The genius of Vitalik Buterin was recognising that for a trustless cryptocurrency ecosystem to grow it needed a common language and a common set of economic standards. By providing this Ethereum does all the heavy lifting for supporting creators of digital applications, you just have to come up with a problem that will benefit from… Continue reading What are the opportunities to build within Ethereum?
Month: September 2022
5. Smart Contracts, dApps & Gas
Smart Contracts are written in a programming language specific to Ethereum, called Solidity, which for anyone with a programming background (especially Javascript) shouldn’t present a huge challenge to learn. Smart Contracts are stored within the EVM, with their latest state reflected in the most recent block in the Ethereum blockchain. A few lines of code… Continue reading 5. Smart Contracts, dApps & Gas
Ethereum’s Architecture
Overview of Ethereum The EVM – Ethereum Virtual Machine The Ethereum blockchain & consensus method ETH & its Tokenomics Smart Contracts, Gas & dApps Nodes Clients & Networks Accounts & Transactions 1. Overview of Ethereum Ethereum is a distributed computing network that rents out its processing power through something called the Ethereum Virtual Machine (often… Continue reading Ethereum’s Architecture
What is Ethereum’s architecture?
What you’ll learn: What Ethereum does An overview of its architecture An outline of the core Ethereum components Some of things you can build on Ethereum What is Ethereum? Ethereum is a blockchain-based system where anyone can build and securely deploy any digital service without going through a formal, centralised approval process – such as… Continue reading What is Ethereum’s architecture?
Using A Hosted Bitcoin Mining Service
A better approach might be to use a service that hosts a mining rig for you. You pay for the machine and the electricity but everything else is taken care of. You can see your ROI via a dashboard and even work out a breakeven point. Here is an example from Compass Mining. Summarising the… Continue reading Using A Hosted Bitcoin Mining Service
Choosing a Bitcoin Mining Pool
Choosing a mining pool comes down to some simple logic: the larger the size of the pool, in terms of hashpower, the more regularly they’ll find blocks. This will ensure a consistent stream of revenue. However, due to the small portion of the hashpower you will supply to the pool, your share of the coinbase… Continue reading Choosing a Bitcoin Mining Pool
Can anyone be a Bitcoin Miner?
If you’ve read this far and are excited at the process of running a mining rig, it’s time for a dose of cold reality. Bitcoin Mining is now a professional enterprise with most of the world’s bitcoin mining centres situated close to renewable energy sources in regions where electricity is cheap and plentiful. Professional miners… Continue reading Can anyone be a Bitcoin Miner?
Bitcoin’s mining puzzle
The computational puzzle is in the form of a hashing algorithm called SHA256. This isn’t unique to Bitcoin, but is an external cryptographic standard, developed by the NSA. A hash is a unique one-way identifier for a digital record that enables privacy and security. Think of it as a randomising engine. You provide any input,… Continue reading Bitcoin’s mining puzzle
Miners & Proof of Work
Given that Bitcoin’s value comes from the digital scarcity of its currency, and the way it ensures against double spend, the mining process has to be difficult and incentivise honest behaviour. This is achieved through something called Proof of Work (Pow). PoW requires Miners to compete against each other to earn the right to broadcast… Continue reading Miners & Proof of Work
Miners & transaction confirmation
As the Bitcoin blockchain has a fixed block size of 1MB, it can only accommodate an average of seven transactions per second, so unconfirmed transactions sit in something called a Mempool, waiting for Miners to take over. Miners’ function is to watch the Mempool, waiting for these unconfirmed transactions, then package them into a candidate… Continue reading Miners & transaction confirmation