The ethereum wiki
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September Ethereum is a permissionless, [b] non-hierarchical network of computers nodes that build and come to a consensus on an ever-growing series of "blocks", or batches of transactions, known as the blockchain. Each block contains an identifier of the chain that must precede it if the block is to be considered valid.
Whenever a node adds a block to its chain, it executes the transactions in the block in the order they are listed, each of which may alter the ETH balances and other storage values of Ethereum accounts. These balances and values, collectively known as the "state", are maintained on the node separately from the blockchain , in a Merkle tree.
Each node communicates with a relatively small subset of the network—its "peers". Whenever a node wishes to include a new transaction in the blockchain, it sends a copy of the transaction to each of its peers, who then send a copy to each of their peers, and so on. In this way, it propagates throughout the network. Certain nodes, called miners, maintain a list of all of these new transactions and use them to create new blocks, which they then send to the rest of the network.
Whenever a node receives a block, it checks the validity of the block and of all of the transactions therein and, if it finds the block to be valid, adds it to its blockchain and executes all of those transactions. Since block creation and broadcasting are permissionless, a node may receive multiple blocks competing to be the successor to a particular block. The node keeps track of all of the valid chains that result from this and regularly drops the shortest one: According to the Ethereum protocol, the longest chain at any given time is to be considered the canonical one.
Ether Ether ETH is the cryptocurrency generated in accordance with the Ethereum protocol as a reward to miners in a proof-of-work system for adding blocks to the blockchain. This is known as the block reward. Additionally, ether is the only currency accepted by the protocol as payment for a transaction fee, which also goes to the miner.
The block reward together with the transaction fees provide the incentive to miners to keep the blockchain growing i. Therefore, ETH is fundamental to the operation of the network. Ether may be "sent" from one account to another via a transaction, which simply entails subtracting the amount to be sent from the sender's balance and adding the same amount to the recipient's balance. Both types have an ETH balance, may send ETH to any account, may call any public function of a contract or create a new contract, and are identified on the blockchain and in the state by an account address.
For a transaction to be valid, it must be signed using the sending account's private key, the character hexadecimal string from which the account's address is derived. Importantly, this algorithm allows one to derive the signer's address from the signature without knowing the private key.
Contracts are the only type of account that has associated code a set of functions and variable declarations and contract storage the values of the variables at any given time. A contract function may take arguments and may have return values. In addition to control flow statements, the body of a function may include instructions to send ETH, read from and write to the contract's storage, create temporary storage memory that vanishes at the end of the function, perform arithmetic and hashing operations, call the contract's own functions, call public functions of other contracts, create new contracts, and query information about the current transaction or the blockchain.
In hexadecimal, two digits represent a byte, and so addresses contain 40 hexadecimal digits, e. Contract addresses are in the same format, however, they are determined by sender and creation transaction nonce. It includes a stack , memory, and the persistent storage for all Ethereum accounts including contract code. The EVM is stack-based, in that most instructions pop operands from the stack and push the result to the stack. The EVM is designed to be deterministic on a wide variety of hardware and operating systems , so that given a pre-transaction state and a transaction, each node produces the same post-transaction state, thereby enabling network consensus.
Each type of operation which may be performed by the EVM is hardcoded with a certain gas cost, which is intended to be roughly proportional to the amount of resources computation and storage a node must expend to perform that operation. Instead, people can use the Ethereum system by addresses also called keys which they can keep secret from others. The Ether coin can be transferred between accounts and used as a payment mechanism. History[ change change source ] Ethereum was initially described in a white paper by Vitalik Buterin, a programmer and co-founder of Bitcoin Magazine in late During the conference, Gavin Wood, Charles Hoskinson, and Anthony Di Iorio who financed the project rented a house in Miami with Buterin to develop a fuller sense of what Ethereum might become.
In January , Ethereum was the second largest cryptocurrency in terms of market capitalization , behind only Bitcoin. As of , it maintained that relative position. On 27 August , the blockchain experienced a brief fork that was the result of clients running different incompatible software versions. During this hack, over 3.
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Each node communicates with a relatively small subset of the network—its "peers". Whenever a node wishes to include a new transaction in the blockchain, it sends a copy of the transaction to each of its peers, who then send a copy to each of their peers, and so on. In this way, it propagates throughout the network. Certain nodes, called miners, maintain a list of all of these new transactions and use them to create new blocks, which they then send to the rest of the network. Whenever a node receives a block, it checks the validity of the block and of all of the transactions therein and, if it finds the block to be valid, adds it to its blockchain and executes all of those transactions.
Since block creation and broadcasting are permissionless, a node may receive multiple blocks competing to be the successor to a particular block. The node keeps track of all of the valid chains that result from this and regularly drops the shortest one: According to the Ethereum protocol, the longest chain at any given time is to be considered the canonical one.
Ether Ether ETH is the cryptocurrency generated in accordance with the Ethereum protocol as a reward to miners in a proof-of-work system for adding blocks to the blockchain. This is known as the block reward. Additionally, ether is the only currency accepted by the protocol as payment for a transaction fee, which also goes to the miner. The block reward together with the transaction fees provide the incentive to miners to keep the blockchain growing i.
Therefore, ETH is fundamental to the operation of the network. Ether may be "sent" from one account to another via a transaction, which simply entails subtracting the amount to be sent from the sender's balance and adding the same amount to the recipient's balance. Both types have an ETH balance, may send ETH to any account, may call any public function of a contract or create a new contract, and are identified on the blockchain and in the state by an account address.
For a transaction to be valid, it must be signed using the sending account's private key, the character hexadecimal string from which the account's address is derived. Importantly, this algorithm allows one to derive the signer's address from the signature without knowing the private key. Contracts are the only type of account that has associated code a set of functions and variable declarations and contract storage the values of the variables at any given time.
A contract function may take arguments and may have return values. In addition to control flow statements, the body of a function may include instructions to send ETH, read from and write to the contract's storage, create temporary storage memory that vanishes at the end of the function, perform arithmetic and hashing operations, call the contract's own functions, call public functions of other contracts, create new contracts, and query information about the current transaction or the blockchain.
In hexadecimal, two digits represent a byte, and so addresses contain 40 hexadecimal digits, e. Contract addresses are in the same format, however, they are determined by sender and creation transaction nonce. It includes a stack , memory, and the persistent storage for all Ethereum accounts including contract code. The EVM is stack-based, in that most instructions pop operands from the stack and push the result to the stack.
The EVM is designed to be deterministic on a wide variety of hardware and operating systems , so that given a pre-transaction state and a transaction, each node produces the same post-transaction state, thereby enabling network consensus. Each type of operation which may be performed by the EVM is hardcoded with a certain gas cost, which is intended to be roughly proportional to the amount of resources computation and storage a node must expend to perform that operation.
When a sender creates a transaction, the sender must specify a gas limit and gas price. The gas limit is the maximum amount of gas the sender is willing to use in the transaction, and the gas price is the amount of ETH the sender wishes to pay to the miner per unit of gas used.
The higher the gas price, the more incentive a miner has to include the transaction in their block, and thus the quicker the transaction will be included in the blockchain. The sender buys the full amount of gas i. Jump to navigation Jump to search Logo of Ethereum. Ethereum is a system on the Internet where people can make deals. Ether is type of money which uses the Ethereum system to make sure that every person gets the right amount in every deal.
Many people donated money to support the development of the system in what was one of the first initial coin offerings. In , Ethereum split into two separate versions: Ethereum and Ethereum Classic. Instead, it uses the Ethereum network of computers spread around the world, which keep track of every payment of ether.
As in other cryptocurrencies, Ethereum keeps track of payments by using a blockchain , which is a growing registry of every payment. This blockchain is open for everyone to read, and it is spread across the network so that everyone can check what payments have been made.
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