Blockchain_2

Understanding Ethereum and Ether

• Ethereum, created in 2013 by Vitalik Buterin, is a blockchain platform for decentralized applications.
• The Ethereum Foundation, a Swiss-based organization, supports the Ethereum ecosystem without controlling it.
• The Foundation received 12 million ETH from the initial supply for ecosystem support and development.
• Ethereum's native currency is Ether (ETH), with sub-units such as wei, gigawei, and nanoether.
• Ethereum has a high number of active users and daily transactions, making it a significant player in the cryptocurrency space.
• The Ethereum network consists of key components like the P2P network, state machine, transactions, blocks, and consensus rules.
• Ethereum uses an account-based model and supports two types of users: Externally Owned Accounts and Smart Contracts.
• Smart contracts on Ethereum are immutable, deterministic, and isolated computer programs executed by network nodes.
• The Ethereum network keeps its state in a modified Merkle Patricia Trie data structure, reducible to a single root hash stored on the blockchain.
• The Merkle root in a block is used to efficiently store and retrieve data within the Ethereum network.
• Ethereum's network transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus rules in September 2022.
• Ethereum's P2P network persists the global state, while accounts and addresses keep track of balances associated with transactions.

Ethereum Blockchain and Merkle Patricia Tree

• Merkle Patricia Tree is used as the main data structure in Ethereum tries: world state trie, account storage trie, transaction trie, and receipt trie.
• The global state trie in Ethereum contains a key-value pair for every account, with the key being a single 160-bit identifier (the address of an Ethereum account) and the value encoding account details such as nonce, balance, storageRoot, and codeHash.
• Each Ethereum account has its own storage trie where all the contract data lives, and a 256-bit hash of the storage trie’s root node is stored as the storageRoot value in the global state.
• Each Ethereum block has its own separate transaction trie, and after a transaction is executed, a receipt is generated to store gas used, logs generated, and the outcome of smart contract interactions.
• Ethereum nodes run the Ethereum Virtual Machine (EVM) to establish a distributed, replicated state machine that processes transactions according to the Consensus mechanism.
• The Ethereum Virtual Machine (EVM) has components like the Machine state, Program Counter (PC), Available Gas, Virtual ROM, EVM Code Stack, Memory, and Account Storage Stack, and all operations are performed in the stack.
• The specific rules of changing state from block to block are defined by the EVM.
• Ethereum transactions are serialized binary messages containing fields such as From, Recipient, Signature, Nonce, Value, Input data, Gas Limit, maxPriorityFeePerGas, maxFeePerGas, and can be of different types: Regular, Contract deployment, or Execution of a contract.
• The "nonce" is a scalar value equal to the number of transactions sent from one address or the number of contract creations made by an account.
• Ethereum employs a set of “tries” to provide traceability of state changes, and the state is changed by P2P transactions and smart contracts.
• Ethereum transactions include details like the sender's address, recipient's address, signature, nonce, value, input data, gas limit, maxFeePerGas, and maxPriorityFeePerGas.
• Ethereum transactions can be of different types, including regular transactions from one account to another, contract deployment without a 'to' address, and execution of a contract interacting with a deployed smart contract.

Understanding Ethereum and Ether

• Ethereum, created in 2013 by Vitalik Buterin, is a blockchain platform for decentralized applications.
• The Ethereum Foundation, a Swiss-based organization, supports the Ethereum ecosystem without controlling it.
• The Foundation received 12 million ETH from the initial supply for ecosystem support and development.
• Ethereum's native currency is Ether (ETH), with sub-units such as wei, gigawei, and nanoether.
• Ethereum has a high number of active users and daily transactions, making it a significant player in the cryptocurrency space.
• The Ethereum network consists of key components like the P2P network, state machine, transactions, blocks, and consensus rules.
• Ethereum uses an account-based model and supports two types of users: Externally Owned Accounts and Smart Contracts.
• Smart contracts on Ethereum are immutable, deterministic, and isolated computer programs executed by network nodes.
• The Ethereum network keeps its state in a modified Merkle Patricia Trie data structure, reducible to a single root hash stored on the blockchain.
• The Merkle root in a block is used to efficiently store and retrieve data within the Ethereum network.
• Ethereum's network transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus rules in September 2022.
• Ethereum's P2P network persists the global state, while accounts and addresses keep track of balances associated with transactions.

Ethereum Blockchain and Merkle Patricia Tree

• Merkle Patricia Tree is used as the main data structure in Ethereum tries: world state trie, account storage trie, transaction trie, and receipt trie.
• The global state trie in Ethereum contains a key-value pair for every account, with the key being a single 160-bit identifier (the address of an Ethereum account) and the value encoding account details such as nonce, balance, storageRoot, and codeHash.
• Each Ethereum account has its own storage trie where all the contract data lives, and a 256-bit hash of the storage trie’s root node is stored as the storageRoot value in the global state.
• Each Ethereum block has its own separate transaction trie, and after a transaction is executed, a receipt is generated to store gas used, logs generated, and the outcome of smart contract interactions.
• Ethereum nodes run the Ethereum Virtual Machine (EVM) to establish a distributed, replicated state machine that processes transactions according to the Consensus mechanism.
• The Ethereum Virtual Machine (EVM) has components like the Machine state, Program Counter (PC), Available Gas, Virtual ROM, EVM Code Stack, Memory, and Account Storage Stack, and all operations are performed in the stack.
• The specific rules of changing state from block to block are defined by the EVM.
• Ethereum transactions are serialized binary messages containing fields such as From, Recipient, Signature, Nonce, Value, Input data, Gas Limit, maxPriorityFeePerGas, maxFeePerGas, and can be of different types: Regular, Contract deployment, or Execution of a contract.
• The "nonce" is a scalar value equal to the number of transactions sent from one address or the number of contract creations made by an account.
• Ethereum employs a set of “tries” to provide traceability of state changes, and the state is changed by P2P transactions and smart contracts.
• Ethereum transactions include details like the sender's address, recipient's address, signature, nonce, value, input data, gas limit, maxFeePerGas, and maxPriorityFeePerGas.
• Ethereum transactions can be of different types, including regular transactions from one account to another, contract deployment without a 'to' address, and execution of a contract interacting with a deployed smart contract.

Understanding Ethereum and Ether

• Ethereum, created in 2013 by Vitalik Buterin, is a blockchain platform for decentralized applications.
• The Ethereum Foundation, a Swiss-based organization, supports the Ethereum ecosystem without controlling it.
• The Foundation received 12 million ETH from the initial supply for ecosystem support and development.
• Ethereum's native currency is Ether (ETH), with sub-units such as wei, gigawei, and nanoether.
• Ethereum has a high number of active users and daily transactions, making it a significant player in the cryptocurrency space.
• The Ethereum network consists of key components like the P2P network, state machine, transactions, blocks, and consensus rules.
• Ethereum uses an account-based model and supports two types of users: Externally Owned Accounts and Smart Contracts.
• Smart contracts on Ethereum are immutable, deterministic, and isolated computer programs executed by network nodes.
• The Ethereum network keeps its state in a modified Merkle Patricia Trie data structure, reducible to a single root hash stored on the blockchain.
• The Merkle root in a block is used to efficiently store and retrieve data within the Ethereum network.
• Ethereum's network transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus rules in September 2022.
• Ethereum's P2P network persists the global state, while accounts and addresses keep track of balances associated with transactions.

Ethereum Blockchain and Merkle Patricia Tree

• Merkle Patricia Tree is used as the main data structure in Ethereum tries: world state trie, account storage trie, transaction trie, and receipt trie.
• The global state trie in Ethereum contains a key-value pair for every account, with the key being a single 160-bit identifier (the address of an Ethereum account) and the value encoding account details such as nonce, balance, storageRoot, and codeHash.
• Each Ethereum account has its own storage trie where all the contract data lives, and a 256-bit hash of the storage trie’s root node is stored as the storageRoot value in the global state.
• Each Ethereum block has its own separate transaction trie, and after a transaction is executed, a receipt is generated to store gas used, logs generated, and the outcome of smart contract interactions.
• Ethereum nodes run the Ethereum Virtual Machine (EVM) to establish a distributed, replicated state machine that processes transactions according to the Consensus mechanism.
• The Ethereum Virtual Machine (EVM) has components like the Machine state, Program Counter (PC), Available Gas, Virtual ROM, EVM Code Stack, Memory, and Account Storage Stack, and all operations are performed in the stack.
• The specific rules of changing state from block to block are defined by the EVM.
• Ethereum transactions are serialized binary messages containing fields such as From, Recipient, Signature, Nonce, Value, Input data, Gas Limit, maxPriorityFeePerGas, maxFeePerGas, and can be of different types: Regular, Contract deployment, or Execution of a contract.
• The "nonce" is a scalar value equal to the number of transactions sent from one address or the number of contract creations made by an account.
• Ethereum employs a set of “tries” to provide traceability of state changes, and the state is changed by P2P transactions and smart contracts.
• Ethereum transactions include details like the sender's address, recipient's address, signature, nonce, value, input data, gas limit, maxFeePerGas, and maxPriorityFeePerGas.
• Ethereum transactions can be of different types, including regular transactions from one account to another, contract deployment without a 'to' address, and execution of a contract interacting with a deployed smart contract.

Test your knowledge of Ethereum and Ether with this quiz covering key concepts such as the Ethereum blockchain, Ether currency, Merkle Patricia Tree, Ethereum Virtual Machine, consensus mechanisms, and transaction details. Whether you're new to Ethereum or a seasoned enthusiast, this quiz will challenge your understanding of this influential blockchain platform and its native cryptocurrency.