Ethereum Blockchain and Its Features

Posted By Himanshu Shukla | 08-May-2018

What is Ethereum:

It is based on Blockchain technology and its platform is open. Using this technology developer build and deploy the decentralized application using smart contract.

 

What is Ether:

It is used to pay for transaction fee and computational services on the Ethereum network.A Smart contract is executed every time, Eth consumed tokens using in the termed as 'gas' to run the computations.

 

Features of Ethereum:

  • Cryptocurrency
  • smart contract
  • Decentralized
  • Smart Property

 

Smart Contract:

  • It's like a Certain computer code.
  • The smart-contract is completely digital.
  • It is on a trusted network and no frauds are there.
  • The smart-contract is immutable(after deploy contract changes are not possible) and distributed.
  • If we create the smart contract.it never we changed.
  • Distributed Network means the output of the contract is validated in the whole network.
  • The smart contract is written in solidity language its like javascript.
  • Smart write on Remix IDE.


Gas in Ethereum:

  • Gas is required to pay for every transaction performed on Eth blockchain.
  • the transaction fee is charged as some amt of Eth and its taken from the A/C balance of the transaction originator.
  • Providing less amount of gas the transaction might be failed.
  • If we providing more amount of gas it's more chance to picked the transaction by miners.

TRANSACTION FEE = GAS PRICE*GAS LIMIT/ QUINTILLION?

ORGANISATION(SENDER)-----eth transfer--> EXTERNAL USER ADDRESS(RECIEVER)

Sender Sends = 1 Eth + Transaction Fee

Reciever Receives =1 Eth and Miner Receives =Transaction Fee

  • Gas Price is not fixed and the user decides which gas price it's willing to pay in Gwei/gas


Decentralized System: 

  • Decentralized means no one can hold it.
  • It means all the computations are done at each node of the blockchain. one node is not instructing other nodes.
  • It should be open source and it means no single person holds the majority tokens in the all over the network.
  • Eth blockchain is architecturally decentralized.
  • Decentralized System overcomes the problem of fault tolerance and attack resistance.
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