Ethereum: Smart Contracts and Decentralised Applications
Here we go through the Ethereum and Ether, Smart Contracts as well as Decentralised Applications. We give a brief introduction to these and provide multiple sources for learning more about them, just click on the underlined texts and begin your learning journey. Enjoy!
Ethereum and Ether
Ethereum (ETH) is a layer one protocol which is a peer-to-peer network based upon a decentralised blockchain platform which enables the creation of smart contracts and Decentralised Applications (Dapps). To put it simply, it can be viewed as a decentralised internet and app platform. To gain a deeper understanding of Ethereum, here is an excellent guide.
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Ether can be seen as the cryptocurrency of the ethereum network. It is the token which you are able to buy, sell and transact with on various exchanges. Ultimately, it should primarily be seen as the "fuel" of the network, powering the operations of the ethereum network. It facilitates transactions on the Ethereum network from various services to smart contracts. Here are some sources to gain a more comprehensive understanding of Ether and its link to Ethereum.
Smart Contracts
Smart Contracts are automated digital contracts stored on the blockchain where the the terms of agreement between the parties are written into lines of code. For a more thorough break-down of smart-contracts and their technical aspects here is a video and article.
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With this, smart contracts are applicable in numerous areas of our world. From insurance and healthcare to mortgages and financial services, smart contracts can allow for greater effeciency and transparency in various sectors of our society. Here are two sources in which you can learn more about the use-cases of smart contracts.
Decentralised Applications
Decentralised Applications (Dapps) are digital applications that exist on a blockchain or peer-to-peer network. Think of them as web-apps such as Candy Crush or Airbnb that are decentralised and not controlled by a single organisation or entity, allowing for greater user privacy and autonomy. Here are some sources explaining Dapps to a deeper extent.
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Like smart-contracts, there are innumerable applications for dapps with multiple projects already existing on the ethereum network. This includes dapps for gaming, finance and much more. Below are some sources for learning more on existing dapps and their theoretical use-cases.