Ethereum is an open source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Ether is the cryptocurrency generated by the Ethereum platform as a reward to mining nodes for computations performed and is the only currency accepted in the payment of transaction fees.

Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. The virtual machine’s instruction set, in contrast to others like Bitcoin Script, is Turing-complete. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network. Read more here and here

Blockchain Agnosticism

Ethereum is used to host two critical smart contracts: the Registry and the Multi-Party Escrow. While the SingularityNET platform currently depends on the Ethereum blockchain. It may be useful or even necessary to support other existing blockchain technologies in order to broaden adoption, improve scalability, or achieve other goals. The platform architecture is designed with this possibility in mind, and it attempts to concentrate all interactions with the Registry and the MPE contract in small code components. A decision on which other blockchains to support, and when, has not yet been made, but encapsulating the code in libraries will ensure that as the platform evolves, the possibility of supporting other blockchains is preserved and the amount of work required will be manageable. You can read more in our whitepaper

Last modified on : 10-Jul-24

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