Genesis 0x03: Basics of Ethereum
π Howdy
I hope you all are doing well and fine! Welcome to the awesome world of Blockchain Security. I am back with the third edition of our Genesis Series i.e. Genesis 0x03
π€ What is Ethereum?
Seeing the potential of blockchain and its applications, people started proposing various use-cases of blockchain for solving a wide range of problems.
Creating separate blockchains from scratch for different tasks was time-consuming and not scalable at all, as a result, Ethereum was created, which enabled developers to build and publish smart contracts and distributed applications that can be used without the risks of downtime, fraud, or interference from a third party.
Ethereum was conceived in 2013 by a Canadian-Russian programmer Vitalik Buterin. Its Development started in 2014, and the network went live on 30 July 2015.
π₯ Ethereum 2.0
βChange is the only constant element in this universe”, same also applies to Ethereum. Ethereum 2.0, also known as Eth2 or Serenity is an upgrade to the Ethereum blockchain. The upgrade aims to enhance the speed, efficiency, and scalability of the Ethereum network so that it can process more transactions and ease bottlenecks.
β© Fast track learning
Q- Is Ethereum and Ether the same thing?
Ethereum is a decentralized, open-source, programmable blockchain which enables developers to build and publish smart contracts (self-executing/autonomous blocks of code) and distributed applications that can be used without the risks of downtime, fraud, or interference from a third party. While Ether (ETH or Ξ) is the native cryptocurrency of the platform.
Q- How Ethereum is different from Bitcoin?
Bitcoin was too limited in its functionality. In an interview with Business Insider, Vitalik compared it to a pocket calculator that does one thing well, whereas he said Ethereum is more like a smartphone with multiple applications you can use.
Q- Is Ethereum Better Than Bitcoin?
Can you compare a mango with a banana? No. In other words, Ethereum has much wider ambitions. It wants to be a decentralized computing platform for creating other decentralized applications, while Bitcoin is digital gold.
Q- What are smart contracts?
Smart contracts are simply programs(self-executing autonomous blocks of code) stored on a blockchain that run when certain predetermined conditions are met.
Q- What are some benefits of smart contracts?
- Speed, efficiency and accuracy
- Trust and transparency
- Security
- No need of intermediaries to handle transactions.
Q- In which language a smart contract can be written?
The two most active and maintained languages for smart contract development are:
- Solidity
- Vyper
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