Day139 — Ethereum

Smart Contracts

  • self-executing
  • letter strict
  • immutable
  • difficult to secure
  • code is law (in ethereum classic)

Blockchain Technology

Proof of staking (in Ethereum 2.0)

  • deposit funds (Stake)on a network computer (Node)
  • Nodes compete for the opportunity to forge a block
  • randomization of winners through several factors, such as how much money is being staked, how long the coins have been staked for so no single entity will gain a monopoly over forging
  • winner gets coins as a reward

Proof of Work (mining)

  • contest for guessing a random number
  • winner gets to update the ledger of balances
  • more computing power = higher chance of winning
  • a consensus mechanism
  • reliable and secure
  • resource intensive
  • Decentralized infrastructure — Ethereum
  • Decentralized (stable) money — DAI
  • Decentralized financial services — DEX (Decentralized Exchange), money markets, insurance, etc.
  • Transparency
  • Interoperability
  • Decentrailization
  • Free for all
  • Flexibility
  • Still in an infancy stage
  • Some services are partially centralized



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