In this article i would like to resume the most important things around ethereum network and smart contracts. This is a very important argument in nowadays technology of blockchain development.
Ethereum is an open software platform that runs smart contracts and has been launched on July 30, 2015, by Vitalik Buterin, a smart and talented programmer. It is a blockchain distributed network similar to bitcoin and others, but oriented to smart contracts, so it’s very important and the basis to develop such elements. Ethereum is of great importance because it’s a basic system which can be used to transform a lot of services and assets in a distributed trustless network of smart contracts that doesnt need a single and centralized server to run.
A smart contract is a programming code that makes possible to automatize several processes without intermediary and in a trustless way. For example it can be used for the process of exhange or buy money shares or any other financial matters, but not only. The run of a smart contract does not need intermediary and it is guarantee by the network. By an technology point of view, a smart contract (when correctly compiled) is a computer program, saved on the blockchain, that executes automatically and decentralized when specific conditions are met.
ERC20 is a standard for ethereum tokens. This standard determines the basic rules the token must follow to be fully integrable and compatible with ethereum network and other erc20 contracts.
Since there is a certain amount of computing power involved in running a smart contract transaction, gas is the corresponding fee that measures the amount needed by a single transaction. Every time a transaction is broadcasted to the blockchain, a certain amount of fee (gas) is required.
Dapps stands for Decentralized Applications. These are information technology applications, based on ethereum network, that are engineered and born to run in a decentralized way. This means that they can be run and live without a specific centralized server, but they are run by a distributed and decentralized network of nodes.
Development of smart contracts
Without any dubt the development of smart contracts is the information technology of the future. The implementation of such a technology on daily basis transactions could really improve security of all our life. The application fields are never ending and will grow continuously in the incoming years.
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