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3.1 Ethereum: Concepts of Ethereum
Ethereum is a decentralized platform that runs smart contracts without any downtime, fraud, and third-party interference and also has its own cryptocurrency called Ether.
Features of Ethereum
Secured
Community
Corporate Friendly Assets
Fast
Uncensored
Gas in Ethereum
Gas is the fundamental block of the Ethereum ecosystem that is paid for every operation performed on the Ethereum Blockchain. Its price is expressed in ether, and the miner decides whether to refuse the transaction process or not based on the expected gas price.
Ether
Ether is a necessary element needed for operating the Ethereum platform.
An incentive that the client of the platform pays to execute requested operations. It ensures that the developers write error-free codes because unnecessary codes will increase the cost.
Bitcoin vs. Ether
Bitcoin | Ether |
|---|---|
Uses secure hash algorithm (SHA 256) | Uses ethash algorithm |
Used for purchasing goods and services | Used for making decentralized apps |
A currency created to compete against the gold and flat currencies | A token created for facilitating smart contracts |
Transaction speed is measured in minutes | Transaction speed is measured in seconds |
Ethereum Wallets
The place to securely store the ether is called wallets.
Paper Wallet
Mobile Wallet
Desktop Wallet
Hardware Wallet
Ethereum Virtual Machine (EVM)
An engine that executes translation code. Smart contracts are compiled into bytecode which an EVM can read and execute.
Ethereum Languages
Contracts are compiled into EVM bytecode and deployed to Ethereum Blockchain for execution.
Solidity: Similar to C and JavaScript
Julia: Intermediate language for different EVMs
Serpent: Similar to Python
LLL: Low-level Lisp-like Language
Mutan: Go-based language
Vyper: Derived from Python