34 lines
1.5 KiB
Plaintext
34 lines
1.5 KiB
Plaintext
= Ethereum =
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Ethereum is a a type of block chain network
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Ethereum has an imaginary canonical computer (the *Etherum Virtual Machine*, or
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*EVM*) whose state everyone in the network agrees upon. Every node keeps a copy
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of the state. Any node can request the EVM carry out some computation, which in
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turn updates the state of the EVM. This state is then propagated throughout the
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machine. Requests for computation are called *transaction requests*. The list
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of all transaction requests as well as the states of the EVM is stored on a
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blockchain, which is in turn validated by all nodes in the network.
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== Ether ==
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*Ether* is the native cryptocurrency of Ethereum. It is an incentive token for
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nodes to verify and execute transaction requests and provide computational
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resources for the network.
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When a computation request is made, a ETH bounty is attached as a reward for
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carrying out the computation, and commiting it to the block chain. The amount
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paid corresponds to the time required to perform the computation. The bounty
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also makes it so that infinite computation requests are not possible.
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== Smart Contracts ==
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Code can be written and submitted to EVM storage, to be run on the EVM. These
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snippets of code are called smart contracts. The script is called and given
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paramaters, then the EVM exectues that script and returns the state onto the
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blockchain.
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Any smart contract can be put onto the block chain's data layer for a fee, and
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then can be again executed for a fee.
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