The invention of Bitcoin blockchain popularised two major concepts
1. Decentralized currency
2. Blockchain technology
Limitation of Bitcoin: Usage limited to peer-to-peer money transfer over the internet
But can this blockchain technology be leveraged to do more than just that?
1. Decentralized currency
2. Blockchain technology
Limitation of Bitcoin: Usage limited to peer-to-peer money transfer over the internet
But can this blockchain technology be leveraged to do more than just that?
๐ Possible solutions to overcome the limitation
- Building a new blockchain with enhanced features: Difficult to implement with high development time
- Building something on top of Bitcoin: Less scalable
- Trying to use programming on top of Bitcoin: Limited capabilities
- Building a new blockchain with enhanced features: Difficult to implement with high development time
- Building something on top of Bitcoin: Less scalable
- Trying to use programming on top of Bitcoin: Limited capabilities
๐ By whom and when was Ethereum invented?
With the first approach taken to build a new blockchain network, Vitalik Buterin in 2014 published a white paper with the vision of Ethereum and on 30th July 2015, Ethereum was live.
With the first approach taken to build a new blockchain network, Vitalik Buterin in 2014 published a white paper with the vision of Ethereum and on 30th July 2015, Ethereum was live.
๐ What is Ethereum?
- Decentralized, open-source blockchain with native crypto as Ether/ETH
- Establish peer-to-peer network securely executing & verifying application code called smart contracts
- Uses Proof-Of-Work consensus mechanism but soon moving to Proof-Of-Stake
- Decentralized, open-source blockchain with native crypto as Ether/ETH
- Establish peer-to-peer network securely executing & verifying application code called smart contracts
- Uses Proof-Of-Work consensus mechanism but soon moving to Proof-Of-Stake
๐ Key Features of Ethereum
- Not only a medium of exchange and a store of value but is a programmable blockchain which can do much more
- Allows developers to build and use decentralized applications:
- Not only a medium of exchange and a store of value but is a programmable blockchain which can do much more
- Allows developers to build and use decentralized applications:
https://twitter.com/GargEtisha/status/1505981727923064832
๐ What is an Ethereum account?
It is an entity with an ether(ETH) balance that can send transactions on Ethereum
Types of Ethereum accounts:
1. Externally Owned Accounts
2. Contract Accounts
Both can call any public function of a smart contract or create a new smart contract
It is an entity with an ether(ETH) balance that can send transactions on Ethereum
Types of Ethereum accounts:
1. Externally Owned Accounts
2. Contract Accounts
Both can call any public function of a smart contract or create a new smart contract
๐ Externally Owned Accounts(EOA)
- Controlled by their private key
- Can initiate transactions
- New EOA account can be created anytime without cost
- It's public key is derived from it's private key
- Controlled by their private key
- Can initiate transactions
- New EOA account can be created anytime without cost
- It's public key is derived from it's private key
๐ Contract Accounts
- Controlled by contract code. No private key
- Can send transactions in response to receiving transactions
- New contract account can only be created from EOA or from existing deployed contract with a cost
- Public address = EOA Public address + nonce
- Controlled by contract code. No private key
- Can send transactions in response to receiving transactions
- New contract account can only be created from EOA or from existing deployed contract with a cost
- Public address = EOA Public address + nonce
๐ Popular use cases of Ethereum
- Decentralized Finance(DeFi)
- Decentralized Autonomous Organization(DAO)
- Non-Fungible Tokens(NFTs)
and many more...
- Decentralized Finance(DeFi)
https://twitter.com/GargEtisha/status/1506346204153536514
- Decentralized Autonomous Organization(DAO)
https://twitter.com/GargEtisha/status/1508514562504486913
- Non-Fungible Tokens(NFTs)
https://twitter.com/GargEtisha/status/1486725231611768832
and many more...
That's all for this thread. Thank You for reading!
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Keep Unblocking The Chainโ
If you liked this thread, follow me
@GargEtisha
and retweet this tweet so that it can help maximum people.
Keep Unblocking The Chainโ
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