- The Whitepaper of Ethereum
Summary of the Ethereum Whitepaper | mktia’s note
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Ethereum aims to provide a blockchain that can be fully customized through encoded contracts, allowing for the incorporation of various functionalities into the blockchain system.
- It seems to be referring to the concept of a “world computer.”
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Bitcoin As A State Transition System
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From a technical perspective, the ledger of cryptocurrencies like Bitcoin can be interpreted as a state transition system.
- It’s like saying, “Yeah, that makes sense.”
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There are some meta-protocol applications on Bitcoin, but it’s challenging to verify them. It’s a bit tricky because you have to trust a small number of people to do the verification, right?
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Therefore, to implement SPV in such meta-protocols, it is necessary to scan transactions back to the beginning of the Bitcoin blockchain to verify their correctness. Currently, all “lightweight” Bitcoin-based meta-protocols rely on data provided by trusted servers. Considering the need to eliminate the reliance on trust, which is the primary purpose of cryptocurrencies, it is not yet optimal.
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Also, Bitcoin’s scripting language is Turing incomplete, so it can do very limited things.
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So, it’s a discussion about wanting a protocol that is Turing complete.
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Philosophy
- It seems like they want to make it universal and simple, allowing for various applications to be built on top of it.
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Contract code is associated with an Ethereum Account.
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To avoid infinite loops and such, the computation cost is paid as GAS.
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Classification of Applications
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There are three main types of applications that can be run on Ethereum. The first is financial applications, which provide tools for users to manage money. Examples include sub-currencies, financial derivatives, hedging contracts, wallets, etc. The second is quasi-financial applications, which involve money but are not directly related to finance. One such example is a mechanism where rewards are paid to solve computational problems. The third is applications that are not related to finance at all, such as online voting or decentralized governance.
- As an example of an application, a token system could be created.
- It’s indeed convenient for creating applications that can represent various values (blu3mo).
- DAO
- The ability to effectively modify the code is crucial.
- This is interesting (blu3mo).
- The ability to effectively modify the code is crucial.
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I don’t fully understand PoS, so I want to grasp it (blu3mo).
- I think it’s about assigning a certain level of dominance based on the amount of ETH owned, so as to avoid wasting energy by keeping the competition going forever.