You're listening to social bees radio, where we put to honey in the honey pots. I'm your director, director. And if you ever wanted to know everything and anything about web three crypto or NF T's, you're in the right place. So fasten your seat belt. Get ready. Let's get started.

Hey, what's going on everybody, my name is Ray. And we are still cruising along through web three. But today, we're going to go and shine the light on what is Aetherium? Right. Aetherium was created in 2013 by Vitalik Buterin to let anyone write smart contracts, and decentralized applications. And you'll hear though called depths, people will say daps da PPS, those are decentralized applications. So how does the theory work? Right, because that's, like I said, it's when when you get into this space, you start seeing that this is where everybody's building, you hear things like and we talked about in previous videos, layer one layer twos, there are other blockchains but most everyone builds on Aetherium. Because this, this is the most substantial blockchain. Most traffic, most people are using the Ethereum blockchain, but there are others right there are others out there. As of June 2022, Aetherium, is the second most popular cryptocurrency like Bitcoin, it's built on the blockchain. It's built on its own blockchain. And it's decentralized, immutable, and open. Unlike Bitcoin, Aetherium is goal is to become the world's decentralized computer. Okay, it called ie VMs, or Aetherium. Virtual Machine. To understand what that even means. Let's define some of the following Aetherium definitions. Okay, we're gonna go through some of that stuff. Because again, when you're working and dealing with stuff over here, it is like a foreign language. So we're gonna go through some of those. Ether. Ether is Aetherium is digital token. Ether is a store of value like Bitcoin, but its main purpose is to reward nodes on the Ethereum blockchain for processing transactions. Guess is the amount of ether that's paid to a node to process the transaction. smart contracts are code that runs on the Ethereum blockchain. This code is decentralized, stored across all nodes in the network. Immutable can't be changed once you're committed to the blockchain, and an open, anyone can view the code and use it. There are also decentralized apps. We talked about that previously, there daps decentralized applications, combine a back end smart contract with front end UI. Okay, that's kind of some of the definitions that you'll see in this space. Another thing Aetherium has the largest web three developer ecosystem thanks to its composability like Legos, anyone can build on an existing smart contract to create something new. This has led to the creation of 1000s of daps. That power this web three use cases right in this on this blockchain buying and selling NF t's on open sea. That's something that you're seeing hearing about a lot. Now. Nf T's most of these NF T projects. They use, you know a theory and blockchain there are some news polygon. Like I said, there's a lot of others. But this is where the majority of everything is buying and selling NF t's on open sea swapping tokens like uniswap That is a Dex that is a decentralized exchange. That is what uniswap is pretty large project. But that is a layer two project built on top of the Ethereum blockchain. It is a decentralized exchange, lending and borrowing tokens, a company called compound. If you look them up, that is what they do. That is what their project does. On top of a layer it's a layer two on top of Aetherium earning income from playing games, most popular one you've probably heard of if you're looking in and and doing some research in the space. Xe infinity, right? It's a big huge game in this space that people are actually making a pretty good income playing a game. Due to a theory of popularity, it costs a lot in guests to process transactions. We'll cover how to pay less guests using Aetherium. Right? L two chains.

We talked about that again in the previous video, and other L one chains later in this learning path that we're going through. So another thing I want to go through is the history of Aetherium 2013 Vitalik Butyrin published the Etherium white paper, after failing to convince the Bitcoin community to support decentralized apps on Bitcoin Vitalik co founded Ethereum as a new cryptocurrency 2014 2015 ether officially went on sale, people could buy it with Bitcoin 2016 The Dow raises 150 million to provide a new decentralized business model for organizing companies. Unfortunately, hackers were able to use an exploit to steal 1/3 of the Dow's funds. This led to Aetherium doing a hard fork to restore lost funds. Let's fast forward to 2020 Aetherium ships the beacon chain, as as part of its eath 2.0 plan to migrate from proof of work to proof of stake, the foundation plans to merge the main Aetherium chain to staking sometime in 2022. And you know, we're thinking I think now it might be more close back to September because there have been some other things that are delaying this. So now that we covered Bitcoin and Aetherium let's take a look at the overall cryptocurrency market and that's what we're going to do in some of these next videos. Thanks for watching. Like, share, and subscribe, appreciate it Have a good one. See you next video

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