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Bitcoin Vs Ethereum: Driven By Different Purposes

Bitcoin Vs Ethereum: Driven By Different Purposes

Bitcoin Vs Ethereum: Driven by Different Purposes Ethereum has received a lot of attention since its announcement at the North AmericanBitcoinConference in early 2014 byVitalikButerin. The natural consequence of its rising popularity has been its constant comparison toBitcoin, the first virtual currency. It is important for investors to understandthe similarities and differences between BitcoinandEthereum. Bitcoin, the first virtual currency, was born seven years back. It introduced a novel idea set out in a white paper by the mysterious SatoshiNakamoto:Bitcoinoffers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies . There are no physicalBitcoins , only balances associated with public and private keys. Over these years, the acceptance of the concept of a virtual currency has increased among regulators and government bodies.Althoughit isnt a formally recognized medium of payment or store of value, it has managed a niche for itself and continues to coexist in the financial system despite being regularly scrutinized and debated. The attempts to understandBitcoinmoreclosely resulted in the discovery of blockchain , the technology that powers it. Theblockchainis not just the hottest topic in theFinTechworld but also asought after technology in many industries. Ablockchainis a public ledger of all transactions in a given system that have ever been executed. It is constantly growing as completed blocks are added to it. The blocks are added to theblockchainin linear, chronological order through cryptography, ensuring they remain beyond the power of manipulators. Theblockchainthus stands as a tamper-proof record of all transactions on the network, accessible to all Continue reading >>

Ethereum - Wikipedia

Ethereum - Wikipedia

This article has multiple issues. Please help improve it or discuss these issues on the talk page . This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . Some of this article's listed sources may not be reliable . Please help this article by looking for better, more reliable sources. Unreliable citations may be challenged or deleted. The Ethereum Project's logo, first used in 2014 Ethereum is an open-source , public, blockchain -based distributed computing platform featuring smart contract (scripting) functionality. [2] It provides a decentralized Turing-complete virtual machine , the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. [3] "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network. [2] [4] Ethereum was proposed in late 2013 by Vitalik Buterin , a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014. [5] The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale. [6] This accounts for approximately 13 percent of the total circulating supply. In 2016, as a result of the collapse of The DAO project, Ethereum was forked into two separate blockchains - the new forked version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). [7] [8] [9] Ethereum was initially described in a white paper by Vitalik Buterin , [10] a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>

How Ethereum Works - Coindesk

How Ethereum Works - Coindesk

CoinDesk Launches 2017 Year in Review Opinion and Analysis Series Now that we've covered what ethereum is, let's dive deeper into how the platform functions under the hood. Consider the online notebook application described in " What is Ethereum? " Using ethereum, the appdoesn't require one entityto store and control its data. To accomplish this, ethereum borrows heavily from bitcoin's protocol and its blockchain design, but tweaks it to support applications beyond money. Ethereum aims to abstract away bitcoin's design, however, so that developers can create applications or agreements that have additional steps, new rules of ownership, alternative transaction formats or different ways to transfer state. The goal of ethereum's 'Turing-complete' programming language is to allow developers to write more programs in which blockchain transactions could govern and automate specific outcomes. This flexibility is perhaps ethereum's primary innovation, as explained in the guide " How Ethereum Smart Contracts Work ". The structure of the ethereum blockchain is very similar to bitcoin's, in that it is a shared record of the entire transaction history. Every node on the network stores a copy of this history. The big difference withethereum is that its nodes store the most recent state of each smart contract, in addition to all of the ether transactions. (This is much more complicated than described, but the text below should help you get your feet wet.) For each ethereum application, the network needs to keep track of the 'state', or the current information of all of these applications, including each user's balance, all the smart contract code and where it's all stored. Bitcoin uses unspent transaction outputs to track who has how muchbitcoin. While it sounds more complex, the id Continue reading >>

Qtum The Blockchain Made Ready For Business

Qtum The Blockchain Made Ready For Business

Qtum makes it easier than ever for established sectors and legacy institutions to interface with blockchain technology. Create your own tokens, automate supply chain management and engage in self-executing agreements in a standardized environment, verified and tested for stability. Qtum, in cooperation with its academic partners, develops tools and methods to standardize the workflow for business smart contract development. This includes the formally verifiable translation of human-readable agreements to machine smart contracts, and the error-resilient specification of their elements, terms and conditions. Cooperating with a series of partners and third parties, Qtum aims to establish a smart contract hub, offering secure and thoroughly tested contract templates, tailor fitted for a multitude of industries and use cases, such as supply chain management, telecommunications, IoT, social networking, and many more. Building on Bitcoins UTXO model, the simple payment verification (SPV) protocol is supported by the Qtum codebase by default. As a result, it is now possible to execute smart contracts from lite wallets, which can be easily installed on any given mobile device, heralding an age of mobile decentralized applications. With this, the blockchain is finally ready to take up disruption in a world in which half of all internet traffic is being generated by smartphones and tablets. Qtum extends Bitcoins 'Script' language so that it functions as a vehicle to transport code to Qtums version of the EVM. With this, it is now possible to execute smart contracts and run decentralized applications, simply and securely, in environments that were previously out of reach for turing-complete blockchains, combining the endless possibilities provided by smart contracts with the stabi Continue reading >>

Solidity - Wikipedia

Solidity - Wikipedia

This article is about the programming language. For the state of matter, see solid . Solidity is a contract-oriented programming language for writing smart contracts . [1] It is used for implementing smart contracts [2] on various blockchain platforms. [3] [4] [5] It was developed by Gavin Wood, Christian Reitwiessner, Alex Beregszaszi, Liana Husikyan, Yoichi Hirai and several former Ethereum core contributors to enable writing smart contracts on blockchain platforms such as Ethereum. [6] [7] [8] Solidity was initially proposed in August 2014 by Gavin Wood ; [9] [10] the language was later developed by the Ethereum project's Solidity team, led by Christian Reitwiessner. It is one of four languages (the others being Serpent, LLL, Viper (experimental) and Mutan (deprecated)) designed to target the Ethereum Virtual Machine (EVM). [8] At present, Solidity is the primary language on Ethereum as well as on other private blockchains running on platforms that compete with Ethereum, such as Monax and its Hyperledger Burrow blockchain, which uses Tendermint for consensus. SWIFT has deployed a proof of concept using Solidity running on Burrow. [2] [11] A Cornell University researcher stated that Solidity was partially to blame for The DAO hack that took place in 2016. He stated: "this was actually not a flaw or exploit in the DAO contract itself: technically the EVM was operating as intended, but Solidity was introducing security flaws into contracts that were not only missed by the community, but missed by the designers of the language themselves." [12] [13] Solidity is a statically-typed programming language designed for developing smart contracts that run on the EVM. [14] [15] Solidity is compiled to bytecode that is executable on the EVM. With Solidity, developers are able to Continue reading >>

Optimising The Ethereum Virtualmachine

Optimising The Ethereum Virtualmachine

The Ethereum Virtual Machine (EVM) is a simple but powerful, Turing complete 256bit Virtual Machine that allows anyone to execute arbitrary EVM Byte Code . The EVM is part of the Ethereum Protocol and plays a crucial role in the consensus engine of the Ethereum system. It allows anyone to execute arbitrary code in a trust-less environment in which the outcome of an execution can be guaranteed and is fully deterministic. Executing code within the Ethereum network takes time, and execution is generally pretty slow compared to other VMs. For every instruction, theres a cost associated, and an internal counter keeps track of the total cost, which is charged to the user. When a user initiates an execution through a transaction, they reserve some cash, which is the maximum amount theyre willing to pay. When a transaction has been broadcasted to the network validators may take the transaction and apply it to their current state, executing the associated code. The validator will make sure that: The transaction is valid (e.g. encoding, sender signature, etc.); The sender has enough funds to pay for the execution; The EVM didnt throw any exceptions during the execution. The internal unit for keeping track of execution cost is called Gas and is the Ethereum networks cost unit, paid exclusively with Ether Ethereums own crypto-currency. The Gas mechanism solves two major issues: A validator is guaranteed to receive a maximum of the initial pre-paid amount, even if the execution fails; Sidestep the halting problem, i.e. an execution can not run longer than the pre-paid amount would allow. Instead of looping indefinitely the execution would exhaust the available resources that it has at its disposal. One the characteristics of the EVM is that, unlike most VMs, it operates on 256bit i Continue reading >>

Ethereum. All About Cryptocurrency - Bitcoin Wiki

Ethereum. All About Cryptocurrency - Bitcoin Wiki

Ethereum was initially described in a white paper by Vitalik Buterin, a programmer involved with Bitcoin Magazine , in late 2013 with a goal of building decentralized applications. Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed development of a new platform with a more general scripting language. At the time of public announcement in January 2014, the core Ethereum team was Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson. [3] Formal development of the Ethereum software project began in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse). Subsequently, a Swiss non-profit foundation, the Ethereum Foundation (Stiftung Ethereum), was created as well. Development was funded by an online public crowdsale during JulyAugust 2014, with the participants buying the Ethereum value token (ether) with another digital currency, bitcoin . While there was early praise for the technical innovations of Ethereum, questions were also raised about its security and scalability. Several codenamed prototypes of the Ethereum platform were developed by the Foundation, as part of their Proof-of-Concept series, prior to the official launch of the Frontier network. "Olympic" was the last of these prototypes, and public beta pre-release. The Olympic network provided users with a bug bounty of 25,000 ether for stress testing the limits of the Ethereum blockchain. "Frontier" marked the tentative experimental release of the Ethereum platform in July 2015. [4] Since the initial launch, Ethereum has undergone several planned protocol upgrades called milestones, which are important changes affecting the underlying functionality and/or incentive structures of the platform. "Homestea Continue reading >>

A Wikipedia Edit War Has Broken Out Over Ethereum-based Dao

A Wikipedia Edit War Has Broken Out Over Ethereum-based Dao

A Wikipedia Edit War Has Broken out over Ethereum-Based DAO Join our community of 10 000 traders on Hacked.com for just $39 per month. The Ethereum createdDAO has become one of the largest crowdsale in history, overtaking today the video game project Star Citizen, which has been a multi-year effort to raise $113,705,500. The DAO, a project curated by the founders of the Ethereum public blockchain, has raised $35 million more than that since May 28. The DAO essentially offshoots of Ethereum or subsidiaries with its own principals claimed the number one spot on the list of highest crowd funds after it surpassed Star Citizen, a space simulation game for which crowdfunding began in late 2012. Ethereum calls itself a decentralized Virtual Machine and, at its foundation, are peer-to-peer smart contracts. Smart contracts have been celebrated by the biggest names in technology, including IBM, Red Hat, the Linux Foundation, and essentially every bank in the world. It features its own native digital currency like Bitcoin, called Ether. Funds have been raised for the DAOs such as Digix, Slock.it and Mobotix in Ether. Ethereum originally raised funds in Bitcoin. Described by its founder as A Next-Generation Cryptocurrency and Decentralized Application Platform, Ethereum has captured the attention of media, featured inThe New York Times and other publicationsto date. However, while crypto-enthusiasts have claimed that, indeed, the DAO is a crowdsale, an aggressive edit war on Wikipedia has demonstrated the issue is not so clear. Many people on Wikipedia believe that The DAO and presumably the other blockchain projects on the page does not belong there. That, it is not a crowdsale, but, rather, an IPO of sorts. The edit war has resulted in the Wikipedia page for list of highest fund Continue reading >>

Ethereum. All About Cryptocurrency - Bitcoin Wiki

Ethereum. All About Cryptocurrency - Bitcoin Wiki

Ethereum was initially described in a white paper by Vitalik Buterin, a programmer involved with Bitcoin Magazine , in late 2013 with a goal of building decentralized applications. Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed development of a new platform with a more general scripting language. At the time of public announcement in January 2014, the core Ethereum team was Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson. [3] Formal development of the Ethereum software project began in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse). Subsequently, a Swiss non-profit foundation, the Ethereum Foundation (Stiftung Ethereum), was created as well. Development was funded by an online public crowdsale during JulyAugust 2014, with the participants buying the Ethereum value token (ether) with another digital currency, bitcoin . While there was early praise for the technical innovations of Ethereum, questions were also raised about its security and scalability. Several codenamed prototypes of the Ethereum platform were developed by the Foundation, as part of their Proof-of-Concept series, prior to the official launch of the Frontier network. "Olympic" was the last of these prototypes, and public beta pre-release. The Olympic network provided users with a bug bounty of 25,000 ether for stress testing the limits of the Ethereum blockchain. "Frontier" marked the tentative experimental release of the Ethereum platform in July 2015. [4] Since the initial launch, Ethereum has undergone several planned protocol upgrades called milestones, which are important changes affecting the underlying functionality and/or incentive structures of the platform. "Homestea Continue reading >>

Ethereum Development Tutorial

Ethereum Development Tutorial

The purpose of this page is to serve as an introduction to the basics of Ethereum that you will need to understand from a development standpoint, in order to produce contracts and decentralized applications. For a general introduction to Ethereum, see the white paper , and for a full technical spec see the yellow papers, although those are not prerequisites for this page; that is to say, this page is meant as an alternative introduction to Ethereum specifically targeted towards application developers. Ethereum is a platform that is intended to allow people to easily write decentralized applications (apps) using blockchain technology. A decentralized application is an application which serves some specific purpose to its users, but which has the important property that the application itself does not depend on any specific party existing. Rather than serving as a front-end for selling or providing a specific party's services, a app is a tool for people and organizations on different sides of an interaction used to come together without any centralized intermediary. Even necessary "intermediary" functions that are typically the domain of centralized providers, such as filtering, identity management, escrow and dispute resolution, are either handled directly by the network or left open for anyone to participate, using tools like internal token systems and reputation systems to ensure that users get access to high-quality services. Early examples of apps include BitTorrent for file sharing and Bitcoin for currency. Ethereum takes the primary developments used by BitTorrent and Bitcoin, the peer to peer network and the blockchain, and generalizes them in order to allow developers to use these technologies for any purpose. The Ethereum blockchain can be alternately described Continue reading >>

Ethereum Virtual Machine Evm What Is | Bitcoin Wiki

Ethereum Virtual Machine Evm What Is | Bitcoin Wiki

Ethereum Virtual Machine EVM What is | Bitcoin Wiki Ethereum Virtual Machine EVM What is | Bitcoin Wiki Ethereum is a programmable blockchain. Unlike Bitcoin, Ethereum does not provide users with a predefined set of actions (such as bitcoin transactions), but rather allows users to create their own operations that can be arbitrarily complex. As such, Ethereum becomes a platform for many different types of decentralized blockchain, including but not limited to cryptographic currency. In a narrow sense, Ethereum represents an agreement that defines a platform for decentralized applications. At the heart of it is the Ethereum Virtual Machine (EVM), code that EVM can execute with arbitrary algorithmic complexity. In computer science terminology, Ethereum is Turing complete. Developers can create applications that run on the EVM using syntax that is similar to JavaScript and Pythons programming language (Solidity). > Ethereum Virtual Machine (EVM) uses a 256-bit machine code and is a stack-based virtual machine that implements Ethereum smart contracts. Because EVM is designed for the Ethereum system, it uses the Ethereum Account Model for value transfer. Like other blockchain systems, Ethereum also includes a peer-to-peer (P2P) protocol. The Ethereum blockchain database is maintained and updated by multiple nodes connected to the network, each running on the EVM and executing the same instructions. Therefore, Ethereum can also be called a world computer. Continue reading >>

Ether And The Ethereum Virtual Machine Commonlounge

Ether And The Ethereum Virtual Machine Commonlounge

Ether and the Ethereum Virtual Machine [ Edit ] What is the Ethereum Virtual Machine (EVM)? Like any other blockchain, Ethereum needs several thousand people running a software on their computers to power the network. At its core, Ethereum is a programmable blockchain. Users can create any sort of applications they want, only one of which is a currency (such as the Bitcoin.) Every node (computer) in the network runs something called the Ethereum Virtual Machine (EVM). Think of EVM as a operating system that understands and executes the software written in the Ethereum specific programming language. The software/apps executed by the EVM are called smart contracts. We'll cover Smart Contracts in the next article in this guide. The EVM protects the main blockchain by allowing programmers to carry out test phases of their programs in a real use-case environment without affecting the main blockchain. Each EVM on every node is a completely segregated network on its own, so as not to affect the main blockchain. It is also Turing-complete, meaning that it can execute any arbitrary code that the developers can come up with. Ether is the token that fuels the Ethereum blockchain. It serves two key purposes: It is used to pay transaction fees. To get anything done on this world computer, you need to pay a price. However, you dont pay it in regular currency like dollars or pounds. Instead, everything has to be paid with a cryptocurrency native to the network, aka ether. Ether is exactly like bitcoin except that it can also be used to pay for executing smart contracts on Ethereum. Reward those who keep the network running. Those who contribute their resources to the network and keep it running are rewarded in ether. We told you that the user using a smart contract must pay a certain Continue reading >>

What Is Ether?

What Is Ether?

Ether is a necessary element a fuel for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources). If you just want to test the technology, you probably don't need real ether. Download the latest Wallet app and switch to the Test Network Check your ether presale balance safely here: The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly: 60 million ether created to contributors of the presale 12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation 5 ethers are created every block (roughly 15 seconds) to the miner of the block 2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn't included (called uncle/aunt reward) Note that after the Byzantium update is implemented, the mining and uncle reward is reduced to 3 ethers and 0.625-2.625 ethers, respectively. No. According to the terms agreed by all parties on the 2014 presale, issuance of ether is capped at 18 million ether per year (this number equals 25% of the initial supply). This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly (by misuse, accidental key Continue reading >>

What Is Ethereum? Ethereum Homestead 0.1 Documentation

What Is Ethereum? Ethereum Homestead 0.1 Documentation

Ethereum is an open blockchain platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum it is an open-source project built by many people around the world. But unlike the Bitcoin protocol, Ethereum was designed to be adaptable and flexible. It is easy to create new applications on the Ethereum platform, and with the Homestead release, it is now safe for anyone to use those applications. Blockchain technology is the technological basis of Bitcoin, first described by its mysterious author Satoshi Nakamoto in his white paper Bitcoin: A Peer-to-Peer Electronic Cash System, published in 2008. While the use of blockchains for more general uses was already discussed in the original paper, it was not until a few years later that blockchain technology emerged as a generic term. A blockchain is a distributed computing architecture where every network node executes and records the same transactions, which are grouped into blocks. Only one block can be added at a time, and every block contains a mathematical proof that verifies that it follows in sequence from the previous block. In this way, the blockchains distributed database is kept in consensus across the whole network. Individual user interactions with the ledger (transactions) are secured by strong cryptography. Nodes that maintain and verify the network are incentivized by mathematically enforced economic incentives coded into the protocol. In Bitcoins case the distributed database is conceived of as a table of account balances, a ledger, and transactions are transfers of the bitcoin token to facilitate trustless finance between individuals. But as bitcoin began attracting greater attention from developers and technologists, novel p Continue reading >>

Neo Wiki Jeremy Medium

Neo Wiki Jeremy Medium

NEO (formerly known as AntShares) is an open-source, public, smart asset platform, with the design goal of creating, A Distributed Network for the Smart Economy. Digital assets on the blockchain, digital identity and smart contract ( scripting ) functionality form the cornerstone of the NEO smart asset platform. Within this distributed network, a cryptocurrency token called NEO, represents the governing rights to manage the network, through an on-chain voting process. GAS is a separate cryptocurrency token, that fuels transactions on the platform, through allocation of scarce network resources. The NEO (originally Antshares) project was first launched in mid 2014, along with a seed-round funding, and the formation of the operating company. In June 2015, the NEO project was open-sourced on Github, making it the first open-source public blockchain in China. In September 2015, the first white paper for the NEO project was released. NEO, is a community funded, open-sourced project. Development of the NEO project was funded by two rounds of online public crowdsale. The first crowdsale was held on October 2015, which lasted for 10 days. During the crowdsale, 17.5 million NEO tokens were sold for 2,100 BTC (550.000 USD). The second crowdsale was held on 8th August 2016, and the remaining 22.5 million NEO tokens were sold for 6,119 BTC (4.500.000 USD). Two of the five co-founders of Onchain are founders of the NEO project, namely Da Hongfei and Erik Zhang . Onchain and NEO, exists as separate entities. Onchain is a for-profit, venture capital backed company, with notable investors such as Fosun Group . Onchain runs a consortium version of the NEO network, Distributed Networks Architecture (DNA), with a vision to facilitate the distributed ledger adoption, among organisations a Continue reading >>

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