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Ethereum
CRYPTOCURRENCY
Currency
- Ether(ETH) is a cryptocurrency that runs on Ethereum network.
- It is used to pay computational resources and transaction fees on the Ethereum network.
- Peer to Peer Currency
Why Ether?
Need of Ether
- Ether can be utilized for building decentralized applications, smart contracts, and making standard peer to peer payments.
- It is used to pay for gas, a unit of computation used in transactions and other state transitions.
What is Smart Contract?
Smart
Contracts
- A smart contract is a computer program that facilitates the exchange of money, shares and property.
- Any user on the Ethereum network can create these contract.
- Contains the terms and conditions of a mutually agreed contract betwen the peers
Key
Features
Primary features of a Smart contract
- Once it is executed it cannot be altered.
- Any transaction done on top of Smart contract is rejected totally making contract to be immutable.
- Carried out among two anonymous parties without the need of central authority.
- Provides transfer of any asset or currency in a trustworthy manner.
Ethereum Virtual Machine
Virtual
Machine
- EVM is a virtual machine designed to operate as a runtime environemnt for ethereum based smart contracts
- The developers code the agreement of smart contract using ethereum programming language and uploaded on EVM.
- Operated in sandbox environment.
Working
Features of EVM
- Any programming language in the smart contract is compiled by 'Bytecode'.
- 'Bytecode' can be read and executed by Ethereum feature called EVM.
- EVM guarantees security by preventing cyber attacks.
Decentralized Applications
DAPP
- A Dapp consists of bunch of backend code and smart contracts that runs on a distributed P2P (Peer to Peer) network.
- Imagine this as a decentralised version of web2 games where backend is replaced by blockchain.
Decentralized Autonomous Organization
DAO
- Decentralized Autonomous Organization is a digital organization that aims to operate without the need of hierarchical management.
- It exists on the block chain network where it is governed by its protocols and rely upon smart contracts.
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