This week, we will be taking a look at the largest smart-contract platform, Ethereum. We will learn about why they are necessary, what smart contracts are and how Ethereum generally operates (consensus mechanisms, blockchain trilemma etc.)
A smart contract represents the terms and conditions written in codes that automatically transfer funds from one party to another once the contract’s predefined requirements are met. For example, when both parties agree on exchanging a cryptocurrency, the transaction will move forward with the blockchain ledger via the protocol bound on the smart contract.
What Are Smart Contracts In Blockchain & How Do They Work?
Smart contracts are automated and self-explanatory based on the predetermined conditions set on the contract. Since the…
The ERC-20 refers to (Ethereum Request For Comments) while the number 20 represents the unique number ID to distinguish the standard from others. ERC-tokens are digital assets designed, issued, and used just like a Bitcoin, except it runs solely on the Ethereum blockchain. These tokens mainly rely on a specific smart contract that keeps track of that token’s transactions.
Explained: What Are ERC-20 Tokens and ERC-20 Standard?
The popularity of cryptocurrencies has grown immensely in recent years, and with Bitcoin reaching its all-time high…
Theoretically, gas is a unit to measure computational work of the transactions or smart contracts executed by miners at their own expense to keep the Ethereum network running.
What Is ETH Gas & How Does It Impact The Ethereum Network?
The native cryptocurrency Ether (ETH) fuels the Ethereum network. So, whenever you want to transfer ETH to another…
First used by Vitalik Buterin, the scalability trilemma is a concept in blockchain regarding its capability to address scalability, decentralization, and security, without compromising any of them. The trilemma claims that it is almost impossible to achieve all three properties in a blockchain system.