Track Your Digital Transactions With Ethereum Powered Apps

Overview

Ethereum is an open source blockchain based platform that is used to build Decentralized Apps. Decentralized Applications(dapps) run on a decentralized network which means no one has control over these apps. Smart contracts are code snippets that control and govern the transactions over the network. Anyone can build a smart contract and deploy it on the public network. Ethereum software is built on top of the Ethereum virtual machine(EVM) which is a run time environment for smart contracts. Moreover, Ethereum maintains its own native cryptocurrency called Ether. The miner who mines the new block into the blockchain earns a bounty in the form of an Ether.

There are many consensus algorithms. However, Ethereum uses a consensus algorithm called proof of work(POW). In addition, in this open source software, every transaction needs computational power. Therefore, there is a fee associated with every transaction called Gas and that is necessary to conduct a transaction successfully. Ethereum is based on a distributed network of Nodes on which Decentralized Apps run. Hence, you need a client application to run a node on your machine and these client applications are available in many languages. Further, there are three types of nodes Full node, Light node and Archive Node.

Ethereum software architecture consists of five layers. In other words, these layers are Ethereum Virtual Machine, Smart Contracts, Ethereum Nodes, Ethereum Client Apis, and End User Applications. Furthermore, the implementation of the Ethereum in Go language is available with all the source code files.