Audit Date: 27 September 2022
ECOSYSTEM SCORE
27 September 2022
87
ALERTS
Aug 01, 2022

Nodes are up and working fine

Jul 26, 2022

Nodes are down by 100% since 24 hours

Jul 25, 2022

Nodes are down by 30% since 7 days

REVIEW NOTES
Sep 06, 2022

Ecosystem score is remain same as per the section scored

Sep 06, 2022

Score of documentation is increased as skeleton code docs is improved

Jul 06, 2022

Overall Ecosystem score increased

Jul 06, 2022

Protocol support score increased. Email & Chat support updated

Jul 06, 2022

Grant score increased . Grant paid to developers updated

Jun 28, 2022

Add-Ons score decreased due to insufficient data.

Jun 22, 2022

Adoption score increased due to data verification.

Jun 22, 2022

Thirds Party services score increased due to Cloud Provider, Oracle Integration and Managed API.

Jun 22, 2022

Add-Ons score decreased due to insufficient information.

PERFORMANCE
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100
NODES

8,564 nodes

WRITE SPEED

1 ms

READ SPEED

543 ms

GAS FEES

398,010 gwei

UP TIME

100%

PERFORMANCE MATRIX VALUE MONITORED AT
Gas Fee 398,010 gwei
Write Speed 1 ms
Read Speed 543 ms
Uptime Percentage 100%
Node Count 8,564 nodes
Reddit Total Members Online 3,700 members
Reddit Total Members 1,500,000 members
Discord Total Subscribers Online 3,355 subscribers
Discord Total Subscribers 36,372 subscribers
Telegram Err 0 err
Telegram Ppm 0 ppm
Telegram Views Per Post 0 views
Telegram Total Subscribers Online 363 subscribers
Telegram Total Subscribers 6,851 subscribers
FOUNDATION TOOLS
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90
ESSENTIAL TOOLS
PROGRAMMING LANGUAGE SUPPORT
SDKs
DOCUMENTATION
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95
API DOCUMENTATION

Exists

100
NODE SETUP

Exists

100
SKELETON CODE

Exists

80
VALIDATOR NODES

Exists

100
GRANT PROGRAM
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100
AVAILABLE GRANT

$1.3B

ADD-ONS
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45
THIRD PARTY SERVICES
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100
PROTOCOL SUPPORT
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60
ADOPTION
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91
DEVELOPERS

4,170

REPOSITORIES

272

COMMUNITY
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100

When Bitcoin, powered by Blockchain technology, was invented as a decentralized and automated form of money, various computer programmers discovered the scope of decentralizing systems other than money. They found that applications and platforms could be decentralized to make a safer and more secure ecosystem, leading to the launching of Ethereum, a blockchain protocol facilitating the development of decentralized applications(dApps) and much more.

The Ethereum blockchain introduced new features like smart contracts to make decentralization and self-execution robust. It is the world’s first programmable blockchain where developers can build various applications for any specific use case.

About Ethereum

Ethereum, as defined by the platform,“is a global, open-source platform for decentralized applications. On Ethereum, you can write code that controls digital value, runs exactly as programmed, and is accessible anywhere in the world.”

Ethereum uses a programming language known as Solidity and Ether(ETH) is the native cryptocurrency of Ethereum.

Architecture

Ethereum functions through various aspects, which are:

1.Ethereum smart contracts

Ethereum introduced smart contracts to the blockchain that later became irrevocable in the blockchain space. It utilizes arithmetic codes to initiate contracts between two parties without any central control. These self-executed contracts automatically fulfill a predefined function on meeting a predefined condition. They are credible, trackable and irreversible, preventing human errors.

2. Ethereum Virtual Machine (EVM)

Ethereum Virtual Machine executes a smart contract on Ethereum. It is an isolated machine that cannot access parts of the Ethereum code base like files or other processes. 

Smart contracts written in Solidity are sent to the EVM to interpret and execute. It allows developers to use any programming language they prefer. Moreover, being Turing complete, it will find an answer if asked.

Consensus Mechanism

Ethereum uses a Proof-of-Work consensus mechanism like the Bitcoin blockchain to validate the legitimacy of a transaction. In this, miners have to compete in solving complex mathematical puzzles to generate newer blocks. The person fast enough to solve the puzzle first will get to add blocks and receive Ether as a reward.

Security

As miners are expected to solve the block nonce faster than anyone else, it is hardly possible for miners to create new blocks that delete transactions, generate fake ones, or create a second chain within Ethereum’s Proof-of-Work mechanism. To steadily generate malicious but authentic blocks, you should possess over 51% of the network mining power to defeat everyone else, which requires a lot of computing power. Furthermore, the loss you face might outweigh the profit you make.

Technical Design

The Ethereum foundation visualized Ethereum as a decentralized computing platform that facilitates creating, storing, and running smart contract-based dApps.

An Ethereum network is a decentralized peer-to-peer (P2P) network of Ethereum clients representing network nodes. An Ethereum client can be any node that verifies the new transaction, implement the smart contract and adds new blocks to the chain. It can be considered an enclave living in thousands of computers on the internet while connected via the Ethereum P2P network. The enclaved network is the EVM and the runtime environment in the P2P network to execute smart contracts.

The EVM is run by Ethereum clients, which can be built in any popular programming language. For dApps engaging with an Ethereum blockchain, Ethereum clients provide a set of web3 APIs through JSON-RPC. To interact with the Ethereum network from your web or wallet application, use the web3 object supplied by the web3.js framework. It is compatible with all Ethereum clients. It interacts with a local or remote Ethereum node and makes RPC calls in the backend.

To dApps, the Ethereum network resembles a massive global computer made up of thousands of computing processors spread over the internet. Once connected to the internet, you can interact with any node in the decentralized system.

Founders

Vitalik Buterin, a Russian-Canadian programmer, is the founder of Ethereum. The white paper for Ethereum was published in 2014, and the project was launched in 2015. The co-founders of Ethereum include:

  • Mihai Alisie
  • Anthony Di Iorio
  • Amir Chetrit
  • Charles Hoskinson
  • Gavin Wood
  • Jeffrey Wilcke
  • Joseph Lubin

Popular Use Cases

  • Decentralized Finance (DeFi) - Ethereum can be considered the pioneer of DeFi, where you can conduct a transaction from anywhere in the world without any intermediary intervention. Ethereum DeFi enables borrowing funds, trading tokens, raising funds, and more.
  • NFT - One of the major use cases of Ethereum is NFT, which is on the hype nowadays. At a time, NFT can have only one official owner and the Ethereum blockchain completely secures them. The Ethereum network makes it impossible to modify the ownership or duplicate it.
  • Decentralized Autonomous Organizations (DAO) - It is a blockchain-based community without centralized leadership. Everything in DAO, including fund management and money flow, is handled by DAO codes that provides transparency and a tamper-proof environment.

Other Information

Ethereum is expected to upgrade to a more scalable, secure and sustainable version with Ethereum 2.0. It will undergo some functional modifications to operate at three levels,

  • Main Chain: The original Ethereum blockchain.
  • Beacon Chain: It brings a Proof-of-Stake consensus mechanism for block validation and overall coordination.
  • Shard Chain: It aims to expand Ethereum’s capacity in processing transactions and storing data.

The ecosystem will utilize the Proof-of-Stake consensus mechanism to attain scalability and sustainability. Ethereum 2.0 is likely to support over 1000s of transactions per second to make it a faster and cheaper ecosystem.