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Bitcoin and Ethereum References and Resources

General info

Introduction to Ethereum

Ethereum is a platform based on blockchain technology that allows to build decentralized applications and to define smart contracts.

Ethereum allows for smart contracts which can be described as highly programmable digital money.

Imagine automatically sending money from one person to another but only when a certain set of conditions are met.

This platform, instead of the Bitcoin, use Ether a kind of token used as gas for all the network.

People can use them as cripto money or for pay the services offered by the network of the blockchain of Ethereum.

Ethereum allows to tun every kind of code, so developers can build any kind of applications using the same network. Anyway, the programmed smart contracts have to be unmodifiable, uncensored and without fraud's possibilities.

Many of the centralized systems we use today could be built in a decentralized manner on Ethereum.

Decentralized means that not one single entity has control over all the processing.

These are the most common accepted definitions of terms. You will note that these describe properties that are related, but neither orthogonal, nor in a linear spectrum.

  • decentralized systems: system where components operate on local information to accomplish goals, rather than the result of a central ordering influence (this is about decision locality)
  • federated systems: a cohesive unit formed of smaller sub units which collaborate to form the whole, but which retain significant local autonomy. (this is about retaining some autonomy)
  • distributed systems: system in which computation is distributed across components, which communicate and coordinate their actions by passing messages. The components interact with each other in order to achieve a common goal. (this is about communication and message passing)
  • peer-to-peer or peering systems: systems in which a set of peers are equally privileged, equipotent participants in collaborative goals. (this is about equipotency)

Benefits of the decentralized system are:

  • Immutability: third part can't modify data;
  • No corruption: censorship is avoid by some principles;
  • Security: without central issues and based on criptography avoiding hacker attacks and frauds;
  • Zero downtime: applications (called dapp) can't be terminate or go down;

Anyway Dapp aren't perfect because they are programmed by humans. If a bug is find the only method is ask to the community for change the smart contract code.

Links

Ethereum