ETHERUM AND ETHEREUM NETWORK
In a very simple way possible, I would tell you what etherum basically is.
Etherum actually is an open software platform based on blockchain technology that enables developers to build and decentralized applications. Etherum just like Bitcoin is a distributed public blockchain network.
Elaborating Ethereum furthermore , so it like an open-source, public, blockchain based distributed computing platform and operating system featuring smart contract functionally. It also supports a modified version of Nakamoto consensus via transaction-based state transitions.
The above picture is Ethereum Project’s logo. It was used in the year 2014. It was created by Vitalik and it was simply two summation symbols turned 45 and mirrored. It formed a sort of diamond. It’s intitial release was on 30th July 2015 and was written in C++, Rust, Go, Scala. Ethereum operating system are Linux, Windows, macOS, POSIX, Raspbian. Platform in which it is based on are x86, AMD64, ARM. It’s types are Decentralized computing, Blockchain, Cryptocurrency.
Ether is a cryptocurrency whose blockchain is generated by the Ethereum plateform. It can be transferred between accounts and used to compensate participant mining nodes for computation performed. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), using an international network of public nodes can execute scripts. An internal transaction pricing mechanism “Gas”, is used to miligate spam and allocate resources on the network.
HISTORY OF ETHEREUM
Initially, Ethereum was described in a white paper by Vitalik Buterin, a programmer involved with Bitcoin Magazine. Later Ethereum was by proposed by him in late 2013. Development was funded by an online crowdsale that took place between July and August 2014. The system went live on 30 July 2015, with a 11.9 million coins “premined” for the crowdsale. This accounts for about 13% of the total circulating supply.
At the time of public announcement in January 2014, the core Ethereum team was Vitalik Buterin, Mihai Alisie, Anthony Di lorio, and Charles Hoskinson. Formal development of the Ethereum software project began in early 2014 through Swiss company, Ethereum Switzerland GmbH ( EthSuisse).
In 2016, as a result of the collapse of The DAO project, Ethereum was split into two separate blockchains – the new seprate version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). The value of Ethereum currency grew over 13,000% in 2017.
Notable ethereum-based crptocurrencies that emerged from the forking the Ethereum blockchain include:- Ethereum Classic.
WHAT IS ETHEREUM CLASSIC?
Ethereum Classic is a decentralized platform that runs smart contracts applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. It is a continuation of the original Ethereum blockchain- the classic version preserving untampered history, free from external interference and subjective tampering of transactions.
HOW ETHEREUM WORKS
Ethereum aims to abstract away bitcoin’s design, however, so that developers can create applications or aggrements that have additional steps, new rules of ownership, alternative transaction formats or different ways to transfer state.
The ethereum blockchain:- The structure of the ethereum blockchain is very similar to bitcoin’s, in hat it is shared record of the entire transaction history. Every node o the network stores a copy of this history. For each ethereum application, the network needs to keep the track of the ‘state’, or the current information of all 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 much bitcoin whereas Ethereum uses accounts.
Like bank account funds, ether tokens appear in a wallet, and can be ported to another account. Funds are always somewhere, yet don’t have what you might call a continued realtionsip.
HOW IS ETHEREUM USEFUL?
On Ethereum you can make Smart contracts. Smart contracts make it possible for you to exchange anything of value. They create a record of transaction in a computer code instead of legal verbiage on a piece of paper. The code makes it possible for the contract to self-execute, removing the need for a centralized service. For example:- iTunes.
Smart Contracts are how things get done in the Ethereum ecosystem and when someone wants to get a particular task done in Ethereum they initiate a smart contarct with one or more people. They are a series of instructions, written using the programming language solidity. They work on the basis of the IFTTT logic aka the IF-THIS-THEN-THAT logic, which means that if the first set of instructions are done then execute the next function and after that the next and keep on repeating until you reach at the end of the contract.
Now let’s talk about Ethereum Network
Ethereum network is a giant mass of nodes (computers) connected to one another that enforce, execute and validate programs in a decentralized manner. The best thing is that they don’t require a server, memory, CPU power, or any other computing function to do it, as it all provided by thousands of ethereum nodes scattered across the world.
ETHEREUM NETWORK STATS
Ethereum stats network is a dashboard of live statistics of the Ethereum network. The dashboard displays important information such as the current block, hash difficulty, gas price, and gas spending.
EtherNodes.com displays current and historical data on node count and other information on both Ethereum mainnet and Modern testnet.
HOW TO CONNECT:
Geth continuously attempts to connect to other nodes on the network until it has peers. If you have UPnP enabled on your router or run Ethereum on an Internet- facing server, it will also accept connections from other nodes.
Geth finds peers through something called the discovery protocol. In this discovery protocol, nodes are gossiping with each other to find out about other nodes on the network. In order to get going initially, geth uses a set of bootstraps nodes whose endpoints are recorded in the source code.
Download the block chain faster:- When you start an Ethereum client, the Ethereum blockchain is automatically downloaded. The time it takes to download the Ethereum blockchain can vary based on client, client settings, connection speed, and number of peers available. Below are some options for more quickly obtaining the Ethereum blockchain.
Using geth:- if you are using the geth client, there are some things you can do to speed up the time it takes to download the Ethereum blockchain. If you choose to use the – – fast flag to perform an Ethereum fast sync, you will not retain past transaction data. This flag enables fast syncing through state downloads rather than downloading the full block data. This will not also reduce the size of your blockchain dramatically.