Blockchain Dev

Blockchain Dev

1654055479

What is Ethereum? | Introduction to Ethereum

What is Ethereum? | Step-by-Step Beginners Guide

Ethereum provides a decentralized environment for developing smart contracts. This What is Ethereum blog will brief you on the Ethereum Blockchain.

Innovations in Blockchain technology led to the development of a new platform called Ethereum. Like Bitcoin, Ethereum is also a distributed network. Rightly termed as Blockchain 2.0, it paved a path for developers to contribute to the blockchain community. This blog on ” What is Ethereum ” will enrich your knowledge on Ethereum.

Following are the topics I’ve covered in this blog:

  1. What Is Ethereum?
  2. Smart Contracts
  3. Ethereum Cryptocurrency
  4. Ethereum Virtual Machine (E.V.M.)
  5. Decentralized Applications (DApps)
  6. Decentralized Autonomous Organization (DAO)
  7. What is Being Built on Ethereum?
  8. What will Ethereum be Used For?

Ethereum is the second major innovation in Blockchain since the invention of Bitcoin.

While Bitcoin can be described as a digital money.

Ethereum is a decentralized platform for programming a digital money.

Although Bitcoin and Ethereum are powered by the distributed ledgers, the two differ in many technical ways, let me help you in comprehending the differences between the two.

Bitcoin vs Ethereum

MeritsBitcoinEthereum
Concept                Digital Money               World Computer
 Founder   Satoshi Nakamoto(Mysterious)           Vitalik Buterin & Team
 Scripting Language             Turing Incomplete               Turing Complete
Release Date                   Jan 2009                    July 2015
Coin Release Method                 Early Mining                  Through ICO
Average Block Time                ~10 minutes               ~12-15 seconds
Purpose      Alternative to Regular Money           Peer to peer Contracts

Both Bitcoin and Ethereum are often compared to each other, but, the two were designed with different vision and goals. Bitcoin is an established cryptocurrency used for trading, Ethereum is a multipurpose platform with its digital currency as the fuel for smart contracts functionality.

But what is Ethereum and what future does it hold for our society, here’s a run-through.

What Is Ethereum?

Ethereum is an open-source & public blockchain based distributed computing platform for building decentralized applications. Ethereum icon-what is ethereum-edureka

So, Before the creation of Ethereum, blockchain applications were designed to do a very limited set of operations. Bitcoin and other cryptocurrencies, for example, were developed exclusively to operate as peer-to-peer digital currencies.

Vitalik Buterin envisioned Ethereum as a platform for developers to write programs on the blockchain. To accomplish his goal he used similar Blockchain designs & protocols as that of Bitcoin’s and improvised it to support applications beyond currency issuance.

Anyone across the globe can connect with Ethereum blockchain to develop a program and can maintain the current state of the network, hence the term “World Computer”.

Smart Contracts

A contract that self-executes, and handles the enforcement, the management, performance, & payment.

smart contracts-what is ethereum-edureka

Simply put, it can be defined as a contract that self-executes, and handles the enforcement, the management, performance, & payment.

You would require tokens for executing a smart contract as well as for trading. So basically, Ethereum is incomplete without cryptocurrency.

 what is ethereum-ether icon-edureka

Ethereum Cryptocurrency

Ethereum runs on its native token called which serves two main purposes:

  1. Ether payment is required for applications to perform any operation so that broken and malicious programs are kept under control
  2. Ether is rewarded as an incentive to the miners who contribute to the Ethereum network with their resources- much like bitcoin’s structure.

Every time a contract is executed, Ethereum consumes token which is termed as ‘gas’ to run the computations.

Gas in Ethereum

Gas is required to be paid for every operation performed on the Ethereum blockchain.

Its price is expressed in ether and it’s decided by the miners, which can refuse to process the transaction with less than a certain gas price.

ethereum gas-what is ethereum-edureka

                                   Ether buys gas to fuel up the E.V.M.

Ethereum Virtual Machine (E.V.M.)

  • The Ethereum virtual machine is the engine in which transaction code gets executed
  • E.V.M. enables the development of potentially thousands of different applications all on one platform
  • Contracts written in a smart contract-specific programming language are compiled into ‘bytecode’, which an EVM can read and executeWhat is ethereum- EVM-edureka

It actually handles the internal state and computation in Ethereum. Practically, EVM can be thought of as a large decentralized computer with millions of objects called “accounts” which have the ability to maintain an internal database, execute code and also they can talk to each other.

With EVM at its heart, Ethereum enables the development of potentially thousands of unstoppable applications.

Wondering what can be built on Ethereum? Well, Ethereum can be used to build some really cool applications called DApps.

Decentralized Applications (DApps)

  • DApps are computer applications that operate over a blockchain enabling direct interaction between end users and providers
  • It can be comprised of single DAO or even a series of DAO that work together to create an application

A user may need to exchange Ether as a way to settle a contract with another user, using the network’s distributed computer nodes as a way to facilitate the distribution of this data.

What is ethereum- dapp example-edureka

Ethereum also allows the user to build decentralized organizations.

Decentralized Autonomous Organization (DAO)

  • DAO are organizations that exist entirely on a blockchain and are governed by its protocols
  • It is designed to hold onto assets and use a kind of voting system to manage their distribution
What is ethereum- dao example-edureka

 

What is Being Built on Ethereum?

As Ethereum and other projects have made writing DApps protocols quicker and more accessible, a number of possibly disruptive DApps have appeared.

ethereum dapps-what is ethereum-edureka

 

What Will Ethereum be Used For?

decentralizing apps-what is ethereum-edureka

Decentralizing Existing Services:  Existing services can be decentralized using Ethereum. This will lead to reduced cost and fees by connecting individuals directly and removing intermediaries.

A Million Possibilities: Dapps can disrupt hundreds of established industries like:

  • finance
  • real estate
  • insurance

Considering the trends and advancements in the technology, it’s safer to say that the prospects of Ethereum as a platform seems pretty bright. As the industry and developers continue to invest their resources, faith and time in the technology, blockchain community will continue to prosper.

This brings us to the end of ” What Is Ethereum ” blog. Hope it was helpful and informative.

Original article source at https://www.edureka.co

#ethereum #blockchain #dapp #web3

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What is Ethereum? | Introduction to Ethereum
Jack Shaw

Jack Shaw

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A Curated List Of Awesome Ethereum Ressources

A curated list of awesome Ethereum Ressources. Inspired by awesome-go.

Contributing

Please take a quick gander at the contribution guidelines first. Thanks to all contributors; you rock!

If you see a link or project here that is no longer maintained or is not a good fit, please submit a pull request to improve this file. Thank you!

Basic {#basic}

What is Ethereum? {#what-is-ethereum}

Bitcoin 2.0? a world computer? a smart contracts platform?

Papers {#papers}

If you feel like going to the source

Roadmap {#roadmap}

  • Timeline - Expected timeline - Post from Mars 2015.
    • Olympic - 0: Olympic.
    • Frontier - 1: Frontier.
    • Homestead - 2: Homestead <----- HERE WE ARE.
    • Metropolis - 3: Metropolis - "when we finally officially release a relatively full-featured user interface for non-technical users of Ethereum"
    • Serenity - 4: Serenity - Switching the network from Proof of Work to Proof of Stake ( Casper). end of 2016?.

Branding / Logo {#branding}

Crowfunding {#crowfunding}

Remembering a time where the price of Ether was 2000 ETH per BTC

Foundation {#foundation}

The Ethereum Foundation’s mission is to promote and support research, development and education to bring decentralized protocols and tools to the world that empower developers to produce next generation decentralized applications (DAPPs), and together build a more globally accessible, more free and more trustworthy Internet.

  • Website - The Ethereum foundation Page.

Clients {#clients}

Implementations of the Ethereum protocol.

The Ethereum network {#network}

Network Stat {#network-stats}

Need information about a block, a current difficulty, the network hashrate?

  • Ethstats - See latest data of the Ethereum Network.

Blockhain Explorer {#blockchain-explorer}

Mainnet

Testnet

Ether {#ether}

Ether is the name of the currency used within Ethereum

Info {#ether-info}

SPOILER: There are about 77 million ethers in existence and every new block (an average of 15 seconds) creates 5 new ether.

Exchanges {#exchanges}

Where you can trade ethers - Remember: if you don't control the private you don't really control the ethers

Faucets {#faucets}

Free Ether? don't have big expectation :)

Mainnet

Testnet

Wallets {#wallets}

To store your ethers

  • Mist - Mist - Official wallet with integrated full node.
  • Jaxx - By KryptoKit, Wallets that unify the Bitcoin and Ethereum experience accross Devices.
  • Myetherwallet - Open Source JavaScript Client-Side Ether Wallet.
  • Icebox - Lightwallet-powered cold storage solution..

Mining {#mining}

let's make the network work! and earn some ethers!

How to {#mining-hoe-to}

Mining pools {#mining-pools}

Fell alone? join a pool

Smart Contract languages {#smart-contracts-languages}

Solidity

Solidity, the JavaScript-like language

Serpent

Serpent, the Python-like language

LLL

LLL, the Lisp-like languagee

DAPP {#dapp}

Tutorials {#tutorials}

IDE {#ide}

Others awesome things & concepts {#others}

Casper {#casper}

  • Casper - Casper - Proof of Work (PoW) for Serenity.
  • Research - ethereum/research

Whisper {#whisper}

an upcoming P2P messaging protocol that will be integrated into the EtherBrowser.

  • Whisper Wiki Wiki article about Whisper ( December 2014)-
  • Whisper ? - What is Whisper and what is it used for?.

Swarm {#swarm}

  • Swarm - Swarm for Storage .

web3-j {#web3-j}

Ethereum compatible JavaScript API which implements the Generic JSON RPC spec.

Gas {#gas}

Gas is the fundamental network cost unit and is paid for exclusively in ether.

  • Gas Doc - Gas and transaction costs from the Ethereum Documentation.
  • What is Gas? - What is the “Gas” in Ethereum? -Post from CryptoCompare.
  • Cost calculator - Calculate the cost of conducting a transaction or executing a contract on Ethereum.

Projects using Ethereum {#projects}

Big ones

  • Augur - Prediction Market.
  • Slock.it - Rent, sell or share anything - without middlemen.
  • Digix - Transparent asset tracking of LBMA GOLD with blockchain technology 2.0.

Lists of projects

Companies {#companies}

Community {#community}

Social {#social}

Skype {#skype}

Main Skype Channels

  • Ethereum - Ethereum: the main channel, bridged to IRC #ethereum.
  • Ethereum-dev - Ethereum-dev: the developer's channel, bridged to IRC #ethereum-dev.

Speciality Skype Channels

Regional Skype Channels

  • London - London General: London-based Etherians.
  • Italia - Italia: Italian Etherians.
  • Romania - Romania: Romanian Etherians.
  • Russia - Russia - Russian Etherians (Russian language).

Gitter channels

IRC channels (Freenode)

  • Go-Ethereum -
    • #ethereum: for general discussion
    • #ethereum-dev: for development specific questions and discussions
    • ##ethereum: for offtopic and banter
    • #ethereum-mining: for mining only conversations
    • #ethereum-markets: for discussions about markets

Meetups {#meetups}

Events {#events}

Devcon

Stay up to date! {#up-to-date}

Newsletter {#newsletter}

Podcast {#podcast}

Contributing

Your contributions are always welcome! Please take a look at the contribution guidelines first.

I would keep some pull requests open if I'm not sure whether the content are awesome, you could vote for them by leaving a comment that contains +1.

To be added

  • Jobs
  • Courses

Download details:

Author: lampGit
Source code: https://github.com/lampGit/awesome-ethereum

#ethereum 

Ajay Kapoor

1625808587

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Top 10 Ethereum Wallets to Watch Out for in 2021

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Aarna Davis

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Top 10 Ethereum Development Companies In India, USA & UAE

Are you looking to explore advantages of ethereum development but where to find top-notch development companies. Here you can find the list.

Read this blog to know more:
https://www.valuecoders.com/blog/technology-and-apps/top-ethereum-development-companies-in-india-usa-uae/

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