ethereum/whitepaper

Ethereum Whitepaper

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, fraud, or third-party interference.

Overview

Ethereum is a blockchain with the goal of decentralized applications. In other words, instead of running on servers around the world, applications run on computers all around the globe.

Features

• Smart Contracts: Self-executing contracts with the terms of the agreement directly written into lines of code.
• Decentralization: The network is maintained by a distributed network of nodes, rather than a single entity.
• Immutability: Once data is recorded on the blockchain, it cannot be altered retroactively.

Architecture

• Nodes: Computers that maintain a copy of the entire blockchain.
• Miners: Nodes that validate transactions and add new blocks to the blockchain.
• Consensus Algorithm: Proof of Work (PoW) algorithm used to secure the network.

Whitepaper

The Ethereum whitepaper, originally titled "A Next Generation Smart Contract and Decentralized Application Platform," was published by Vitalik Buterin in 2014. It outlines the vision and architecture of the Ethereum platform.

Key Points

• Turing-complete Virtual Machine: The Ethereum Virtual Machine (EVM) allows for the execution of arbitrary smart contracts.
• Native Currency: Ether (ETH) is the native currency of the Ethereum network, used to pay for transaction fees.
• Gas: A unit of measurement used to quantify the amount of computational work required to execute a smart contract.

Ethereum Logo

For more information about Ethereum and its whitepaper, visit our Ethereum Whitepaper Overview.