# Ethereum

Ethereum is a [blockchain](blockchain.md) protocol and [cryptoasset](cryptoasset.md) that extends the [bitcoin](bitcoin.md) model to allow the execution of [smart contracts](smart-contracts.md).

NB: following common usage we are using Ethereum for both the protocol itself, its mainnet and its associated token Ether or ETH.

## Properties

Ethereum is based on the [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).

Ethereum is not a [currency](currency.md). Ethereum is a protocol and Ether is a protocol token and not a currency.

Ethereum is [deflationary](deflationary.md).

Ethereum is a [bearer instrument](bearer-instrument.md).

Ethereum has no [fundamental value](fundamental-value.md).

Ethereum has no [use value](use-value.md) (like most financial assets).

Ethereum has no [income-cashflows](income-cashflows.md).

Ethereum has a [present-value](present-value.md) of zero.

Ethereum has a [market-value](market-value.md) derived from a combination of speculation and use for transactions on the network.

Ethereum has a [terminal-value](terminal-value.md) of zero.

Ethereum is a [non-productive](productive-asset.md) investment.

Ethereum has a negative [expected return](expected-return.md).

Ethereum is a [security](security.md).

## References
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1. ———. 2021a. ‘Non-Fungible Token (NFT) Markets on the Ethereum Blockchain: Temporal Development, Cointegration and Interrelations’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904683.
1. ———. 2021b. ‘Smart Contracts on the Blockchain – A Bibliometric Analysis and Review’. Telematics and Informatics 57: 101519. https://doi.org/10.1016/j.tele.2020.101519.
1. Bartoletti, Massimo, Salvatore Carta, Tiziana Cimoli, and Roberto Saia. 2020. ‘Dissecting Ponzi Schemes on Ethereum: Identification, Analysis, and Impact’. Future Generation Computer Systems 102: 259–77.
1. Brekke, Clara Jaya. 2019. ‘Disassembling the Trust Machine, Three Cuts on the Political Matter of Blockchain T’. PhD Thesis. http://etheses.dur.ac.uk/13174/http://etheses.dur.ac.uk.
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1. Casale-Brunet, S., P. Ribeca, P. Doyle, and M. Mattavelli. 2021. ‘Networks of Ethereum Non-Fungible Tokens: A Graph-Based Analysis of the ERC-721 Ecosystem’. ArXiv Preprint ArXiv:2110.12545. http://arxiv.org/abs/2110.12545.
1. Hartel, Pieter, Ivan Homoliak, and Daniël Reijsbergen. 2019. ‘An Empirical Study Into the Success of Listed Smart Contracts in Ethereum’. IEEE Access 7: 177539–55.
1. Jason Kolber, Adam. 2018. ‘Not-So-Smart Blockchain Contracts and Artificial Responsibility’. Stanford Technology Law Review 21 (2): 198–234. https://law.stanford.edu/publications/not-so-smart-blockchain-contracts-and-artificial-responsibility/.
1. McDonald, Kyle. 2021. ‘Ethereum Emissions: A Bottom-up Estimate’. http://arxiv.org/abs/2112.01238.
1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
