It's Just Technology
Join us as we dive deep into Ethereum 2.0, the next evolution of the Ethereum blockchain. From scalability enhancements to energy efficiency improvements, we explore how Ethereum 2.0 is set to transform the crypto world.
Whether you’re a seasoned crypto investor or new to the blockchain universe, this comprehensive guide is a must-watch.
Have you ever heard the expression “code is law” where technology is used to enforce rules? In that case, do we even need lawyers? Or maybe we can live in a fully automated world where code dictates what we can and cannot do. With the current development of smart contracts, this futuristic scenario may be closer than we think.
A smart contract is a piece of code that can be executed automatically and in a deterministic way. The smart contract code is usually stored and executed on the blockchain to make it trustless and secure. Smart contracts also have capabilities of receiving, storing and sending funds and even calling other smart contracts. They follow if-then semantics which makes them fairly easy to program.
Smart contracts aim at removing the human factor from decision making. The human factor is often proven to be the most error-prone and unreliable element of the standard, traditional contracts.
Ethereum is a good example of a blockchain that supports smart contracts and make it possible for a programmer to implement their own smart contracts. A smart contract can be written in a programming language called Solidity which was created specifically for that purpose. In Ethereum, all the deployed smart contracts are immutable. This means that once deployed they cannot be modified which creates certain risks that we’re going to discuss later. Smart contracts on Ethereum are also decentralized which means there is no single machine controlling the contract. In fact, all the nodes of the Ethereum network store the same contract with exactly the same state.
Welcome back to another video! In this video, we’ll be going over blockchain technology and DApps, a.k.a decentralized applications. This is going to be more of a high-level introduction to DApps and using blockchain technology to create DApps. This topic will focus on the development side of cryptocurrency rather than the investment side.
What is a DApp or Decentralized Application? Well, the decentralized apps in blockchain depend on the blockchain for managing the actor present in the network and their core logic is based on smart contracts. Let’s discuss the different aspects of the what are decentralized applications in blockchain briefly in this video.
DeFi is becoming more and more popular as the main use case for cryptocurrencies. This video explains in detail what DeFi is and what you should know about before getting involved.
How we can use blockchains distributed hash tables and peer to peer protocols to create decentralized applications!
dApp is the abbreviated term for a decentralized application. Just as any developer can build apps for the App Store on Apple’s IOS operating system, developers can (also) build on top of Ethereum’s blockchain infrastructure. To the end user, a dApp might not look and feel any different than other apps you use today. However, dApps are powered by the blockchain; and this makes them different – and perhaps.. far superior.
What are Dapps? Imagine having your car working away, transporting passengers while you’re at work. Imagine having your computer utilizing its spare capacity to serve businesses and people across the globe. Imagine being paid for browsing the web and taking ownership of your, arguably invaluable, attention.
Imagine a world like that.
That world is not far away.
A paradigm shift in the way we view software models is approaching. When Bitcoin, the first cryptocurrency, made us reassess our definition of Store of Value (SoV), it also revealed a sneak peek of the future: a world running on decentralized applications (Dapps). These distributed, resilient, transparent and incentivized applications will prove themselves to the world by remapping the technological landscape.
A Dapp is an application that runs on a network in a distributed fashion with participant information securely protected and operations executed in a decentralized fashion across a network of nodes. Dapps use open source code, operate autonomously with data and records cryptographically stored on a blockchain
Ethereum describes itself as “a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.”
The term “smart contract” refers to computer code that can facilitate the exchange of money, content, property, shares, or anything of value. When running on the blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific, defined conditions are met.
Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer and launched in 2015.
The platform is also the basis for its own virtual currency, Ether.
Ethereum is not just a platform. It’s also a programming language, helping developers to build and publish distributed applications.
As an example for comparison and contrast, Bitcoin is also a distributed public blockchain network. Although there are important technical differences between Bitcoin and Ethereum, Bitcoin solely exists to offer one famous application of blockchain technology: a peer to peer electronic cash system that enables and tracks online Bitcoin payments.
Conversely, the Ethereum blockchain focuses on running the programming code of any decentralized application.
In fact, Ethereum is also being used as a platform to launch other cryptocurrencies
In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network.
There is a second type of token that is used to pay miners fees for including transactions in their block, it is called gas, and every smart contract execution requires a certain amount of gas to be sent along with it to entice miners to put it in the blockchain.
Visit the following link to see what types of Dapps are being built on Ethereum.