Ethereum Summary
Significance of Ethereum
- 2nd generation blockchain implementation. More transparent and tracable.
- Allows more autonomy via smart contracts.
- ERC-725 standard is used to link real world identities to ethereum accounts.
- Ether - Ethereum's native crypto currency.
- Ethereum address - Pair of public key (for crypto transfer) and private key (secured).
- Initial Coin Offering (ICO) - Proposal for new blockchain based buisness.
- Decentralized Autonomous Organisation (DAO) - Minimal human interaction, decisions are made by smart contracts.
Ethereum Smart Contracts
- Set of rules to follow to register a transaction in blockchain.
- Ethereum Virtual Machine (EVM) - An virtual environment where we can execute smart contracts.
- Every nodes run a copy of EVM. Each node runs every smart contracts resulting same output, hence more consistency.
I learned most of these points from the linkedIn course - Please check it out as well.
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