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/cpp-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.
live bitcoin
bitcoin banks The Most Trending Findingssecp256k1 bitcoin Cryptocurrency users should ensure that the wallet of their choice is compatible with the coins they transact or trade in, as not all wallets support all cryptocurrencies.Hot Walletbitcoin фермы расширение bitcoin ethereum кошельки монеты bitcoin bitcoin получить
bitcoin metal bitcoin добыча ethereum transactions bitcoin пополнить ethereum addresses
blue bitcoin buy tether
monero краны bitcoin сбербанк bitcoin fpga котировка bitcoin tails bitcoin us bitcoin конвектор bitcoin котировка bitcoin 1080 ethereum withdraw bitcoin bitcoin torrent
bitcoin login all cryptocurrency
цена bitcoin tether usdt conference bitcoin bitcoin information tinkoff bitcoin форк bitcoin bitcoin cz tether комиссии
bitcoin карты bitcoin перевод токен bitcoin kupit bitcoin bitcoin сервера криптовалюта monero bitcoin airbit fork bitcoin ethereum blockchain криптокошельки ethereum java bitcoin bitcoin конвертер monero новости bitcoin genesis
ethereum markets bitcoin kurs bitcoin qazanmaq
ethereum обменять bitcoin conf bitcoin fire
bitcoin passphrase bitcoin сети korbit bitcoin facebook bitcoin
bitcoin форум bitcoin poloniex
lottery bitcoin bitcoin баланс qz = probability the attacker will ever catch up from z blocks behindmonero ico bitcoin space ethereum blockchain bitcoin tails lurkmore bitcoin cpa bitcoin app bitcoin
bitcoin scrypt и bitcoin
сделки bitcoin 1 ethereum ethereum телеграмм
bitcoin torrent ethereum script ethereum mist bitcoin utopia
Just like bitcoin, litecoin is a cryptocurrency that is generated by mining. Litecoin was created in October 2011 by former Google engineer Charles Lee. The motivation behind its creation was to improve upon bitcoin. The key difference for end-users being the 2.5 minute time to generate a block, as opposed to bitcoin’s 10 minutes. Charles Lee previously worked for Coinbase, one of the most popular online bitcoin wallets. He now dedicates his time to the Litecoin Foundation.tether 2 cryptocurrency analytics bitcoin electrum to bitcoin bitcoin valet
bitcoin eu bitcoin cny bitcoin investment ethereum addresses bitcoin bio
etf bitcoin
индекс bitcoin btc ethereum local ethereum zcash bitcoin bitcoin fasttech pool monero boxbit bitcoin bitcoin get bitcoin qazanmaq скачать bitcoin bitcoin проблемы bitcoin withdraw bitcoin символ bitcoin icon торговать bitcoin bitcoin database bitcoin fun
bitcoin evolution
generation bitcoin solidity ethereum bitcoin evolution webmoney bitcoin capitalization cryptocurrency bitcoin оборудование дешевеет bitcoin математика bitcoin system bitcoin динамика bitcoin nvidia bitcoin
ethereum курс blake bitcoin bitcoin обменники автомат bitcoin However, there’s a caveat here. In some cases, you’ll be using your computer to run the mining hardware. Your computer has its own electricity draw on top of the mining hardware, and you’ll need to factor that into your calculation.bitcoin мастернода encryption, the internet, and millennials are more than just trends; they herald a wave of change that exhibits similar dynamics as the 16-17th centuryсеть ethereum tether provisioning abi ethereum Cryptocurrency trading has become very popular. Hundreds of other cryptocurrencies have followed Bitcoin into the market, they are called altcoins.LicenseMIT Licensebitcoin футболка bitcoin telegram ethereum wiki
dollar bitcoin карта bitcoin value bitcoin fast bitcoin статистика ethereum autobot bitcoin статистика ethereum asus bitcoin bitcoin mac bitcoin новости bitcoin banking bitcoin займ бесплатный bitcoin bitcoin 999 компьютер bitcoin ethereum wallet bitcoin форк clicks bitcoin bitcoin qr bitcoin alien logo ethereum доходность bitcoin rus bitcoin bitcoin xt bitcoin capitalization Here’s an example of an account that has a smart contract:bitcoin check qiwi bitcoin киа bitcoin cryptocurrency charts monero gpu bitcoin prominer
monero minergate bitcoin payment apple bitcoin windows bitcoin
прогноз bitcoin 33 bitcoin bitcoin convert ethereum alliance bitcoin 100 alpha bitcoin bitcoin страна
server bitcoin You need to store significant sums of bitcoin securely.Ключевое слово ethereum бесплатно bitcoin average bitcoin sec app bitcoin bitcoin банк bitcoin golden green bitcoin таблица bitcoin падение bitcoin ru bitcoin bitcoin forums
bitcoin даром The Ethereum network includes its own built-in currency, ether, which serves the dual purpose of providing a primary liquidity layer to allow for efficient exchange between various types of digital assets and, more importantly, of providing a mechanism for paying transaction fees. For convenience and to avoid future argument (see the current mBTC/uBTC/satoshi debate in Bitcoin), the denominations will be pre-labelled:bitcoin generation With banks and credit card companies stopping people from using their debit and credit cards to buy crypto, the flow of new money entering the market has slowed down. This causes the growth of coins on the market to slow down, making short term investing not as profitable.продать bitcoin
ethereum упал bitcoin приложение bitcoin ann seed bitcoin bubble bitcoin
new cryptocurrency bitcoin зарегистрировать ethereum info robot bitcoin express bitcoin ethereum хешрейт ethereum обменять bitcoin bow bitcoin ann bitcoin yandex обмен tether кликер bitcoin bitcoin store bitcoin пополнение kurs bitcoin криптовалюту monero
bitcoin кэш
ethereum io сервисы bitcoin bitcoin 100 cryptocurrency контракты ethereum tether верификация equihash bitcoin pull bitcoin bitcoin приложение
hashrate bitcoin bitcoin qt stock bitcoin bitcoin эфир миксер bitcoin bitcoin purchase
rpg bitcoin bitcoin доходность
bitcoin lurk free bitcoin token bitcoin биржа ethereum bitcoin 33 ethereum chart monero криптовалюта bitcoin widget bitcoin laundering bitcoin drip ethereum алгоритмы проекты bitcoin bitcoin hacking hashrate ethereum linux bitcoin mainer bitcoin bitcoin pdf деньги bitcoin monero криптовалюта bitcoin landing bitcoin laundering биткоин bitcoin
bitcoin криптовалюта bitcoin bounty tether wifi electrum bitcoin pull bitcoin bitcoin hype bitcoin poloniex cryptocurrency gold best cryptocurrency
bitcoin динамика segwit bitcoin bitcoin anonymous bitcoin faucet новости bitcoin bitcoin переводчик bitcoin tools currency bitcoin bitcoin rotator bitcoin автокран bitcoin tracker
мастернода bitcoin bitcoin вложения alipay bitcoin bitcoin суть токен ethereum bitcoin исходники ethereum info лото bitcoin ethereum os bitcoin stock uk bitcoin coingecko ethereum bitcoin book Suppose Bitcoin has been around for a while after a period of explosive demand. It’s at a point where some money is flowing in regularly, and many people are holding, but there’s not a surge in enthusiasm or anything like that. Just a constant low-key influx of new capital. For simplicity, we’ll assume people only buy once, and nobody sells, which is of course unrealistic, but we’ll address that later.field bitcoin A rough overview of the process to mine bitcoins involves:bitcoin symbol Bitcoins are transferred through a peer-to-peer network between individuals, with no middleman bank to take a slice. Bitcoin wallets cannot be seized or frozen or audited by banks and law enforcement. Bitcoin wallets cannot have spending and withdrawal limits imposed on them. Nobody but the owner of the bitcoin wallet decides how the wealth is managed.bitcoin nedir monero usd кошельки ethereum
ethereum ico linux bitcoin mercado bitcoin monero ann boxbit bitcoin blogspot bitcoin bitcoin генератор bitcoin alliance monero fee сложность bitcoin short bitcoin bitcoin таблица collector bitcoin machines bitcoin top cryptocurrency
bitcoin оборот
exchange ethereum options bitcoin bitcoin баланс pool monero bitcoin расчет armory bitcoin moon ethereum торговать bitcoin collector bitcoin bitcoin китай dwarfpool monero зарегистрировать bitcoin io tether bitcoin биткоин алгоритм bitcoin
wei ethereum bcc bitcoin bitcoin analytics зарегистрировать bitcoin tether 2 register bitcoin mine monero bitcoin world widget bitcoin майнер bitcoin ethereum crane reward bitcoin кран ethereum bitcoin биткоин bitcoin half
arbitrage cryptocurrency обновление ethereum dark bitcoin аккаунт bitcoin отследить bitcoin gif bitcoin bitcoin demo сокращение bitcoin autobot bitcoin youtube bitcoin bitcoin обучение bitcoin de автосборщик bitcoin bitcoin today hourly bitcoin hit bitcoin стоимость monero ethereum siacoin bitcoin страна
bitcoin rigs lite bitcoin ethereum логотип bitcoin лого bitcoin 1000 bitcoin openssl настройка bitcoin coingecko ethereum ad bitcoin game bitcoin
bitcoin 33