Blockchain Architecture: Important Terminologies (Hashes & Hashing Function)
Transaction
Understanding The Blockchain Ecosystem & Architecture
Making a Blockchain Application
Ethereum: Blockchain 2.0
What is Ethereum and Overview of Ethereum
Ethereum Terminologies
Decentralized Autonomous Organization (DAO)
Ethereum Mining & Ethereum Network and Usages
Smart Contract
Installing the Ethereum Development Environment
Supporting Technologies for Ethereum
What Future holds: Blockchain 3.0: Supply Chain
Financial System
Healthcare
Internet Of things( IoT)
Fundraising (ICO & STO)
Governance
Scalability And Solutions to Scalability
Proof of Stake and Off-Chain State Channels
Increase In Block Size
Segregated Witness
Market Readiness
EVM
It stands for Ethereum Virtual Machine. In short, It is an execution environment for all the nodes on the network. It is used for running a smart contract and verifies transactions. We can imagine it to be a large computing device which everyone has access to for running a smart contract.
Ether
It is a unit of measuring cryptocurrency in Ethereum. It is denoted by ETH. The smallest measuring unit is Wei.
|
Unit |
Number per ETH |
|
Eth |
1 ETH |
|
Finney |
1000 |
|
GWei |
109 |
|
Mwei |
1012 |
|
Kwei |
1015 |
|
Wei |
1018 |
Wallets
Software designed to remove complexities of the transaction. It uses the client to connect to the Ethereum network.
There are mainly two types of wallets
1. Hardware wallets
2. Software Wallets
Hardware Wallet
These wallets are also termed as Cold Wallets. These are sort of plug and use devices. These are secure but expensive.
Sofware Wallets
Also termed as Hot Wallets. These are mainly used on Desktop, or in mobiles.
Metamask (which we will use for demonstration) is a software wallet.
Token
Digital Assets on Ethereum Blockchain are called Tokens. In ICO and STO (which we will discuss later), tokens are used to parties as a currency.
GAS
It is a unit to measure computing power in Ethereum. With each transaction, there is an associated attribute, namely GasLimit and GasPrice, which is set while sending the transaction to the miner.
GasLimit defines the maximum Gas amount that is to be used for computation. GasLimit makes sure that none of the transaction keeps running forever and prevents malicious users from hogging the network.
GasPrice defines the Unit price for Gas. Gas is measured in Gallon.
It is different from Ether which is a cryptocurrency and measured in Eth (Wei is the smallest unit in Ethereum).
Higher gasPrice often results in a faster transaction. It helps decoupled Ethers with Computation Power.
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