Understanding the Basics of Ethereum
The Ethereum network is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. Ethereum is the second-largest cryptocurrency by market capitalization, and it has quickly become one of the most popular digital currencies in the world. Ethereum is powered by the Ethereum Virtual Machine (EVM), which is a Turing-complete virtual machine that enables users to execute code of any complexity. The EVM allows for the creation of decentralized applications (dapps) and smart contracts on the Ethereum network. Ethereum is built on a blockchain, which is a public ledger that keeps track of all transactions and data stored on the network. Transactions on the Ethereum network are secured through a consensus algorithm called Proof-of-Work (PoW). This algorithm requires miners to solve complex mathematical problems in order to validate transactions and add new blocks to th...