Содержание статьи:
- Ethereum, a smart contracts platform
- The Ethereum Virtual Machine (EVM)
- ERC-20 tokens / tokens
- Non-fungible tokens (NFT)
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Ethereum, a smart contracts platform
Ethereum is a platform whose main role is to execute so-called smart contracts, also known as autonomous contracts.
A smart contract is simply a computer program whose execution does not require the intervention of a trusted third party. In the blockchain context, it is a program that can perform operations when certain conditions are met on the registry.
For example, a lottery could be implemented through a smart contract. When the balance of a predefined account exceeds a certain amount, it will be automatically sent to a participant chosen at random.
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Even if this type of contracts can be implemented in a rudimentary way on Bitcoin, Ethereum is the first platform focused on this use. The platform thus brings together a multitude of autonomous contracts, which are executed on the blockchain and which are the basis of many decentralized applications (DApps).
The Ethereum Virtual Machine (EVM)
As I said, Ethereum aims to be a decentralized global computer. For this, it uses a virtual machine (the Ethereum Virtual Machine or EVM) which operates simultaneously on each of the nodes on the network. This virtual machine modifies the overall state of the system (consisting of Ethereum accounts, their balances, data in storage and code) according to user actions and the execution of smart contracts. The modifications are replicated on each of the computers on the network in consensus, hence the fact that we speak of a "virtual" machine: this one does not really exist but is a practical abstraction to represent what Ethereum is.
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Ethereum's virtual machine has its own language made up of many instructions, each with a different effect on the system. This language, called bytecode, is generally obtained by compiling another more accessible contract programming language. Thus, on Ethereum, smart contracts are generally written in Solidity.
The main novelty brought by Ethereum is the fact that its virtual machine is almost Turing-complete: it allows autonomous contracts to perform loops and allows recursion. On the one hand, this improves things considerably compared to the scripting system used in Bitcoin which does not have the same capabilities. Also, this makes Ethereum's operation more complex: in fact, to prevent smart contracts from going on forever, a gas system must be put in place.
ERC-20 tokens / tokens
It is possible to create your own programmable currency on the Ethereum network without having any particular knowledge of blockchain technology. The currency created is managed by a smart contract which most often follows the ERC-20 standard: this is why we speak of an ERC-20 token. Since these tokens live on the same platform, they go through the same addresses as the ethers (ETH) and it is therefore possible to keep its tokens on the same address / the same Ethereum wallet (unlike other cryptocurrencies) . Also note that you will need a minimum of ETH on the wallet to send ERC-20 tokens to another address: ether is used to pay the transaction costs/Gas.
It is also through these tokens that the fundraising by Initial Coin Offering is carried out.
The full list of all tokens of this type in circulation can be found on sites like Coingecko.
Non-fungible tokens (NFT)
Another type of token is also available on Ethereum: these are non-fungible, often abbreviated as NFT. Unlike the ERC-20 token which forms a unit of account (you can have 3.6468 tokens, send 2.1936 tokens, etc.), the non-fungible token is a unique and identifiable object which cannot be divided or mixed. with other tokens. Non-fungible tokens most often follow the ERC-721 standard.
The use of non-fungible tokens can range from the representation of a virtual piece of land (Decentraland) to trading card games (Gods Unchained), through the breeding of virtual cats (CryptoKitties) and the tokenization of goods real estate (RealT).
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