Ethereum Advanced

Hi guys, all is good so far. Thank you! :slightly_smiling_face:

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Hi Guys,
Enjoy it all so far…ready to dig deeper.
Tnx

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Can someone answer me these questions? Its question based on my latest completed task.

With the UTXO you can send to another persons adress and your own address in the same transaction. On ethereum you would need two transaction to do that. But I honest don’t think this course so has contain any explanation as to why that would mean that bitcoin is more private. On ethereum you can still send ethereum to an address that people dont know is your own adrress. Why would that be any less private just because it happens in its own seperate transaction? And if you send BTC back to the same address that sent the btc it will be on the blockchain that you send btc back to yourself. So I dont see that as a good argument for btc being more private either.

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Interesting questions here…I’ll try to answer:

How can you write a smart contract in 5 minutes on top of ethereum?
Learn ERC standards like the back of your hand and practice Solidity like a crazy person for as long as possible. Writing any old smart contract can be easy and quick…but architecting it to be bug-free and efficient is another story…and can take more time than actually writing the code.

Why is it called ethereum?
From what I understand Ethereum us the name they (Vitalik and team) decided to give to their “baby”…Kinda like most of us were named at birth. You might need to ask one of them Why they named it Ethereum.

What does ethereum mean?
This one I did a little research on. https://www.etymonline.com/word/ether Turns out ether comes from Latin and refers to the upper regions of “pure air”. There was also a time when the scientific community believed that the area between planets was filled with this substance called ether. https://www.dictionary.com/browse/-eum The suffix -eum is odd…it too comes from Latin, but I didn’t find a direct meaning. It seems to imply that it was used to signify scientific words. So combining those two definitions I surmise something the lines of; The science of pure air, OR the science of the space between planets, or how I prefer to think of it…the science of wen MOON lol

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On Ethereum you just send transactions from 1 account to another. If you pay someone in ETH, you can see on Etherscan all his transaction history, balance, all tokens ect…
With bitcoin, every time you pay someone, you generate a new address. Even the address in the output that is used to send back your change. So if you check block explorer on a transaction, you only see that 1 transaction with mostly 2 different outputs.
So everytime you get payed in Bitcoin, will have an UTXO with a different address. Only your private key can know wich addresses you own.

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This is very interesting and I’m beginning to see more now about the differences you’re discussing…thanks for sharing your knowledge. :slight_smile:

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You’re welcome, keep digging into the rabbit hole and ping me if you have problems.

Hi , I’m hoping to finish the ethereum 101 course soon , what suggestions would you have for the next one , I’m completely new to this and haven’t much experience in computers or this space ? Thanks

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Depends what you would like to learn.
If you want to learn more about bitcoin, do bitcoin programming and lightning. if you don’t know how programming works, maybe learn programming first (javascript) . Ivan explains it very well. Or you can learn about DEFI. if you completed bitcoin and ethereum 101, you should be able to understand this course.

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Thank you , i think javascript first to get some more understanding and then the de-fi .
many thanks

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@ivan
I read that there is no algorithm in a Turing-complete programming language that can prevent programs from running into infinite loops.
Does the EVM protect smart contracts from running into infinite loops?
Or is the ETH network protected by the necessary fees? A smart contract creating an infinite number of transactions would finally run out of funds.

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VERY GOOD QUESTION!
Yes, that’s why every instruction has a ‘gas’ price. If you would spam an infinite loop, you would need to pay infinite amount of ETH as gas

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Hello all (prolly Fabrice most likely lol), I have a question about Bitcoins lack of fungibility. In the last lesson the example of the difference between BTC and ETH’s fungibility as a currency is that the EVM doesn’t use UTXO’s for transactions so there is no history for the ETH you’re trying to spend

With BTC and UTXO’s however each coin is tied to a transaction, and from my understanding if that transaction is tied to something illegal the coin can be “blacklisted” and lose its value

The subject as a whole is something I can look into myself on the side, but my initial question is wouldn’t this issue pile up and effect the value of more and more BTC’s as people inevitably use this currency for illegal reasons as it’s adopted by the masses?

Today we have coinjoins where you can mix utxo’s of lots of users together with lot’s of outputs of the same amount all in 1 transaction. So it’s impossible to know who got a piece of wich utxo’s. But the downside of coinjoins are that your utxo’s can be mixxed with tainted ones. If everybody would use coinjoins, this wouldn’t be a problem. But you’re right, if some transaction is know to be part of an illegal activity, the utxo is tainted and can be flagged. I’m sure soon we will have more privacy features. I don’t know about how it could affect the price. Even if you have utxo’s with bad history, doesn’t mean you did something illegal. you could have been paid with some. If tainted utxo’s are a certain amount of hops away from a known illegal transaction, you can’t really know who owns it.

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Having a blast with all this education! I can now speak crypto to my wife and friends rather than talk about how cool this stuff is that I didn’t really comprehend under the hood.

Does anyone know why Ethereum and/or other platforms have not yet designed a wallet that can cloak tx’s and other private centric information?
The focus seems to be on the coins themselves more than the wallets which are our own personal financial hubs.

Just throwing it out there.

Love this! Very challenging. You guys are incredible!

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What do you mean? On Ethereum you can also create a decentralized database if you want. It’s not all about money. But it costs a bit of gas (in ETH) to store variables and do operations in a smart contract.

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I’m wondering if anyone is working on privacy wallets or has created any? I could have asked my question better and more to the point.

It looks like Eth. could be used for these smart contracts and better in that way , but what if Bitcoin develops a way for it to have smart contracts on it’s network? Or would that be a side change and how does that work?

So is Ethereum advanced a harder course to understand course?