Cryptomania by Adhiraj Pal

Author:Adhiraj Pal
Language: eng
Format: epub
Publisher: Notion Press
Published: 2021-03-08T00:00:00+00:00

ETHEREUM

The second largest crypto currency to be around is Ethereum. Ethereum was first proposed in in the year 2013 and then was brought to life in 2014 by Vitalik Buterin. Vitalik at that time was the co-founder of the Bitcoin Magazine. Ethereum is the do it yourself platform for decentralised programs also known as Dapps (Decentralised Apps). If you want to create a decentralised program that no single person controls, not even you, who actually wrote it, you just have to learn the Ethereum programming Language which is known as Solidity and begin coding. The Ethereum Platform has thousands of independent computers running it, which means it is fully decentralised. Once a program is deployed to the Ethereum network tense computers, also known as nodes, will make sure it executes as written. Ethereum is basically the infrastructure for running DApps worldwide. It’s not a currency, it’s a platform, which has a goal to truly decentralize the Internet. The currency which is used to incentivize the network is called Ether. Almost all activities on the web has an involvement of a third party or an intermediary, Bitcoin showed the world a whole new array of opportunities by decentralised digital network.

Ethereum connects the people directly through a powerful decentralised super computer, it is a network of computers that together combine into one powerful, decentralised supercomputer.

Solidity, which is a coding language of Ethereum, is used to write ‘Smart Contracts’, which are the logic that runs DApps. Real life contacts are a set of “Ifs” and “Thens”, which means that they are a set of conditions and actions, Similarly, Ethereum developers write the conditions for their program or DApp and then the Ethereum network executes it. They are known as Smart contracts because they deal with all of the aspects of the contract which are enforcement, management, performance and payment.

The downside of these kind of contracts are that they are self-executing and are different from Intelligent contracts. An Intelligent contract takes into account a lot of factors if the contract terms are not being fulfilled such as, extenuating circumstances, the spirit with which the contract was written and it would also be able to make exceptions if warranted. In simpler words it would act as a really good judge. The concept of Smart contract is different from that of an Intelligent contract. It is uncompromisingly letter strict, it follows the rules down to a T and it does not take any secondary considerations or the “spirit” of the law into account just like that in the case of real world contracts. Also, once a smart contract is deployed on the Ethereum network, it can never be edited or corrected, even by the original author, therefore it is immutable. The only way to change this contract would be to convince the entire Ethereum Network that a change should be made and that’s virtually impossible. This problem is really serious, as unlike Bitcoin, this platform was created to help create really complex contracts and complex contracts are very difficult to secure.

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