Just like Bitcoin, which is highly known, ‘Ethereum’ is yet another open source implementation of the Blockchain concept. However, the similarity between ‘Ethereum’ and ‘Bitcoin’ ends just there. While ‘Bitcoin’ is a cryptocurrency, ‘Ethereum’ is a decentralized network for implementing ‘Smart contracts’. Recall, that ‘smart contracts’ are similar to normal contract clauses, but are automatically enforced without any interference from third parties.
The ‘Ethereum’ logo was first used in 2014 and the project was live on 30th July 2015 – so, it is an absolutely brand new blockchain concept! The ‘Ethereum’ idea was first conceived by Vitalik Buterin.
Now moving onto the article, the basic idea behind the blockchain technology is the different nodes agreeing on transactions and having the same copy of the transaction. Instead of all the nodes in a network agreeing on the the coins moving towards and away from a user(like in a Bitcoin), in a Ethereum network, the nodes have to agree on the smart contract transactions.
So, what can we do with a Ethereum blockchain?
Have an idea for an application? You can get it deployed on the ‘Ethereum’ blockchain. It is no longer a huge chore to build blockchain applications and definitely much more easier to get applications deployed on the Ethereum blockchin.
You can create your own cryptocurrency, voting ballots, crowdsale or any idea of for a decentralized application without feelings and human emotions entwined in it. For more information about creating your own decentralized applications on the Ethereum blockchain please visit: https://www.ethereum.org/
To conclude, here are a few terms associated with ‘Ethereum’:
It should be noted that Ethereum is another rapidly evolving technology. How the world will react to it and how the governments will react to it is left to be seen. This article is largely for informational purposes only!
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‘Smart Contracts’ is a term that is often used in the Blockchain world. ‘Smart Contracts are similar to legal contracts but are encoded in the ‘Blockchain’ . ‘Ethereum’, the public blockchain is the most popular way to create smart contracts.
We encounter physical ‘contracts’ throughout our life. Contracts are present when we start a new job(detailing the job details and the date of salary payments) , when we buy a new house(detailing our mortgage payments and the corresponding dates , when we buy a new vehicle(detailing loan payments)
Home loans, car loans and most other critical dealings come with contracts. ‘Contracts’ enable the buyer and seller to keep their word. In a home buying scenario, once the buyer completes all his mortgage payments, the loaner company should release the title and deed and all appropriate paperwork to the buyer. There are lengthy clauses which cover every aspect of our business dealings.
An example of a legal statement might be as follows: ‘If the bill is not paid by a certain due date, then add a corresponding late fee or revoke the license’.
What if this could be automated and enforced without any manual intervention? Is this possible? yes – by means of smart contracts.
In a ‘smart contract’ the contract itself is coded and it is further stored and monitored by the Blockchain network. Once a condition is met, the contract executes automatically. This ensures transparency along with elimination of middlemen.
‘Smart Contracts’ are mostly written in the ‘Solidity’ programming language.
This is just a short glimpse into the world of ‘smart contracts’. Join me as I uncover more technical topics about the ‘Blockchain’ world in subsequent posts…
‘Ripple’ may be a totally unknown term to you or you know exactly what I am talking about – either way ‘Ripple’ is creating ripples!
What is it?
‘Ripple’ is one of the implementations of ‘Blockchain’. As you may recollect, ‘Blockchain’ is the decentralized network where different nodes agree on transactions. Each node has a copy of the transaction and none of the transactions can be deleted or modified in any way. You can read more about Blockchain here.
Blockchain, AI and machine learning are the latest buzzwords in the IT industry. Building a blockchain is also becoming a need for various businesses. Recall, that a “Blockchain” is the distributed shared ledger for recording and storing transactions. Each of the participant in the business network has a copy of the ledger which is updated regularly.
Before building a blockchain, there are a few keywords that have to be mastered and we will discuss them today.