Ethereum. Ether. EVM. Smart Contract.
Ethereum is an open-source, public, Blockchain-based distributed computing platform featuring smart contract functionality. Compared to Bitcoin, the Ethereum network is relatively new as it went live only in mid-2015. The origin has undergone many forms. It all progresses from a CryptoCurrency researcher and programmer, Vitalik Buterin, to Ethereum Foundation in 2015 and to Enterprise Ethereum Alliance (EEA) in 2017. The members of this alliance include, Accenture, Cisco, Deloitte, Intel, J.P. Morgan, Microsoft, Samsung and Toyota among others.
The basic concepts of decentralized distributed ledger and Cryptography is involved in Ethereum network also. The architecture of Ethereum consists of the runtime environment and Smart contracts which are computer protocols intended to facilitate, verify, or enforce the negotiation. Ethereum is mostly referred as a platform facilitating many use cases; also providing Cryptocurrency token called ETHER that can be transferred between accounts. As with Bitcoin, Ether is also bought through exchanges or earned through Ethereum Mining.
Ethereum Virtual Machine
The Ethereum Virtual Machine EVM is the unique software piece of the Ethereum Network. Note that Ethereum is referred as platform or network. As mentioned earlier it the run time environment. In the Peer to Peer network of computers, in each computer called as nodes EVM is installed and running. EVM will execute code when it receives a message verified by a digital signature, and the information stored on the Blockchain tells it is appropriate to do so. This facilitates developers in the development work of Smart Contracts and its execution.
Ethereum platform is specially built for creating Smart Contract. To briefly put, While a standard contract outlines the terms of a relationship , Smart contract enforces a relationship with Cryptographic code.Smart Contracts are software programs, usually developed with some scripting and programming languages like Solidity. And these software programs auto- execute the functions for which they are created. Ethereum has established as a platform of choice for many enterprises adopting Blockchain technology. We will see more writings on Ethereum in future.
/Malick, Chain Scripts, Chennai, India.
‘I have no special talent. I am only passionately curious’. -Albert Einstein