What is Ethereum Blockchain?

21 Oct. 2019

Ethereum Blockchain

In our previous blogs, we learnt what blockchain technology and cryptocurrencies are. Bitcoin,as we know, was the first cryptocurrency invented, on the blockchain network.
This blog will help us understand in detail about another popular blockchain called Ethereum.

Refer our below blogs:

What is Ethereum blockchain?

While there are correlations among Ethereum and Bitcoin and rightly so, there is a vital distinction between the two. Bitcoin is a cryptocurrency and its blockchain is restricted only to exchange bitcoins.

Ethereum is a public blockchain platform created by Vitalik Buterin which, alongwith tracking cryptocurrencies, is additionally intended to execute program codes of different decentralized applications (DApps). These codes are known as smart contracts. Ethereum smart contracts are interchangeably used with Blockchain smart contracts.

The cryptocurrency produced by Ethereum blockchain is called Ether, and like Bitcoin, can be sent/received from one account to another, and various other transactions can be carried out.

How Ethereum Blockchain works

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What are Ethereum smart contracts and decentralized applications (DApps)?

The idea of smart contracts were introduced to ease business strategies by automating transactions for saving time and efforts.

Blockchain smart contracts are software programs that deal with the trading of cryptocurrency between clients, transfer of digital assets etc and/or any other kind of transactions. They are stored on the Ethereum blockchain and are designed in a way such that they get triggered automatically and self-execute, when certain pre-composed conditions are met. Solidity is the primary programming language used to write smart contracts in Ethereum.

As expressed above, Ethereum is equipped for running smart contracts made by any application (DApps) that is kept on the blockchain. The execution of this code requires Ether (Ethereum’s local cryptocurrency) payment and also another token called the gas.

Gas is a special unit for pricing in the Ethereum blockchain. Gas is generally the reward that a user has earned, as a result of the amount of stake he/she has in the network, according to the Proof of Stake (POS) algorithm. A mix of Ether token and a gas cost is required to process any transaction/smart contract. Any user can associate a certain gas price for a particular operation and that particular event will be triggered or processed only if another user accepts the gas price.

DApps are applications that are deployed and executed on a blockchain. Blockchain being the backend, stores all the records of the transactions processed via the app. DApps can be developed using any programming language.

Together, DApps, smart contracts and Blockchain structure a robust and secure system because of their decentralized and distributed features.

Ethereum Virtual Machine (EVM)

Now, we have understood what DApps and blockchain smart contracts are and how Ethereum provides a platform to deploy these on its network. To execute these innumerable applications and smart contracts, a system which can oversee and process these different projects, is required.

The Ethereum Virtual machine (EVM) is a system that enables the real code of the smart contracts to be executed, the database to be stored and transactions to be recorded.

The programming language of the DApps or the smart contracts are converted to an EVM justifiable language and transactions are executed.

Ethereum Blockchain Virtual Machine

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Why Ethereum?

Apart from its basic advantages of being decentralized, immutable, tamper proof as a blockchain, Ethereum accompanies couple of extra advantages.

-The capability of executing a code of any programming language on its system makes Ethereum turing complete. This feature is what makes it beneficial and preferred over others.

-Besides managing cryptocurrencies, it facilitates the execution of other applications and their software programs in a seamless manner.

Ethereum has definitely caught the eye of developers and organizations alike, throughout the world, with its one of a kind adaptable features. It most definitely has a higher ground over Bitcoin, and therefore is pulling in an ever increasing number of clients.

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