Ethereum concepts
Smart contracts
Smart contracts are little computer programs that are stored on Ethereum’s blockchain. They can be activated, or run, by funding them with some ETH. For more on smart contracts, see a gentle introduction to smart contracts.
Here’s an example smart contract, taken from Wikipedia:
solidity_gavcoin
Source: https://en.wikipedia.org/wiki/Solidity
In Ethereum you set up a smart contract by creating a new account with some code in it, and uploading it to the Ethereum blockchain in a transaction.
Once a contract has been uploaded, it behaves a bit like a jukebox – when you want to run it you create a transaction containing a payment of ETH to the contract, and possibly supplying some other information if the contract needs it.
Each mining computer will run the smart contract on their computer using their Ethereum Virtual Machine as part of the mining process, and come to a conclusion about the output. In theory, if no one is behaving badly, each computer on the Ethereum network will come to the same conclusion because they are running the same contract code with the same supplied information.
When a block is mined, the winning miner will publish the block to the rest of the network, and the other computers will validate that they get the same result, then add the block to their own blockchains. This is how the state of Ethereum’s blockchain gets updated.
Accounts
In Bitcoin, there is a concept called address where bitcoins are stored – like a bank account number, but for bitcoins. In Ethereum these are commonly called accounts and there are two types:
Accounts that only store ETH – these are similar to Bitcoin addresses and are sometimes known as Externally Owned Accounts (EOAs). You make payments from these accounts by signing transactions with the appropriate private key.
Here’s an example of an account that stores ETH:
https://etherscan.io/address/0x2d7c76202834a11a99576acf2ca95a7e66928ba0
Accounts that store ETH and have code (smart contracts) that can be run – these smart contracts are activated by a transaction sending ETH into it. Once the smart contract has been uploaded, it sits there waiting to be activated.
Here’s an example of an account that has a smart contract:
https://etherscan.io/address/0xcbe1060ee68bc0fed3c00f13d6f110b7eb6434f6#code
Uncles and Orphans: blocks that don’t quite make it
Ethereum’s rate of block generation is much higher than Bitcoin’s (250 blocks per hour on Ethereum vs 6 blocks per hour on Bitcoin). When more blocks get created more quickly, the rate of “block clashes” increases – ie multiple valid blocks can get created at almost the same time, but only one of them can make it into the main chain. The other one “loses”, and the data in them is not considered part of the main ledger, even if the transactions are technically valid.
In Bitcoin these non-mainchain blocks are called orphans or orphaned blocks and they do not form part of the main chain in any way and are never referenced again by any subsequent blocks.
In Ethereum they are called uncles. Uncles can be referenced by a few of the subsequent blocks (see the section on ETH issuance) and although the data in them is not used, the slightly smaller reward for mining them is still valid.
This achieves two important things:
It incentivises miners to mine even though there is a high chance of creating a non-mainchain block (the high speed of block creation results in more orphans or uncles)
It increases the security of the blockchain by acknowledging the energy spent creating the uncle blocks
Gas and Gas Price
When you activate a smart contract, you ask all the miners in the whole network to each individually perform the calculations within it. This costs them time and energy, and Gas is the mechanism by which you pay them for that service.
The payment is a small amount of ETH that the person who wants to run the contract needs to send to the miner to make it work. This is similar to putting a coin in a jukebox.
Payment (in ETH) = Gas amount (in Gas) x Gas price (in ETH/Gas)
Gas amount
The more complex the smart contract (the number and type of computational steps, memory used for storage, etc), then the more Gas the contract requires to run and complete. In the jukebox analogy, the longer or louder the song, then the more you’d need to pay to make it work.
Gas Price
Whereas the amount of Gas to run a contract is fixed for any specific contract, as determined by the complexity of the contract, the Gas Price is specified by the person who wants the contract to run, at the time they request it (a bit like Bitcoin transaction fees). Each miner will look at how generous the gas price is, and will determine whether they want to run the contract as part of the block. If you want miners to run your contract, you offer a high Gas Price. In this way it’s a competitive auction driven by how much someone is willing to pay to have a contract run.
Why Gas?
Making smart contracts cost Gas/ETH/money stops people from activating them willy-nilly, solving problems relating to transaction spam that would happen if running smart contracts were free.
ETH Units
Just like 1 dollar can be split into 100 cents, and 1 BTC can be split into 100,000,000 satoshi, Ethereum too has its own unit naming convention.
The smallest unit is a wei and there are 1,000,000,000,000,000,000 of them per ETH. There are also some other intermediate names: Finney, Szabo, Shannon, Babbage, Ada – all named after people who made significant contributions to fields related to cryptocurrencies or networks.
Wei and Ether are the two most common denominations.
ethereum_units
Smart Contract languages: Solidity / Serpent, LLL
There are three common languages smart contracts are written in, which can be compiled into smart contracts and run on Ethereum Virtual Machines. They are:
Solidity – similar to the language Javascript. This is currently the most popular and functional smart contract scripting language.
Serpent – similar to the language Python, and was popular in the early history of Ethereum.
LLL (Lisp Like Language) – similar to Lisp and was only really used in the very early days. It is probably the hardest to write in.
Ethereum software: geth, eth, pyethapp
The official Ethereum clients are all open source – that is you can see the code behind them, and tweak them to make your own versions. The most popular clients are:
geth (written in a language called Go) https://github.com/ethereum/go-ethereum
eth (written in C++) https://github.com/ethereum/*****p-ethereum
pyethapp (written in Python) https://github.com/ethereum/pyethapp
These are all command-line based programs (think green text on black backgrounds) and so additional software can be used for a nicer graphical interface. Currently the official and most popular graphical one is Mist (https://github.com/ethereum/mist), which runs on top of geth or eth.
So, geth/eth does the nasty background stuff, and Mist is the pretty screen on top.
1024 bitcoin There is likewise political power inside the Bitcoin biological system that accompanies controlling mining power, since that mining power basically gives you a vote in whether to acknowledge changes to the convention.hit bitcoin bitcoin prominer addnode bitcoin bitcoin rt bitcoin poloniex bitcoin cap ethereum charts скачать bitcoin titan bitcoin bitcoin bat bitcoin mail bitcoin stock mine ethereum bitcoin rt
продать bitcoin
эфириум ethereum bitcoin easy tether обмен bitcoin dump usdt tether ethereum стоимость
testnet bitcoin bitcoin биржа блог bitcoin bitcoin captcha people bitcoin ethereum addresses dat bitcoin bitcoin майнинга bitcoin xapo nicehash monero bitcoin twitter ninjatrader bitcoin ethereum заработок earnings bitcoin cryptonator ethereum
исходники bitcoin qtminer ethereum metal bitcoin bitcoin crash search bitcoin перспектива bitcoin bitcoin лохотрон bitcoin today bitcoin moneybox ethereum клиент maps bitcoin bitcoin ads autobot bitcoin форумы bitcoin bitcoin заработок bitcoin доходность bitcoin матрица проекта ethereum bitcoin коллектор bitcoin chain bitcoin создать usb bitcoin bitcoin 3 bitcoin torrent bitcoin reddit ethereum кран bitcoin брокеры bitcoin pay plasma ethereum mining ethereum скачать tether bitcoin рубль x2 bitcoin bitcoin игры bitcoin машины bitcoin accelerator monero faucet mac bitcoin bitcoin xpub field bitcoin
ethereum wiki bitcoin phoenix
bitcoin игры bitcoin cc erc20 ethereum ethereum доллар direct bitcoin арбитраж bitcoin
ethereum com ethereum russia bitcoin key bitcoin auto bitcoin зарабатывать форекс bitcoin форк bitcoin автокран bitcoin
ArgentinaAn illustration of characters in a social space dedicated to Ethereum with a large ETH logoAn illustration of characters in a social space dedicated to Ethereum with a large ETH logoWelcome to Ethereum1080 ethereum
bitcoin логотип
bitcoin stellar accepts bitcoin bitcoin математика ethereum 1070 bitcoin download сбербанк bitcoin collector bitcoin bitcoin перевод bitcoin switzerland fpga ethereum ultimate bitcoin заработок ethereum
ethereum картинки hyip bitcoin bitcoin online buy tether ethereum charts
ethereum bitcointalk bitcoin example
bitcoin simple серфинг bitcoin bitcoin easy coingecko ethereum bitcoin bonus кошель bitcoin mikrotik bitcoin bitcoin vip блоки bitcoin bitcoin mixer скачать bitcoin alpari bitcoin monero minergate bitcoin cloud wei ethereum bitcoin автоматически bitcoin kz opencart bitcoin bitcoin nvidia tera bitcoin bitcoin ваучер bitcoin is etf bitcoin london bitcoin
withdraw bitcoin bitcoin multiplier ethereum сбербанк nxt cryptocurrency логотип bitcoin bitcoin сервисы alpari bitcoin monero logo monero transaction bitcoin развитие обменять monero xmr monero 0 bitcoin bitcoin книга bitcoin теханализ
bitcoin торговля bitcoin farm фарм bitcoin ethereum dark bitcoin capitalization blog bitcoin бот bitcoin торги bitcoin bitcoin work обменять monero hd bitcoin bitcoin пирамида fast bitcoin 6000 bitcoin
bitcoin generation locate bitcoin платформе ethereum usb tether bazar bitcoin краны bitcoin bitcoin explorer кошелька ethereum bitcoin монета ethereum 1070 bitcoin курс json bitcoin bazar bitcoin ethereum биржа bitcoin 2010 bitcoin bitrix bitcoin kran bitcoin брокеры сборщик bitcoin bitcoin start wechat bitcoin ethereum calc скрипт bitcoin консультации bitcoin ethereum wikipedia bitcoin billionaire ethereum addresses Bitcoin, on the other hand, has so many devices verifying the network that they collectively consume more electricity per year than a small country, like Greece or Switzerland. The cost and computing power to try to attack the Bitcoin network is immense, and there are safeguards against it even if attempted at that scale by a nation state or other massive entity.bitcoin stock сбербанк bitcoin символ bitcoin java bitcoin laundering bitcoin wikileaks bitcoin king bitcoin bitcoin переводчик mini bitcoin cryptocurrency monero cryptonight серфинг bitcoin monero proxy bitcoin ru 16 bitcoin ethereum chart
vpn bitcoin bitcoin конец bitcoin перевод
icons bitcoin bitcoin stock скачать ethereum aliexpress bitcoin bitcoin instagram bitcoin 3 token ethereum bitcoin development bitcoin шифрование кредиты bitcoin bitcoin лохотрон pixel bitcoin monero калькулятор криптовалюта monero
китай bitcoin
hyip bitcoin bitcoin вложить tether mining mindgate bitcoin account bitcoin
zona bitcoin simple bitcoin нода ethereum bitcoin waves акции ethereum the ethereum ethereum miner nvidia bitcoin bitcoin стратегия ethereum miner bitcoin сегодня автомат bitcoin
bitcoin рбк япония bitcoin billionaire bitcoin bitcoin create tokens ethereum bitcoin register bitcoin vizit ccminer monero ethereum coins bitcoin коды проблемы bitcoin microsoft bitcoin ethereum пул
вложения bitcoin
korbit bitcoin форумы bitcoin click bitcoin получение bitcoin bitcoin world краны monero bitcoin бот loan bitcoin криптовалюту bitcoin ethereum получить халява bitcoin tether clockworkmod бесплатный bitcoin
It increases the security of the blockchain by acknowledging the energy spent creating the uncle blocksIn the physical world, the most reliable stores of value become the currencies of choice in event of a crisis. In the late 1990s and early 2000s, Zimbabwe became synonymous with hyperinflation. When inflation reached 89.7 *****tillion percent (give or take a few points) and rendered the Zimbabwean dollar worthless, that wiped out the fortunes of many people unfortunate enough to have held liquid assets. People had no choice but to use something more stable – primarily the U.S. dollar and South African rand – for daily commerce. Litecoin’s inherent scarcity makes hyperinflation impossible, but there’s still the challenge of garnering general acceptance and getting more people to use the currency.ethereum russia bitcoin elena список bitcoin
хардфорк monero bitcoin страна bitcoin scripting bitcoin store ethereum цена fast bitcoin kraken bitcoin ethereum charts bitcoin demo платформе ethereum автомат bitcoin de bitcoin bloomberg bitcoin Send money to friends and familyethereum erc20 покер bitcoin btc ethereum bitcoin earnings bitcoin кранов zebra bitcoin cz bitcoin bitcoin super blender bitcoin bitcoin надежность рост ethereum p2pool ethereum apple bitcoin ethereum vk капитализация bitcoin ethereum org Bitcoin is promoted as a store of value and medium of exchange, but it has a very volatile price history. This leads, again somewhat understandably, for investors to say it’s not a good store of value or medium of exchange, and thus fails at the one thing that it’s designed to do.bitcoin пузырь coinmarketcap bitcoin
coin bitcoin bitcoin ruble видео bitcoin bitcoin сша q bitcoin ютуб bitcoin bitcoin simple bitcoin магазин
bitcoin работа рулетка bitcoin start bitcoin panda bitcoin bcc bitcoin tether валюта bitcoin instagram bitcoin wmx tether gps ethereum картинки bitcoin flapper > Recall that in 2005The trick, of course, is coming up with reasonable assumptions. 😉bitcoin rotator roulette bitcoin bitcoin register neo bitcoin
bitcoin status multiplier bitcoin
bitcoin cny разработчик bitcoin lavkalavka bitcoin 6000 bitcoin book bitcoin euro bitcoin *****a bitcoin bitcoin сервисы bitcoin client
ethereum investing fasterclick bitcoin верификация tether обмена bitcoin 1 ethereum black bitcoin ethereum доходность bitcoin bazar rus bitcoin
bitcoin elena bitcoin картинки wei ethereum cubits bitcoin algorithm bitcoin арестован bitcoin bank bitcoin accepts bitcoin bitcoin free simple bitcoin обменник bitcoin
bitcoin комиссия
dwarfpool monero ethereum supernova работа bitcoin boxbit bitcoin
faith in a mathematical framework that is free of politics and human error.'16In the case of blockchain technology, private-key cryptography provides a powerful ownership tool that fulfills authentication requirements. Possession of a private key is ownership. It also spares a person from having to share more personal information than they would need to verify their identity for an exchange, leaving them exposed to hackers.сайте bitcoin bitcoin приложения get bitcoin bitcoin clouding bitcoin talk bitcoin xyz bitcoin forbes mail bitcoin monero node bitcoin alert bitcoin trezor bitcoin win bitcoin daily bitcoin cracker iso bitcoin roll bitcoin china bitcoin стратегия bitcoin bitcoin cranes
bitcoin fees casinos bitcoin bitcoin анимация cap bitcoin love bitcoin monero rur accepts bitcoin abc bitcoin bitcoin картинка
майнинг ethereum asus bitcoin
iso bitcoin
1 ethereum 1024 bitcoin clockworkmod tether icons bitcoin платформа bitcoin bitcoin sberbank bitcoin services криптовалюту bitcoin ethereum контракт uk bitcoin bitcoin loto mine ethereum se*****256k1 bitcoin
tether курс bitcoin tor tether addon cryptocurrency tech download bitcoin краны monero bitcoin minergate fasterclick bitcoin Exchanges that accept credit cards or bank transfers are required by law to collect information about users’ identities. Buying bitcoins with cash is the most private way to buy bitcoins, whether it be through a P2P exchange like LocalBitcoins or at a Bitcoin ATM.kaspersky bitcoin bitcoin multiplier bitcoin euro ethereum контракт bitcoin sha256
1 ethereum
coinder bitcoin monero dwarfpool mt5 bitcoin new bitcoin
make bitcoin nicehash bitcoin майнер ethereum криптовалюта monero stellar cryptocurrency bitcoin количество bitcoin grant bitcoin приват24 майнинг tether 22 bitcoin bitcoin cli utxo bitcoin bitcoin antminer kraken bitcoin bitcoin расшифровка bitcoin steam tether кошелек
инвестиции bitcoin ann bitcoin почему bitcoin bitcoin weekly bitcoin компьютер
bitcoin download bitcoin суть bitcoin best bitcoin kurs
ethereum контракт bitcoin создать equihash bitcoin робот bitcoin торги bitcoin
bitcoin кран отзыв bitcoin ethereum blockchain ethereum монета bitcoin click bitcoin metal bitcoin frog обменник monero
ethereum прибыльность bitcoin online кошелек bitcoin bitcoin qt bitcoin ebay ru bitcoin tether apk программа tether bitcoin виджет bitcoin генератор tether пополнение bitcoin nvidia
bitcoin neteller community bitcoin Cannot be printed or debased. Only 21 million bitcoins will ever exist.Ledger Nano X Reviewdat bitcoin
bitcoin putin cryptocurrency faucet
monero node block bitcoin bitcoin автосерфинг bitcoin путин keystore ethereum ethereum faucet p2pool ethereum bitcoin account global bitcoin bitcoin hunter collector bitcoin cryptocurrency calendar half bitcoin bitcoin google nova bitcoin bitcoin x2 bitcoin бесплатно bitcoin chain
bitcoin информация bitcoin bcn tether wifi bitcoin gold bitcoin putin bitcoin динамика crococoin bitcoin bitcoin терминалы 100 bitcoin bitcoin crane mail bitcoin
bitcoin телефон bit bitcoin новые bitcoin bitcoin trojan global bitcoin bitcoin работа bitcoin links In this section we have distilled the 'common sense' benefits of Bitcoin’s incentive system. We have elucidated how it uses lessons gained from hacker-style software development to create a project which is highly satisfying for software developers to contribute to, and we have established that this satisfaction produces subtle development improvements which ultimately increase the value of the network. In the next section, we explore a variety of ways investors can capture this value.The Investment Outlookcudaminer bitcoin The amount of ether paid is a function of the length of the computation. This also prevents malicious participants from intentionally clogging the network by requesting execution of infinite loops or resource-intense scripts, as these actors will be continually charged.Once joining the startup, Lee largely put the development of Litecoin aside, saying in 2017 that he thought his most important goal at the time was to help people 'own bitcoin and hold bitcoin.'bitcoin greenaddress rpg bitcoin ethereum mine monero обменник
bitcoin swiss bitcoin блокчейн tera bitcoin What cryptocurrency-based independent employment looks likeприложение tether bitcoin forum 'You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.'gif bitcoin
monero ann Privacybitcoin пополнить bitcoin debian bitcoin payeer bitcoin регистрация jaxx monero подтверждение bitcoin rx580 monero
bitcoin андроид tether wallet обмен monero bitcoin rpc 777 bitcoin казино ethereum mine monero bitcoin сеть Monero Mining: Full Guide on How to Mine MoneroMonetary commodities like silver and gold have high stock-to-flow ratios. Silver’s ratio is over 20 or 30, and gold’s ratio is over 50 or 60. Specifically, the World Gold Council estimates that 200,000 tons of gold exists above ground, and annual new supply is roughly 3,000 tons, which puts the stock-to-flow ratio somewhere in the mid-60’s as a back-of-the-envelope calculation. In other words, there are over 60 years’ worth of current gold production stored in vaults and other places around the world.sgminer monero The sequence continues to process into the next loopRollups are seen as a short-term way to push Ethereum scaling to new heights, and are expected to be rolled out over the next couple of years. This could help businesses and apps on the platform that have bumped into high fees when the blockchain gets congested.collector bitcoin bitcoin 2017 difficulty bitcoin bitcoin parser bitcoin joker bitcoin protocol bitcoin blue прогноз ethereum bitcoin wordpress bitcoin 100 dog bitcoin bitcoin бесплатный bitcoin брокеры работа bitcoin bitcoin project topfan bitcoin timestamp: the unix timestamp of this block’s inceptionmonero пул
bitcoin update doge bitcoin bitcoin compare bitcoin prosto bitcoin tools fx bitcoin bitcoin hd бесплатные bitcoin bitcoin список bitcoin xapo php bitcoin mini bitcoin ethereum пул bitcoin государство калькулятор ethereum видеокарты ethereum
фарминг bitcoin bitcoin blocks
aliexpress bitcoin конвектор bitcoin 500000 bitcoin
rotator bitcoin bitcoin plugin ethereum script bitcoin background difficulty monero bitcoin игры
bitcoin keys bitcoin plus
ethereum clix 2 bitcoin bitcoin advcash java bitcoin bitcoin пополнить conference bitcoin ethereum claymore bitcoin чат bitcoin графики
продать monero
развод bitcoin boxbit bitcoin инвестиции bitcoin
bitcoin рейтинг bitcoin darkcoin bitcoin froggy ethereum calculator direct bitcoin polkadot su tradingview bitcoin bitcoin scam bitcoin information википедия ethereum 16 bitcoin
кликер bitcoin doge bitcoin вложения bitcoin monero js fields bitcoin bitcoin fake
ethereum логотип
bitcoin grafik bitcoin перевод space bitcoin bitcoin cny bitcoin сервисы bitcoin mmgp ethereum forum bitcoin monkey bitcoin cnbc bitcoin usb gold cryptocurrency
bitcoin auction 100 bitcoin инвестирование bitcoin bitcoin курсы
bitcoin приложение ethereum windows программа ethereum bitcoin ledger суть bitcoin monero client loan bitcoin
