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Ethereum is a distributed computing platform. It generates a cryptocurrency called Ether. Programmers can write "smart contracts" on the Ethereum blockchain, and these Ethereum smart contracts will be automatically executed according to the code.
What is Ethereum?
The Ethereum is often compared with Bitcoin, but the situation is different. Bitcoin is a cryptocurrency and distributed payment network that allows Bitcoin to transfer between users.
The Ethereum project has greater goals. As Ethereum said, "Ethereum is a distributed platform running smart contracts." These smart contracts are running on the "Ethereum virtual machine", which is a distributed computing network composed of device running Ethernet nodes.
The "distributed platform" section means that anyone can build and run the Ethereum node, just like anyone can run the Bitcoin node. Anyone who wants to run a "smart contract" on the node must pay the operators of these nodes in Ether, which is a cryptocurrency related to Ethereum. Therefore, people running Ethernet nodes provide computing capabilities and get payment in Ethernet, which is similar to those who run the Bitcoin node with hash ability and pay in Bitcoin.
In other words, although Bitcoin is just a blockchain and payment network, Ethereum is a distributed computing network, and its blockchain can be used for many other things. The Ethereum White Paper provides detailed information.
What is a smart contract?
Im contracts are applications running on Ethereum virtual machines. This is a distributed "World Computer", which is provided by all Ethereum nodes. Any node that provides computing power will be paid with Ether digital currency as resource payment.
as they are named smart contracts because you can write "contracts" automatically executed when satisfying the requirements.
For example, imagine establishing a similar crowdfunding service above Ethereum. Some people can establish an Ethereum smart contract to bring funds on others. This intelligent contract can be written like this: When adding $ 100,000 currency to the pool, it will be sent to the recipient. Or, if there is no threshold of $ 100,000 within a month, all currencies will be sent back to the original holders of the currency. Of course, this will use Ethereum instead of the US dollar.
The all this will be carried out according to the smart contract code. The smart contract code can automatically execute transactions without the need for trusted third parties to hold currency and sign the transaction. For example, a 5 % fee is charged above a 5 % payment processing fee, which means that it will charge 8,000 to 10,000 US dollars in a crowdfunding project of $ 100,000. Smart contracts do not need to pay for third -party fees like this.
Sminton contracts can be used for many different things. Developers can create smart contracts to provide functions for other smart contracts, similar to the way of working on software libraries. Alternatively, smart contracts can be simply used as applications to store information on the Ethereum blockchain.
In order to truly execute the smart contract code, some people must send enough Ethernet token as a transaction fee -how much depends on the required computing resources. This pays the price for Ethereum nodes and provides computing power. The global shared matrix plan is completely decentralized. It aims to preach Ethereum, so that more players can understand Ethereum, know smart contracts, and Forsage secret code BTShijie.