Hello there! Welcome to the Introduction to Ethereum Development course.
This is TransferXO Academy, and we’re always here to help you become an expert Ethereum developer. In this course, we’ll cover the basics of Ethereum and its associated technologies, such as Ethereum Virtual Machine (EVM), Smart Contracts, dApps history and principles, and much more.
We’ll also explore the various tools and frameworks available to help you build decentralized applications (DApps) on the Ethereum blockchain.
By the end of this course, you’ll have the skills to create your own decentralized applications. You’ll be able to confidently choose the right tools to achieve your specific goals, as well as understand how to use smart contracts to interact with the Ethereum blockchain.
Ready to get started? Let’s dive in!
What is Ethereum?
Before we get it up to the exciting parts, how about we go from the known to the unknown, and from the basics to the advanced? That would be fantastic right?
Well, let’s find out what this platform launched in 2015 really means in the sense of blockchain and why it matters to us….
Ethereum 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.
As a decentralized open-source blockchain-based computing platform, Ethereum enables developers to build and deploy decentralized applications (dApps). Ethereum provides an infrastructure for developers to create and deploy distributed applications, and allows the Ethereum network to run without any single point of failure.
This Ethereum platform provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), that executes scripts using an international network of public nodes.
It also provides a cryptocurrency token called “ether”, that can be transferred between accounts and used to compensate participant nodes for computations performed. Putting it simple, the ether is used to pay transaction fees and provide incentives for miners to validate transactions.
Put all those aside, now add this to the list of the interesting things that Ethereum also does….
Ethereum also provides a programming language, Solidity, that allows developers to create smart contracts and create decentralized applications (dApps).
And last of all…..
Ethereum also provides a decentralized virtual machine, which can be used to execute arbitrary code.
This list of benefits and offerings of the Ethereum platform must have revealed one thing….
Ethereum platform is open to anyone and can be used for a variety of projects, including digital identity, digital banking, decentralized exchanges, and even digital collectibles.
Now, let’s take it a notch higher by discussing one particular use case of Ethereum, the famous EVM….
What is the Ethereum Virtual Machine (EVM)?
The Ethereum Virtual machine (EVM) is a Turing complete virtual machine that can run any EVM ByteCode. It is Ethereum’s runtime environment for smart contracts. It is not just a virtual machine, but also provides an extensive environment for decentralised programme execution. The EVM is a 256-bit register stack that can execute code precisely as written. It is also deterministic, which implies that no matter what environment it is executed in, the same piece of code will always return the same result.
The EVM is involved in both block creation and transaction execution. The EVM establishes rules for maintaining state from block to block during block creation. These states are kept in a Merkle Patricia Trie and provide Ethereum’s ground truth. The EVM conducts tasks, such as function calls to a smart contract, by interpreting the instructions in Opcodes (low-level machine instructions); nonetheless, the data is represented in bytecode. You can create and deploy the smart contract using bytecode using a programming language such as Solidity (the native programming language for smart contracts).
The EVM also keeps track of Ethereum network accounts and enables for the safe movement of cash between accounts. It is also in charge of verifying transactions and preserving the blockchain’s integrity.
What are Smart Contracts?
Remember we said Ethereum runs smart contracts, right?
Now, let’s demystify smart contracts itself….
Smart contracts are automated computer programs that live on the Ethereum blockchain. They can do things like transfer funds, store data securely, and create trustless systems. They’re trustworthy, reliable, and always ready to help. Plus, they don’t discriminate against any user or take sides. Smart contracts are here to make the world a better place – one transaction at a time.
Smart contracts are like computer programs living on Ethereum’s blockchain that execute when someone initiates a transaction. Think of it like a vending machine. You insert your coin, put in your request and the vending machine does its job automatically. Smart contracts work in a similar way, except they work with digital money and execute according to the terms of the agreement.
Popular use cases for smart contracts include lending apps, decentralized trading exchanges, insurance, crowdfunding apps, and more. With smart contracts, you can create applications that are secure, reliable, and fast. So, if you’re looking for an easy way to make sure your next agreement is enforced, then look no further than Ethereum’s smart contracts.
Introduction to the History and Principles of Ethereum
Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship, or third-party interference, remember, right?
Ethereum was first proposed in 2013 by Russian-Canadian Vitalik Buterin in a blog post he titled Ethereum: The Ultimate Smart Contract and Decentralized Application Platform. In the blog post, Vitalik proposed a platform that would allow developers to create and deploy decentralized applications (dApps) on a blockchain. Ethereum’s blockchain stores data, executes code, and keeps track of all transactions that occur on the network.
Smart contracts are one of the most important features of Ethereum. Smart contracts are self-executing digital contracts that contain a set of instructions written in code. They can be used to define rules and enforce agreements between parties without the need for a middleman. They are also responsible for the execution of most dApps.
The Ethereum Virtual Machine (EVM) is the runtime environment for smart contracts in Ethereum. It is a 256-bit register stack that is capable of running code exactly as intended. It is also deterministic, meaning that the same piece of code will always produce the same result, regardless of the environment in which it is run. The EVM is responsible for validating transactions, ensuring the integrity of the blockchain, and keeping track of accounts on the Ethereum network.
Ethereum has become one of the most popular blockchain platforms due to its flexibility, scalability, and wide range of use cases. It has helped pave the way for a new era of decentralized applications and has enabled developers to create powerful, secure, and reliable applications that can be deployed on a global scale.
Decentralized applications (dApps) are applications that run on a decentralized peer-to-peer network, as opposed to traditional applications that run on centralized servers. dApps are built on top of decentralized networks such as Ethereum and use smart contracts to execute tasks. As dApps are decentralized and trustless, they are resistant to censorship and manipulation.
And that’s that on this Lesson….
Thanks for your time….
Congratulations! You’ve completed the introductory lesson of this Ethereum Development course.
You now have the knowledge and skills to confidently create decentralized applications on the Ethereum blockchain. You understand the basics of Ethereum, its associated technologies, and the tools available to help you build DApps.
Thanks for joining us and we hope to see you again soon