Analysis on the Development of Ethereum and Its Consensus Mechanisms

Abstract

Ethereum is a decentralized application platform built on blockchain technology. The goal of Ethereum is to create an unstoppable, shield-resistant, and self-sustaining decentralized world computer. The emergence of Ethereum has led to the vigorous development of blockchain technology. The development of Ethereum is relatively rapid, and many innovative technologies are applied to Ethereum, such as smart contracts, ghost protocols, and state channels. These innovative technologies make Ethereum's mechanism more efficient and have a comprehensive range of applications. In order to provide a theoretical research basis for the stable development of Ethereum, the article introduces the critical technologies in Ethereum. The article analyzes the origin and advantages of the Ethereum platform, the composition of smart contracts and the two types of accounts in smart contracts. Ethereum's consensus mechanisms are also included in this article, such as Proof of Work and Proof of Stake. This article further discusses the benefits of the Ghost protocol and the principle of state channels. Moreover, the article discusses the development trend of Ethereum and the problems that may be encountered, which provides the researchers with a great reference.