Homework: Ethereum introduction

What is Web 1.0?- A mix of text, images and links.

What is a smart contract? It is a program that holds money as collateral until a specified condition is met. Then it releases the money based on that condition.

How is transparency achieved with Ethereum code? Every body can read the smart contract, then there is no need to trust each other. Rather, we can verify the process.

Ethereum 101

  1. What does the EVM do? Is the concept it that allows you to execute code is such a way that allows consensus. Normally your CPU will execute your smart contract in the Ethereum blockchain, which will for example read, do some bit operation, show something on screen, would go step by step depending on code. It will therefore interact with your PC, ie RAM, CPU. Instead Ethereum is a network of cpu’s (ethruim virtual machine) EVM is a piece of code that runs all CPU’s via the EVM on top of the cpu and other resources it can also read programs and smart contracts and read and executes code.

  2. What is the format of the instructions that the EVM can read? The EVM will read a smart contract ( will read in solidity but then compiled in BYT code.

  3. What is the relationship between the programming language Solidity and Bytecode.programser are using a program called solidity because it easy to use which is like JavaScript. Then there is a compiler which will compile into English and logic, which will compile into bytecode.

  4. Why can’t Bitcoin run the same type of complex programs like Ethereum can? Because bitcoin uses script which is primitive that uses seral people to sign a transaction ( script is not turing complete) thus is limit.

  5. What is a Turing Complete programming language? Solidity is a TC why because its uses loops because it can repeat a instructions 100x.

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? What are the benefits of web 3.0 (decentralized internet)?

Transparency: Independent from the major corporation. No need to pay for profits to the central authority in a transaction. More value: the content, user contribute to the network will have rewards.

What is a token? A token contract is a smart contract that includes account addresses and their balances. The unit of the balance is token, which represents physical objects, another monetary value or a third the holder’s reputation.

How do you create a token on Ethereum? A token can be created as a smart contract in Ethereum.

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