Christ_bit
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January 18, 2019, 02:39:07 PM |
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While it sounds more complex, the idea is fairly simple. And you will see why in a few minutes!
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Croosss123
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January 18, 2019, 02:42:20 PM |
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Every time a bitcoin transaction is made, the network ‘breaks’ the total amount as if it was paper money, issuing back bitcoins in a way that makes the data behave similarly to physical coins or change.
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Whyknow78
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January 18, 2019, 02:43:59 PM |
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In order to make future transactions, the bitcoin network must add up all your pieces of change, which are classed as either ‘spent’ or ‘unspent’.
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Christ_bit
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January 18, 2019, 02:44:26 PM |
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Ethereum, on the other hand, uses accounts.
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Choco_boy
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January 18, 2019, 02:45:59 PM |
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Like bank account funds, ether tokens appear in a wallet, and can be ported (so to speak) to another account.
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Croosss123
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January 18, 2019, 02:49:03 PM |
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Funds are always somewhere, but don’t have what you might call a continued relationship.
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Christ_bit
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January 18, 2019, 02:50:06 PM |
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Now, with that clear what is the ethereum virtual machine?
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Whyknow78
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January 18, 2019, 02:52:32 PM |
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With ethereum, every time a program is used, a network of thousands of computers processes it.
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Choco_boy
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January 18, 2019, 02:53:44 PM |
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Contracts written in a smart contract-specific programming languages are compiled into ‘bytecode’, which a feature called the ‘ethereum virtual machine’ (EVM) can read and execute.
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Croosss123
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January 18, 2019, 02:54:14 PM |
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All the nodes execute this contract using their EVMs.
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Choco_boy
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January 18, 2019, 02:57:04 PM |
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But we have to remember that every node in the network holds a copy of the transaction and smart contract history of the network, in addition to keeping track of the current ‘state’.
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tarikul1921
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January 18, 2019, 02:57:54 PM Last edit: February 13, 2019, 02:30:54 PM by tarikul1921 |
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Christ_bit
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January 18, 2019, 03:05:14 PM |
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That every time a user performs some action, all of the nodes on the network need to come to agreement that this change took place.
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Croosss123
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January 18, 2019, 03:27:40 PM |
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The goal here is for the network of miners and nodes to take responsibility for transferring the shift from state to state, rather than some authority such as PayPal or a bank.
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Choco_boy
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January 18, 2019, 03:28:16 PM |
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Bitcoin miners validate the shift of ownership of bitcoins from one person to another.
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Christ_bit
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January 18, 2019, 03:31:41 PM |
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In this part the EVM executes a contract with whatever rules the developer initially programmed.
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Croosss123
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January 18, 2019, 03:55:12 PM |
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Actual computation on the EVM is achieved through a stack-based bytecode language (the ones and zeroes that a machine can read), but developers can write smart contracts in high-level languages such as Solidity and Serpent that are easier for humans to read and write.
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Choco_boy
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January 18, 2019, 03:56:54 PM |
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As explained in our guide “How Ethereum Mining Works“, miners are the ones that are preventing bad behavior – like ensuring that no one is spending their money more than once and rejecting smart contracts that haven’t been paid for.
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Whyknow78
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January 18, 2019, 04:08:49 PM |
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There are a few thousand ethereum nodes out there, and every node is compiling and executing the same code.
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Christ_bit
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January 18, 2019, 04:09:14 PM |
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But, you might be thinking, isn’t that much more expensive than a normal computation? Yes, it is.
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