📖Appendix

Blockchain

Ethereum is a platform powered by blockchain technology that is best known for its native cryptocurrency, called ether, or ETH, or simply Ethereum. The distributed nature of blockchain technology is what makes the Ethereum platform secure, and that security enables ETH to increase value.

The Ethereum platform supports ether in addition to a network of decentralized apps, otherwise known as dApps. Smart contracts, which originated on the Ethereum platform, are a central component of how the platform operates. Many decentralized finance (DeFi) and other applications use smart contracts in conjunction with blockchain technology.

Ethereum’s transition to the proof of stake protocol, which enables users to validate transactions and mint new ETH based on their ether holdings, is part of a major upgrade to the Ethereum platform known as "The Merge" (ETH2.0). The upgrade also adds capacity to the Ethereum network to support its growth, which helps to address chronic network congestion problems that have driven up gas fees.

Ethereum’s adoption is growing, now counting high-profile companies as mainstream users. In 2020, chipmaker Advanced Micro Devices (AMD) announced a joint venture with ConsenSys to create a data center network built on the Ethereum platform. Since 2015, Microsoft has a partnership with ConsenSys to develop Ethereum Blockchain as a Service (EBaaS) technology on Microsoft’s Azure cloud platform.

In addition to what has been explained above, Nyx Capital DAO chose the Ethereum blockchain for several reasons: the main one being that this blockchain is the first to have created smart contracts. And to build what we envisioned, we decided to create a DAO where each member would be able to vote and make suggestions through these smart contracts. Choosing the Ethereum blockchain was therefore only logical to us.