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ETHEREUM, GHOST PROTOCOL, Practitoner's Approach, Transaction…
ETHEREUM
ETH TOKEN ISSUANCE
UNCLE REWARDS
Some blocks are mined a little late and don’t form part of the main blockchain. In Bitcoin these are called ‘orphans’ and are entirely discarded, but in Ethereum they are called ‘uncles’ and can be referenced by later blocks
If uncles are referenced as uncles by a later block, they create about 4.375 ETH for the miner of the uncle (7/8th of the full 5 ETH reward).
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For ethereum to realise its vision as an unstoppable censorship resistant self sustaining decentralised world Computer. It needs to be able to do those three things fairly efficiently and in a robust way
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WHISPER
an encrypted messaging protocol that allows nodes to send messages directly in a secure way
COMMUNICATIONS without relying on a central server
SWARM
Peer to Peer File sharing incentivised with the micropayments in ETH
FILE STORAGE without relying on external server
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SMART CONTRACTS
Smart contracts are little computer programs that are stored on Ethereum’s blockchain. They can be activated, or run, by funding them with some ETH.
Smart contracts allow for execution of code. Enhancing the basic value transfer capability of the Bitcoin blockchain. The code for this smart contract is written in a high level language like Solidity and compiled into byte code. The code for the smart contracts is executed on a special structure known as Ethereum Virtual Machine.
When both parties involved in the smart contract agree to its terms, the program will automatically execute. This eliminates the need for a third party, as the contract is verified and enforced by the blockchain network.
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THE DAO HACK
Decentralised Autonomous Organization (DAO) which was inended to raise funds for the ethereum development project in its early days was hacked due to some vulnerabilities in the code
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ETHEREUM VIRTUAL MACHINE
Compared with Bitcoin’s primitive scripting language, the code that can be deployed in Ethereum and run as smart contracts is more advanced and familiar to developers
Ethereum is software running on a network of computers that ensures that data and small computer programs called smart contracts are replicated and processed on all the computers on the network, without a central coordinator.
- BLOCK TIME - 14 seconds
- Smaller blocks compared to Crypto blocks
Ethereum's block size is based on complexity of smart contracts being run - known as GAS LIMIT per block
GHOST PROTOCOL
This model where the new blocks are determined and miners are rewarded is called the GREEDY HEAVIEST OBSERVED SUB-TREE protocol
Future Changes
When ethereum moves from PROOF OF WORK to PROOF OF STAKE mechanism, this mechanism will use a protocol called CASPER (friendly ghost).
The rate of issuance may be very lower in the case of CASPER protocol
Practitoner's Approach
The medical industry operate on this principle for good and bad. You could say, ''Well we'd like some more transparency there.'' But we also don't want your medical records out in the clear, and we don't want the fact that you're even paying for a particular drug to be out in the clear. Right? Or that you're using a particular drug. That's not Okay. So, we need transparency for some things and opacity for other things and getting that mix right is really hard. So, we need things like channels and charting and now in Ethereum plasma and what we call Layer two technologies that are coming out this year and next that really will transform our concept of block chain
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