= Ethereum =

Ethereum is a a type of block chain network

Ethereum has an imaginary canonical computer (the *Etherum Virtual Machine*, or
*EVM*) whose state everyone in the network agrees upon. Every node keeps a copy
of the state. Any node can request the EVM carry out some computation, which in
turn updates the state of the EVM. This state is then propagated throughout the
machine. Requests for computation are called *transaction requests*. The list
of all transaction requests as well as the states of the EVM is stored on a
blockchain, which is in turn validated by all nodes in the network.

== Ether ==

*Ether* is the native cryptocurrency of Ethereum. It is an incentive token for
nodes to verify and execute transaction requests and provide computational
resources for the network. 

When a computation request is made, a ETH bounty is attached as a reward for
carrying out the computation, and commiting it to the block chain. The amount
paid corresponds to the time required to perform the computation. The bounty
also makes it so that infinite computation requests are not possible. 

== Smart Contracts ==

Code can be written and submitted to EVM storage, to be run on the EVM. These
snippets of code are called smart contracts. The script is called and given
paramaters, then the EVM exectues that script and returns the state onto the
blockchain. 

Any smart contract can be put onto the block chain's data layer for a fee, and
then can be again executed for a fee.