or construed as financial advice or other advice and is written solely for informative and educational purposes]
Introduction
What is Ethereum? Simply
put, Ethereum is a blockchain-based network which allows for the creation and
implementation of smart contracts.[1]
The central engine of the system is a decentralizing Turing-complete virtual
machine called the Ethereum Virtual Machine (EVM), which executes scripts using
an international network of public nodes.[2]
The Ethereum platform also generates its own cryptocurrency called Ether. Ether
(or ETH) is one of the top four cryptocurrencies – the others being Bitcoin
(BTC – the undoubted king of cryptocurrencies), Litecoin (LTC) and Bitcoin Cash
(BCH), which is a hard fork of the Bitcoin blockchain. [For more information on
Bitcoin, see my article, ‘What is Bitcoin’ here]. Internal transactions within the
Ethereum network are priced using ‘Gas’, which helps to mitigate spam and
allocate resources within the network.[3]
The main purpose of the platform is to create “a global infrastructure that can
move value around and represent ownership of property”.[4]
This can include both digital assets (e.g. cryptocurrencies themselves, like
Ether) and tokenized assets. An asset is something which has value, including
money, precious metals, land etc. By tokenizing assets, one can create digital
tokens which represent objects of real-world value. One could, for example,
create a token which represents an ounce of gold or silver. This digital token
would then represent the object of real-world value. While Bitcoin represents
the next step in the evolution of money, Ethereum has opened up new
possibilities and a next-level evolution in the ownership and distribution of
tangible (e.g. gold) and intangible (e.g. information) assets.
 |
| Ethereum logo |
Etymology
The name Ethereum, which evokes the English word
‘ether’ and sounds a lot like ethereal (meaning ‘delicate’ or ‘otherworldly’).
If we describe something as ethereal, we mean that it pertains to the ether, sky
or celestial heavens. Thus, we might describe a princess or goddess depicted in
Pre-Raphaelite paintings as ‘ethereal’, such as the Lady of Shalott by John William Waterhouse (1849 – 1917), or the
nymphs in Hylas and the Nymphs, by the same artist. Ether, which derives
from the Latin aetherius (‘pertaining
to the ether, sky or air), is a borrowing from the Greek aithérios. It is synonymous with the Latin dīvīnus, meaning divine, and caeles,
meaning ‘celestial’ or ‘heavenly’, from caelum
‘heaven, sky’.[5] In
medieval science, furthermore, æther or ether, also called the ‘quintessence’,
refers to a theoretical material which fills the region of the universe which
exists above the terrestrial sphere.[6]
It is also referred to in Plato’s Timaeus as being a translucent kind of
air.[7]
In any case, æther or ether is an other-worldy, celestial or perhaps ineffable
concept which defies ordinary understanding and conception. The -eum ending which has been added to the
word evokes 1st and 2nd declension Latin accusative
nouns, making the word sound Classical and Roman, like the English words
millennium, requiem, compendium and barium.
 |
| Vitalik Buterin, creator of Ethereum |
The Founder – Vitalik
Buterin
Unlike Bitcoin, whose
creator, under the pseudonym Satoshi Nakamoto, remains anonymous, Ethereum has
a known founder and foundation which has a controlling influence over the
network and its development. This provides a sharp distinction between the
decentralized and democratic Bitcoin network, and Ethereum, which cannot
replicate either the decentralization or the trustlessness of its competitor.
Ethereum was founded by now-billionaire Vitalik Buterin, who first heard about
Bitcoin in 2009.[8]
Vitalik, a Russian-Canadian programmer and co-founder of Bitcoin Magazine,
was born in 1994 and, as of writing, is only 24 years old![9]
Believing that Bitcoin had some limitations, Vitalik went on to develop his own
platform in 2015, called Ethereum, as a decentralized platform for applications
and smart contracts. Due to the revolutionary nature of the platform, it has
been dubbed the ‘Internet 2.0’.[10]
Having solved the ‘double spending problem’, Bitcoin was the pioneer in
blockchain technology. Vitalik utilized this same technology to create the
Ethereum blockchain, which is the distributed and digital ledger which records
all the transactions on the Ethereum platform. In this sense, Bitcoin and
Ethereum are similar, as they both operate using thousands of nodes distributed
across the planet, preserving the network from destruction and allowing all new
transactions to be verified and compared against the blockchain. Ethereum’s
chief innovation, however, was in the development of decentralized smart
contracts.
 |
| A vending machine |
Smart Contracts
What is a smart contract? To
start with, a contract is an agreement between two parties and is legally
recognized by state institutions. There are two main kinds of contracts: verbal
and written contracts. Smart contracts are similar in that they involve an
agreement between two parties. They differ, however, in how the contracts are
executed. A smart contract, as first conceived in 1993 by computer scientist
and cryptographer Nick Szabo, acts like a ‘digital vending machine’.[11]
The basic idea or premise behind smart contracts, Szabo explains, “is that many
kinds of contractual clauses (such as collateral, bonding, delineation of
property rights, etc.) can be embedded in the hardware and software we deal
with, in such a way as to make breach of contract expensive (if desired,
sometimes prohibitively so) for the breacher.”[12]
The vending machine example shows us that “via a simple mechanism”, the machine
can take in coins and dispense change according to a specified price. The
vending machine itself “is a contract with bearer: anybody with coins can
participate in an exchange with the vendor. The lockbox and other security
mechanisms protect the stored coins and contents from attackers, sufficiently
to allow profitable deployment of vending machines in a wide variety of areas.”
What Szabo is saying here is
that a smart contract functions in the same manner as a vending machine. When
you place a coin in the machine to purchase an item, e.g. a can of Coke, you
are entering a contract with the vendor who owns the machine. Instead of
signing a paper or digital contract or entering into a verbal agreement, you
are entering a contract that is mechanically automated through the internal
mechanism of the machine itself. The coin enters and the product is released
automatically, falling into the tray where you can access and take your
purchased goods. A smart contract works the same way. For example, a developer
will create a smart contract on the Ethereum platform which allows for the
exchange of one digital token for another. This may take the form of exchanging
the native Ether cryptocurrency for another token developed on the Ethereum
platform, e.g. TRX. An exchange rate can be specified, a time frame can be
determined, or any other number of variant factors which will determine the
length, amount, and other features of the contract. When someone sends Ether to
the specified contract address, the tokens specified in the contract are
automatically released. There is no intermediate human intervention; rather,
like the vending machine, the mechanisms of the Ethereum Virtual Machine ensure
that the contract is executed, seamlessly and without prejudice. The lack of a
human mediator is revolutionary – it frees humans from the constraints of third
parties and allows direct peer-to-peer interactions and exchanges of wealth,
assets and information, without any concern for government oversight or third-party
governance.
Decentralized
Applications (Dapps)
In addition to smart
contracts, another essential feature of Ethereum is ‘decentralized
applications’ or DApps. According to the Ethereum whitepaper, “the intent of
Ethereum is to create an alternative protocol for building decentralized
applications”, which it achieves through “building what is essentially the
ultimate abstract foundational layer: a blockchain with a built-in
Turing-complete programming language, allowing anyone to write smart contracts
and decentralized applications where they can create their own arbitrary rules
for ownership, transaction formats and state transition functions”.[13]
DApps include a number of features, including open-source code, which is freely
available to all; decentralization, using a blockchain; digital incentives in
the form of crypto-tokens or digital assets; and an algorithm or protocol which
generates tokens and has an in-built consensus mechanism.[14]
Unlike traditional applications, file sharing websites and social networks,
DApps are decentralized – stored and run by computers across the planet. This
can lead to decentralized media (e.g. Steemit), decentralized file sharing/store
(e.g. Filecoin) and even de-centralized games such as CryptoKitties.[15]
If you want to understand Ethereum’s potential use cases, then you need to
understand CryptoKitties.
 |
| An example of a CryptoKitty |
CryptoKitties
CryptoKitties is an
Ethereum-based virtual game created by Axiom Zen, which allows user to buy,
collect, breed and sell virtual cats.[16]
As of December 2017, Ether-holders had spent more than $2 million USD on
virtual cats which are bought and sold within the game.[17]
Not only is this an internet game, but CryptoKitties themselves are highly
collectible, with the most expensive virtual cat to date (called Genesis)
selling for $117,712, with the mean price per virtual cat selling at less than
$90.[18]
In the same month (December), the game’s popularity caused congestion on the
Ethereum network, causing an all-time-high rise in transactions and a
considerable slowdown in the time it takes to make Ether transactions.[19]
Interestingly, the cats have a 256-bit genome with DNA and different
attributes, called ‘cattributes’ which can be passed on to offspring. As such,
one can both collect existing virtual cats as well as breeding others for sale.[20]
CryptoKitties is thus both a game and a potential business. On March 20th,
2018, it was announced that CryptoKitties would be spun off to form its own
company, raising $12 million USD from several major venture capital firms and
other investors, led by San Francisco-based Andreessen Horowitz, an American
private venture capital firm founded by Marc Andreessen and Ben Horowitz in
2009.[21]
In fact, CryptoKitties have been so popular that it has even inspired spin-off
games such as Tron (TRX) Dogs, which are based on the TRON platform.[22]
Tron Dogs were launched by Game.com and have no direct affiliation with the
Tron Foundation, though Justin Sun, the founder of Tron, sits on the advisory
board for Tron Dogs. At the time of launch, a Tron Dog could be purchased for
far less than a CryptoKitty, at only 200 TRX (about $18 USD) per dog, though
one can spend 20,000 TRX to buy their own Tron Dogs store, with an upper limit
of 10,000 pet stores per person.[23]
All of this seems rather ridiculous, until you realize that it isn’t and that
this is just the beginning of a new economy of fictional digital assets and the
monetized utilization of crypto-tokens in online gaming.
 |
| Ethereum Classic logo |
The DAO Hack and Ethereum
Classic
Ethereum is, however, not
without its faults. One of the most notable of these was revealed by the DAO
attack. In April 2016, the German blockchain startup, Slock.it, launched a
radical experiment called the Distributed Autonomous Organization (or the DAO
for short), which was based on the Ethereum network.[24]
It was an ambitious project: to launch a venture capital firm wherein all
decisions were made via smart contracts instead of through human control. The
project raised an astounding $150 million from roughly 11,000 investors and
was, at the time, the largest crowdfunding effort in history.[25]
This much-anticipated project, however, was soon to face a major catastrophe.
The problem was that there were serious security flaws in the DAO code, leading
computer programmer, Emin Gün Sirer, to urge that people stop donating to the
DAO until the flaws could be fixed.[26]
His concerns went unheeded, however, and on 17th June 2016, funds
were moved from the DAO and its account drained by an unknown hacker. A series
of efforts were undertaken to recover the funds, but to no avail and, at the
end, the only option remaining to recover the funds was to hard fork the
Ethereum blockchain.[27]
A hard fork usually takes place when a significant change in the code of a
blockchain is made and the blockchain is split into two versions, with some
miners (or nodes) running the original code while others adopt the new
blockchain. The digital ledger, in other words, is divided in two, and these
two new ledgers then function and continue to develop independently of each
other. This happened, for example, when Bitcoin Cash (BCH) forked off the
Bitcoin blockchain, with the majority of the community continuing to support
the original Bitcoin (BTC) blockchain.
On July 20, 2016 at 14:30
UTC, the China-based Ethereum-miner BW.com mined the 192,000th block
on the Ethereum blockchain, followed by the immediate return of the funds lost
in the DAO hack to an account available to the original DAO investors.[28]
The result? The funds were restored but, at the same time, the original
Ethereum ledger was irreparably altered – falsified, if you will – in order to
preserve the massive amount of funds invested in the DAO. While the DAO
investors did receive justice, in a sense, since their original funds were
preserved – at the same time, the integrity of the blockchain was compromised
and a precedent was set, one in which ledgers can be altered to suit the needs
of certain individuals or categories of investors. Another result of the DAO
hack was the creation of Ethereum Classic (ETC), which resulted from an
ideological opposition to the restoration of the DAO funds, thus compromising
the immutability of the Ethereum ledger.[29]
Since that time, however, the precedent established by the DAO hack has not
been followed. A recent proposal, for instance, to restore money to users who
suffered from the recent Parity hack (which resulted in 587 Ethereum wallets
holding 513,774.16 ETH being frozen), was shut down when users overwhelmingly
voted against forking the blockchain yet again to restore their funds. The
amount lost would have amounted to around $360 million USD at today’s prices.[30]
 |
| Examples of different cryptocurrencies and tokens |
ERC20 / ERC223 Tokens and
ICOs / ITOs
In addition to CryptoKitties
and other decentralized apps (DApps), one of the main functionalities of
Ethereum is the tokenization of assets, i.e. the creation of crypto-tokens or
crypto-assets, often or usually released in the form of an initial coin
offering (ICO) or initial token offering (ITO). The creation of crypto-assets
is made possible through the Ethereum Virtual Machine (EVM), which allows for
the creation of ERC20 tokens. ERC stands for ‘Ethereum Request for Comment’ and
20 is the number assigned to the request.[31]
Originally proposed by Fabian Vogelsteller in 2015, ERC20 tokens are tokens
which are created within the Ethereum ecosystem, adhering to a common list of
rules and giving developers the ability to decide how the tokens will function
within the ecosystem.[32]
A smart contract can be implemented, which allows for automatic exchange of the
new tokens for a fixed amount of Ether (ETH). When a blockchain company wishes
to release a new crypto-asset, such as a utility token (i.e. a token which
provides a utility or function), they program the token with a smart contract
which allows for the receipt of ETH and the dispersal of the new token.
Investors then send their ETH to the smart contract address and receive a set
amount of tokens in return, automatically and without any human intervention.
The easy-of-use and adaptability of this new token-class has led to a boom in
ICOs, resulting in a total of more than 21,000 ERC20 token contracts being
created, with some of the most successful including EOS, Bancor, Qash and
Bankex, which each raised over $70 million USD.[33]
Investing in ICOs is not without risk, not least because a large number of
these blockchain startups do not follow through with the implementation of
their business model, and there are also technical risks as well. In April
2018, for example, Poloniex had to suspend all ERC20 token deposits and
withdrawals due to a potential new smart contract bug called ‘batchOverFlow’.[34]
While such bugs can and are usually solved without much difficulty, this does
show that the code is not invulnerable. It should also be noted that there is
now a new type of Ethereum-based token called ERC223, which includes some
additional improvements and functionalities.[35]
Digitex is an example of this new ERC223 token standard.[36]
The Future
What are the future
prospects for Ethereum and its native token, Ether? The cryptocurrency space is
still quite young, and the future development of cryptocurrency and its potential
integration with mainstream financial institutions and markets is still
uncertain. One of the key questions surrounding Ethereum is whether or not it
should be classified as a security under various national laws, e.g. under U.S.
law. If it is classified as a security, then Ethereum could be subject to a
number of national and international government regulations. This is where NEO,
an alternative blockchain which also allows for the development of smart
contracts and decentralized applications proves interesting. NEO is,
essentially, a rival to Ethereum and already hosts an increasing number of
NEO-based (NEP-5) tokens. While Ethereum currently dominates the field, its
future dominance is by no means certain. If it is classed as a security, the
Ether (ETH) currency itself and all of the ERC20 and ERC223 tokens would, by
extension, be subject to government regulations. NEO, in contrast, has already
made moves in the direction of government compliance and regulation. The most
promising new exchange for trading NEP-5 tokens, a decentralized exchange (DEX)
called Neon Exchange (NEX) will be opening in the near future,
allowing for the trading of NEO-based tokens and the eventual integration of
Ethereum-based and other tokens. NEX has already made a conscious effort to
register as a security under European law and fully intends to comply with government
regulations. See my article on the Neon Exchange here.
Ethereum, despite its
laudable endeavor to achieve decentralization and freedom from government or
other centralized control, may have to move in the same direction as NEO at
some point. This leaves Bitcoin as the only truly decentralized cryptocurrency
and the centre of the entire cryptocurrency ecosystem. Price-wise, however, the
future prospects for Ethereum and Ether seem good. DeVere Group, which is a
financial consulting firm, estimates that ETH could rise in price to about
$2,500 by the end of 2018, with further increases by 2019 and 2020
respectively.[37]
The current price of Ethereum is roughly $688.92 USD or 0.07352 BTC. As the
total market value of the crypto-space continues to grow, and as Bitcoin
continues to lead the way, Ethereum will no doubt follow, and the value of
Ether may continue to rise over the long run. However unrealistic it may seem
from the perspective of early 2018, Dan Morehead, the CEO of Pantera Capital, a
$1 billion USD cryptocurrency hedge fund, has even gone so far as to say that
the crypto-market could hit $40 trillion USD within ten years, i.e. by 2028.[38]
If that’s the case, the value of Ether could soar much higher than it is at
present. Whether or not this prediction will prove true remains to be seen, but
the very fact that it is within the realm of possibility means that the potential
for growth is enormous.
Some Facts about Ethereum
Now, finally, here are some more
facts about Ethereum:
·
According to the official FAQ on the Ethereum.org
website, 60 million Ether were created for the original 2014 presale, 12
million (20%) were allocated to the development fund, and the supply of Ether
was capped at 18 million Ether per year (25% of the initial supply), with the
supply continuously inflating into the foreseeable future.[39]
·
77% of ICOs take place on the Ethereum blockchain
(e.g. ERC20 and ERC223 tokens).[40]
·
There is no hard cap for Ether, with the total amount
mined per year standing at around 18 million.[41]
·
The current supply of Ether was 98 million as of
January 2018.[42]
This now stands at 99,100,709.03 ETH (as of writing), of which 72,009,990.50
ETH was created when Ethereum initially launched. This is equivalent to
$68,272,460,465 USD. This is referred to as the total market capitalization.
The average price per ETH is currently $688.92 USD or 0.07352 BTC.[43]
·
As of Jan. 2018, Ethereum had a block time of 14 to
15 seconds, compared to 10 minutes for Bitcoin.[44]
·
Mining of Ether generates new coins at a consistent
rate, without any increase in mining difficulty.[45]
·
Ethereum transaction fees are usually measured in
Gwei, which is a subunit of Ether equivalent to 10 to the minus 9th
power ETH, with the smallest subunit being Wei, which is 10 to the minus 18th
power.[46]
·
Sometime in 2018 – 2019, Ethereum will be switched
from Proof of Work to a new consensus algorithm, currently under development,
called Casper.[47]
If you are interested in
learning about Bitcoin, make sure to check out my article entitled ‘What is Bitcoin?’ (7 December 2017) and my YouTube video entitled ‘Bitcoin: What is it?’ (10 March 2018).
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[1] See: Ethereum (Wikipedia article). URL: https://en.wikipedia.org/wiki/Ethereum
(accessed 25/04/2018).
[2] See: Ethereum (Wikipedia article).
[3] See: Ethereum (Wikipedia article).
[4] See: Ethereum Blockchain App Platform.
URL: https://ethereum.org (accessed 25/04/2018).
[5] See:
https://en.wiktionary.org/wiki/aetherius#Latin ;
https://en.wiktionary.org/wiki/caeles#Latin (accessed 25/04/2018).
[6] See: Aether (classical element) (Wikipedia article). URL:
https://en.wikipedia.org/wiki/Aether_(classical_element) (accessed 25/04/2018).
[7] See: Aether (classical element) (Wikipedia article).
[8] See: Lesley Price (2018) In Conversation
With Vitalik Buterin, Billionaire,
April 24, 2018 12:05 AM. URL: http://www.billionaire.com/people/3027/in-conversation-with-vitalik-buterin
(accessed 25/04/2018).
[9] See: Vitalik Buterin (Wikipedia article). URL:
https://en.wikipedia.org/wiki/Vitalik_Buterin (accessed 25/04/2018).
[10] See: Price (2018).
[11] See: Alyssa Hertig (2017) How Do Ethereum
Smart Contracts Work? CoinDesk, April
2017. URL: https://www.coindesk.com/information/ethereum-smart-contracts-work/
(accessed 25/04/2018).
[12] See: Nick Szabo (1997) Formalizing and
Securing Relationships on Public Networks, First
Monday, 1 September 1997. URL:
http://firstmonday.org/ojs/index.php/fm/article/view/548/469 (accessed
25/04/2018).
[13] See: Vitalik Buterin (2013) A
Next-Generation Smart Contract and Decentralized Application Platform,
published on GitHub. URL:
https://github.com/ethereum/wiki/wiki/White-Paper (accessed 25/04/2018).
[14] See: Sudhir Khatwani (2018) What are
DApps (Decentralized Applications)? – The Beginner’s Guide, CoinSutra, last updated: 2/02/2018. URL:
https://coinsutra.com/dapps-decentralized-applications/ (accessed 25/04/2018).
[15] See: Andrew Braun (2018) Are
Decentralized Apps the Future of the Internet? MakeTechEasier, 14th March 2018. URL:
https://www.maketecheasier.com/are-decentralized-apps-the-future/ (accessed
25/04/2018).
[16] See: CryptoKitties (Wikipedia article). URL:
https://en.wikipedia.org/wiki/CryptoKitties (accessed 28/04/2018).
[17] See: Joseph Hincks (2017) Introducing
'CryptoKitties,' the New Digital Pets Taking Ethereum by Storm, Fortune,
December 4, 2017. URL: http://fortune.com/2017/12/04/blockchain-cryptokitties-ethereum/
(accessed 28/04/2018).
[22] See: Chelsea Roh (2018) Tron (TRX) Dogs vs.
CryptoKitties, CryptoCurrency News, Mar 14, 2018. URL:
https://cryptocurrencynews.com/crypto-games/tron-dogs-cryptokitties/ (accessed 28/04/2018).
[24] See: Joon Ian Wong & Ian Kar (2016)
Everything you need to know about the Ethereum “hard fork”, Quartz, July 18, 2016. URL:
https://qz.com/730004/everything-you-need-to-know-about-the-ethereum-hard-fork/
(accessed 25/04/2018).
[25] See: Wong & Kar (2016).
[26] See: Matthew Lessing (2017) The Ether Thief, Bloomberg
Markets, June 13, 2017. URL:
https://www.bloomberg.com/features/2017-the-ether-thief/ (accessed 28/04/2018).
[27] See: Michael del Castillo (2016) Ethereum Executes
Blockchain Hard Fork to Return DAO Funds, CoinDesk, Jul 20, 2016 at
15:23 UTC, updated Jul 21, 2016 at 15:25 UTC. URL:
https://www.coindesk.com/ethereum-executes-blockchain-hard-fork-return-dao-investor-funds/
(accessed 28/04/2018).
[29] See: Alyssa Hertig (2016) The Blockchain Created By
Ethereum's Fork is Forking Now, CoinDesk, Oct 25, 2016 at 04:23 UTC,
updated Jul 25, 2017 at 22:45 UTC. URL:
https://www.coindesk.com/ethereum-classic-blockchain-fork-ddos-attacks/
(accessed 28/04/2018).
[30] See: Molly Jane Zuckerman (2018) Ethereum Proposal To
“Resurrect” Disabled $360 Mln Parity Contract Shut Down, Coin Telegraph,
Apr 24, 2018. URL:
https://cointelegraph.com/news/ethereum-proposal-to-resurrect-disabled-360-mln-parity-contract-shut-down
(accessed 28/04/2018).
[31] See: ERC20 (Wikipedia article). URL:
https://en.wikipedia.org/wiki/ERC20 (accessed 28/04/2018).
[34] See: Molly Jane Zuckerman (2018) Multiple Exchanges
Suspend ERC20 Token Trading Due To Potential BatchOverflow Bug, Coin
Telegraph, Apr 25, 2018. URL:
https://cointelegraph.com/news/multiple-exchanges-suspend-erc20-token-trading-due-to-potential-batchoverflow-bug
(accessed 25/04/2018).
[35] See: Leonid Beder (2017) The New ERC223 Token Standard,
Medium, Dec 5, 2017. URL:
https://medium.com/kinfoundation/the-new-erc223-token-standard-8dddbf1a5909
(accessed 25/04/2018).
[36] See: Adam Todd (2017) What Is The DGTX Token? Digitex
Futures, December 3, 2007. URL: https://digitexfutures.com/what-is-the-dgtx-token/
(accessed 25/04/2018).
[37] See: Aaron Hankin (2018) Ethereum could hit $2,500 by
year-end, consulting firm says, Market Watch, Apr 27, 2018 4:50 pm ET.
URL: https://www.marketwatch.com/amp/story/guid/212C2A0E-4A0F-11E8-9DCC-4E2E933CAECF?__twitter_impression=true
(accessed 28/04/2018).
[38] See: Marie Huillet (2018) Crypto Market Hitting $40
Trln In 10 Years “Definitely Possible”, Says Pantera Capital CEO, Coin Telegraph,
Apr 27, 2018. URL:
https://cointelegraph.com/news/crypto-market-hitting-40-trln-in-10-years-definitely-possible-says-pantera-capital-ceo/amp?__twitter_impression=true
(accessed 28/04/2018).
[39] See: Ether – The crypto-fuel for the
Ethereum network, Ethereum.org. URL:
https://www.ethereum.org/ether (accessed 25/04/2018).
[40] See: Beryl Achieng’ (2018) 5 fascinating facts about
Ethereum blockchain, Crypto News Magnet, March 22, 2018. URL:
https://cryptonewsmagnet.com/5-fascinating-facts-ethereum-blockchain/ (accessed 25/04/2018).
[42] See: Ethereum (Wikipedia article). URL:
https://en.wikipedia.org/wiki/Ethereum (accessed 25/04/2018).
[47] See: Ether – The crypto-fuel for the Ethereum network,
Ethereum.org. URL: https://www.ethereum.org/ether (accessed 28/04/2018).
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