Overview of EthereumEthereum is a decentralized computing platform that is similar to a globally distributed virtual computer network, rather than relying on a single physical device. This network is not controlled by specific individuals or entities, but is jointly maintained and operated by numerous users and nodes
Overview of Ethereum
Ethereum is a decentralized computing platform that is similar to a globally distributed virtual computer network, rather than relying on a single physical device. This network is not controlled by specific individuals or entities, but is jointly maintained and operated by numerous users and nodes.
Similar to digital currencies such as Bitcoin, Ethereum also supports the transfer of digital assets, but its functions go far beyond that. On Ethereum, developers can create their own smart contracts, which are special types of code that can perform various tasks and operations. These smart contracts can interact with applications developed by other users to build various complex distributed applications.
The strength of Ethereum lies in its flexibility, and almost any type of program can be built on it. Most importantly, these applications run on a decentralized network and are not controlled by a single entity, making them theoretically less susceptible to closure or scrutiny.
In summary, the core concept of Ethereum is that developers can create and run code in a distributed network without relying on a central server, thus achieving a more open and free application development and runtime environment.
Functions of Ethereum
Universal sharing of banking services:In daily life, not everyone can easily access financial services. However, through an internet connection, anyone can easily access Ethereum and utilize its lending and savings products.
Open network ecosystem:The Ethereum network is widely open, and everyone can participate or build their own applications on it. This allows you to have complete control over your assets and identity information, without being subject to the control of a few large companies.
Peer to Peer Trading Network:On Ethereum, you can collaborate directly with others, reach agreements, and achieve peer-to-peer transmission of digital assets without relying on any intermediaries.
Exemption from review:Ethereum is not subject to government or company interference, ensuring that your payments and service usage on this network are not subject to scrutiny or restrictions from others.
Business Trust:Users can enjoy built-in security mechanisms, and funds will only be transferred with the explicit consent of the user. Developers can also be confident that the relevant rules will not be arbitrarily changed.
Combinable products:All applications are built on the same blockchain, sharing global state, which means they can be combined with each other, just like Lego bricks. This provides us with better products and experiences, and ensures that no one can delete any components that the application relies on.
What is a smart contract
A smart contract is a computer program that exists on the Ethereum blockchain, and its essence is a piece of code. However, they are neither intelligent nor in line with the definition of traditional contracts. They are called "smart contracts" because they can automatically execute agreements reached by both parties under specific conditions.
Once a smart contract is deployed on the Ethereum network, it will always be online and running, even its creator cannot stop it. These smart contracts apply this logic to the digital world. Developers can define various rules in their code, such as returning specific messages such as "Hello, World!" when a contract receives a certain amount of Ethereum.
On Ethereum, developers write code for smart contracts so that Ethereum Virtual Machines (EVMs) can understand and execute them. Then, they deploy the contract to a specific address, which will become the unique identifier of the contract. Once the contract is deployed, anyone can interact with it by sending a certain amount of Ether to the contract address. This will trigger the code execution of the contract, and computers on the entire Ethereum network will verify and record this operation to ensure that the user has paid the contract and save the output message 'Hello, World!'.
This is just one of the most basic examples of Ethereum functionality. With the continuous progress of technology, people can create more complex and precise applications that involve the interaction between multiple smart contracts, and these applications have emerged and are constantly evolving.
Understanding Ethereum's cryptocurrency - Ethereum
The operation of the Ethereum network requires computational work, which is completed in the Ethereum virtual machine, known as the Ethereum virtual machine. But these calculations are not free, but require payment using Ethereum's local cryptocurrency, Ethereum (ETH).
Ethereum is a pure digital currency that can be quickly transmitted to any individual around the world. The supply of Ethereum (ETH) is completely decentralized and transparent, and is not controlled by zf or the company. According to the agreement, Ethereum will only be distributed to pledgors who ensure network security, and this process is highly precise.
What is the difference between Ethereum and Bitcoin
Ethereum and Bitcoin have fundamental differences, although both are digital currencies, there are significant differences in functionality and usage. The main goal of Bitcoin is to achieve decentralized digital currency transactions, enabling people to transmit value to each other without the need for third-party institutions or banks. This is already a major innovation in itself, as it eliminates the need for centralized authority.
However, Ethereum goes further by not only allowing value transmission, but also providing users with a programmable blockchain platform. This means that people can build and deploy various decentralized applications on the Ethereum network, not just limited to currency transactions. The true power of Ethereum lies in its smart contract function, where users can write custom smart contracts that can perform various tasks and functions, from financial services, games, social networks, to any regular program. Therefore, Ethereum has become an open and innovative market, with various types of contracts and applications constantly emerging on its network.
In the world of Bitcoin, our main focus is on value transmission, while Ethereum provides us with a broader ecosystem, similar to a market that includes financial services, games, social networks, and various other applications. Ethereum's programmability and flexibility make it a multifunctional blockchain platform, driving innovation and development of decentralized applications.
Thank you for reading. See you next time!
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
