Getting started with Ethereum

Knoldus Blogs

ethereum

What is Ethereum?

Ethereum is an open-source blockchain platform that lets anyone build and use decentralized applications that run on blockchain technology. It is an open-source project created by Vitalik Buterin.

How is it different from Bitcoin?

Bitcoin is not capable of performing calculations that didn’t fit into his limited scripting language.

Satoshi Nakamoto, the creator of bitcoin, did not design it to send anything more than few kilobytes of data per transaction believing that limiting the functionality would improve the security of the system.

But unlike Bitcoin, Ethereum was designed as the one that fits a virtual machine (the EVM), a Turing-complete language(Solidity), a token (ETH), and fuel (gas) to power every transaction in its network. This combination allows to create complex programmatic computational instructions or as we call them smart contracts and decentralized applications or DApps.

How does it work?

The basic unit of Ethereum is account. Accounts…

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