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.

Comments

Popular posts from this blog

Unsupervised Learning

Automate Blog Post creation using Blogger APIs and Python

Setting up Python Flask server on internet via Port forwarding

The beginning of Data Quest

Setting up Jupyter Lab integrated with Python, Julia, R on Windows Subsystem for Linux (Ubuntu)