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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