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[concepts/ethereum][s]: clarify Ethereum as protocol and token plus tweak properties list.

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Rufus Pollock 2022-03-22 10:36:32 +01:00
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concepts/ethereum.md
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# Ethereum
Ethereum is a [cryptoasset](cryptoasset.md) that extends the [bitcoin](bitcoin.md) model to allow the execution of [smart contracts](smart-contracts.md).
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 not a [currency](currency.md).
Ethereum is based on the [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
Ethereum is a [speculative](speculation.md) investment.
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).
@ -13,15 +16,15 @@ Ethereum is a [bearer instrument](bearer-instrument.md).
Ethereum has no [fundamental value](fundamental-value.md).
Ethereum has no [use value](use-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 [terminal-value](terminal-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 is a [greater-fool theory](greater-fool-theory.md) asset.
Ethereum has a [terminal-value](terminal-value.md) of zero.
Ethereum is a [non-productive](productive-asset.md) investment.
@ -29,9 +32,8 @@ Ethereum has a negative [expected return](expected-return.md).
Ethereum is a [security](security.md).
Ethereum is based on the [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
## References
1. Ante, Lennart. 2020. ‘Smart Contracts on the Blockchain – A Bibliometric Analysis and Review’. SSRN Electronic Journal, no. 10: 1–48. https://doi.org/10.2139/ssrn.3576393.
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.
@ -42,4 +44,4 @@ Ethereum is based on the [consensus algorithm](consensus-algorithm.md) known as
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.
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.