Ethereum Explained! 🚀 (Ultimate Beginners’ Guide! 📚) How Ethereum Works 💻 & Why it's Undervalued 🤑
Summary
TLDRDieses Video skizziert die grundlegenden Unterschiede zwischen Ethereum und Bitcoin sowie ihre Beziehung zur Blockchain-Technologie. Ethereum, gegründet von Vitalik Buterin, ist eine blockchain-basierte Software-Plattform, die seit 2015 live ist. Im Gegensatz dazu ist Bitcoin eine digitale Währung für Zahlungen und Wertspeicherung. Der Fokus liegt auf den drei Säulen der Blockchain: Dezentralisierung, Transparenz und Unveränderlichkeit. Ether, die native Kryptowährung von Ethereum, dient als Treibstoff für das Netzwerk und wird für die Bezahlung von Transaktionsgebühren (Gas) benötigt. Das Video erklärt auch den Proof-of-Stake-Konsensmechanismus, der Ethereum nutzt, um seine Netzwerke zu validieren und zu sichern. Schließlich deckt es die Funktion von Smart Contracts, ERC20-Token und die Anwendungsschicht der Ethereum-Plattform ab, die es Entwicklern ermöglicht, dezentralisierte Anwendungen (DApps) zu erstellen. Die Zukunft von Ethereum ist voller Entwicklungen, die darauf abzielen, die Transaktionskosten zu senken, die Netzwerksicherheit zu erhöhen und eine bessere Benutzererfahrung zu bieten.
Takeaways
- 💡 Ethereum ist eine Blockchain-basierte Software-Plattform, die von Vitalik Buterin im Jahr 2013 entwickelt wurde und seit 2015 live ist.
- 🔗 Blockchain ist eine Datenspeicherung, die auf einem Netzwerk von Computern verteilt ist und durch Dezentralisierung, Transparenz und Unveränderlichkeit gekennzeichnet ist.
- 🌐 Dezentralisierung bedeutet, dass Daten auf mehreren Geräten und an verschiedenen Orten weltweit gespeichert werden und keine einzelne Entität die Kontrolle darüber hat.
- 📜 Transparenz bezieht sich auf die Art und Weise, wie Transaktionen in einer für alle sichtbaren Buchführung erfasst werden, was Änderungen oder Manipulationen verhindert.
- 🔒 Unveränderlichkeit bedeutet, dass Daten, die auf der Blockchain gespeichert sind, nicht verändert, gefälscht oder verändert werden können.
- 💰 Bitcoin ist eine digitale Währung, die als Zahlungsmittel oder Wertspeicher dienen kann, während Ethereum als programmierbare Blockchain dient, auf der Software zur Erstellung von Produkten und Dienstleistungen erstellt werden kann.
- 🛠️ Ether ist die native Kryptowährung der Ethereum-Blockchain und dient als Treibstoff für das Netzwerk, indem es für die Nutzung von Ressourcen wie Rechenleistung und Speicherplatz bezahlt wird.
- 📊 Gas ist ein Maß für die Bandbreite und Speicheranforderungen sowie die Rechenkomplexität jeder Transaktion. Es ist ein integraler Bestandteil der Transaktionsgebühren in Ethereum.
- ⚖️ Proof of Stake ist ein Konsensmechanismus, der von Validatoren verwendet wird, um Transaktionen zu verifizieren und dabei Energieeffizienz und Sicherheit zu gewährleisten.
- 💻 Ethereum ist in drei Schichten organisiert: die Basis-Hardware-Ebene, die Software-Ebene, die Smart Contracts ermöglicht, und die Anwendungsebene, auf der dApps erstellt und bereitgestellt werden können.
- 📈 ERC20-Token sind eine Art von Kryptowährung, die auf der Ethereum-Blockchain operiert und sich an eine Reihe von Regeln hält, die durch die ERC20-Token-Standard definiert sind.
- 🌟 Ethereum ist immer noch eine neue und spekulative Technologie, die sich im Entwicklungsstadium befindet, und es sind ständige Verbesserungen und Aktualisierungen geplant, um die Transaktionen kostengünstiger, das Netzwerk sicherer und ein besseres Benutzererlebnis zu ermöglichen.
Outlines
😀 Einführung in Ethereum und Blockchain
Der erste Absatz stellt Ethereum als Software-Plattform vor, die auf Blockchain-Technologie basiert und von Vitalik Buterin entwickelt wurde. Es erklärt die Grundlagen der Blockchain, ihre drei Säulen: Dezentralisierung, Transparenz und Unveränderlichkeit. Die Dezentralisierung bedeutet, dass Daten auf vielen Geräten an verschiedenen Orten gespeichert werden und keine zentrale Autorität die Kontrolle hat. Transparenz sorgt dafür, dass alle Transaktionen öffentlich einsehbar sind und Unveränderlichkeit bedeutet, dass Daten, die in der Blockchain gespeichert sind, nicht verändert werden können.
💡 Ethereum vs. Bitcoin und Ether
Der zweite Absatz unterscheidet Ethereum von Bitcoin und stellt Ether als Ethereums native digitale Währung ein. Erklärt wird, wie Ether als 'digitales Öl' für die Netzwerknutzung fungiert und als Zahlungsmittel für die Nutzung von Rechenleistung und Speicherplatz auf der Ethereum-Plattform dient. Der Absatz deckt auch die unterschiedlichen Wirtschaftsmodelle von Bitcoin und Ether ab, wobei Bitcoin eine begrenzte Versorgung hat und Ether durch das Verbrennen von Transaktionskosten deflationär ist.
🔥 Transaktionskosten (Gas) und Proof-of-Stake
Der dritte Absatz erklärt den Begriff 'Gas' als Maßeinheit für Transaktionskosten auf der Ethereum-Plattform, die die Bandbreite und Speicheranforderungen sowie die Rechenkomplexität einer Transaktion berücksichtigt. Es wird auch auf das Proof-of-Stake-Konsensprotokoll eingegangen, das von Validatoren genutzt wird, um Transaktionen zu validieren und dadurch Ether als Belohnung zu verdienen. Dies wird als energetiv effizienter im Vergleich zum Proof-of-Work-Protokoll von Bitcoin betrachtet.
💻 Ethereum-Netzwerk und Smart Contracts
Der vierte Absatz beschreibt die Funktionsweise des Ethereum-Netzwerks in drei Schichten: der Hardware-Layer (Nodes), der Software-Layer (Programmiersprachen für Smart Contracts) und der Anwendungsschicht (dApps). Smart Contracts werden als vertrauenswürdige digitale Umgebung für den Abschluss von Verträgen ohne zentrale Autoritäten präsentiert. Die Ethereum Virtual Machine (EVM) sorgt für Flexibilität und Trennung zwischen Software-Hosts und -Anwendungen.
📈 ERC20-Token und Anlageempfehlungen
Der fünfte Absatz erklärt den ERC20-Token-Standard, der eine Reihe von Regeln definiert, die bei der Erstellung von Token auf der Ethereum-Blockchain eingehalten werden müssen. Es werden verschiedene Arten von Token und deren Funktionen, wie z. B. Tether als stabile Währung und BAT für die Brave-Browser-Plattform, diskutiert. Der Absatz schließt mit Empfehlungen für Anleger, wie sie ihre Investitionen in Ethereum diversifizieren können, einschließlich der Verwendung von Hardware-Wallets wie der Tangem Wallet für die sichere Speicherung ihrer Kryptowährungen.
Transcripts
many people associate ethereum with
Bitcoin and some people use the words
ethereum Bitcoin and blockchain
interchangeably by the end of this video
we will understand the key differences
between ethereum and Bitcoin and their
relationship with blockchain technology
so what is ethereum metallic buterin is
a Russian Canadian programmer and
cryptocurrency researcher who came up
with the idea for ethereum in 2013 which
finally went live in 2015. the most
plain and simple explanation of ethereum
can be broken down into two words
software platform now it makes ethereum
different from other software platforms
is that it is a blockchain based
software platform so before breaking
down what ethereum is we must first
understand its underlying technological
Foundation what is blockchain the most
plain and simple explanation of
blockchain is that it's a record of data
stored on a network of computers and
there are three pillars of blockchain
that make it unique decentralization
transparency and immutability so let's
break down these three pillars star
starting with pillar 1 decentralization
the word decentralization with regard to
blockchain is twofold one it means that
the data is recorded and stored on
multiple devices in multiple locations
around the world as opposed to one
central place in two decentralization
also means that no one person company
government Authority or entity controls
the data in record storage process so
instead of traditional centralized
entities like the IRS JPMorgan or MIT
recording storing managing and
controlling their data by following
their own protocols deciding which
service to use and where the servers are
located and using their own proprietary
software and security systems to protect
their data blockchain allows for
decentralized record keeping where data
is recorded stored and managed on a
network of computers with open source
software around the world any changes to
the blockchain protocol go through a
consensus process that no one person or
entity has control over so that is the
essence of the decentralization pillar
cool pillar two transparency the word
transparency with regard to blockchain
relates to the way in which transactions
are recorded on a ledger that is
available for everyone to see and that
is saved on a network of computers
around the world making the data
impossible to change or alter so the
best way to see the value of
transparency and data recording storage
and management is by comparing these two
scenarios one currently common citizens
of the United States are not privy to
where and how every tax dollar is spent
by the United States government we just
have to take their word for it and even
if the government had to show us their
records it would be very easy for them
to create Forge or manipulate any data
they chose to share with us since they
control their own data you can see how
this scenario has not exactly
transparent or trustworthy so let's
imagine another scenario if everyone in
the United States had the ability to see
a live running Ledger of wherever every
single tax dollar was spent by the
United States government at any moment
in time basically all U.S citizens could
see a full disclosure of how the
government is managing our money and in
this scenario there is more trust and
transparency the second pillar of
blockchain Technology nice pillar three
immutability immutability simply means
that the data recorded and stored on the
blockchain cannot be changed forged or
altered and this is achieved through
cryptography and blockchain hashing
processes if you would like to watch a
more in-depth video explaining what
blockchain is and why it was developed
please check out my video guide by
clicking in the link above so to
summarize the three pillars of
blockchain Technology blockchain's
recording and storage protocols make it
such that once new data is verified it
is unmodifiable it's distributed across
a vast network of computers around the
world so it's hard to destroy and no one
person or entity controls the data or
network creating a transparent
environment amazing now that we are
familiar with some of blockchain's
important features let's talk about the
role blockchain plays in Bitcoin and
ethereum hello I'm crypto Casey and in
this video we will explore what ethereum
is what ether is how transaction fees
work and what the future holds for this
exciting new speculative technology
let's hit it
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us sweet Bitcoin and ethereum are both
use cases of blockchain Technology with
different purposes Bitcoin is simply a
digital currency that people can use as
a form of payment to send to and from
each other or hold as a store of value
while ethereum is basically a
programmable blockchain that people can
build software on to create valuable
products and services or just for fun
Imagine the ethereum network similar to
the Apple App Store a platform where
people can build and deploy apps and due
to the decentralized properties of
blockchain Technology the software
people can build on ethereum are called
decentralized applications or dapped for
short in the nature and potential of
these decentralized applications or
dapps has inspired the idea and desire
for a crusade towards decentralized
Finance or D5 for short the D5 movement
aims to transform The Current financial
system into a more transparent and
trustworthy system like we discussed
about the scenario in the transparency
blockchain pillar segment so how is
ethereum's blockchain based software
application able to operate if it's not
owned or controlled by a central entity
or authority this leads us to the next
section what is ether
many people commonly use the word ether
in ethereum interchangeably when they
actually represent two different things
ether is the ethereum blockchains native
cryptocurrency it operates similarly to
Bitcoin in that it's a digital currency
that can be transferred to people all
around the world used as a form of
payment or act as a store of value
however ether was created for an
entirely different purpose so why does
ether exist in previous videos we
explore the similarities between Bitcoin
and gold so if Bitcoin is digital gold
ether could be described as digital oil
ether was designed with the intention of
fueling the ethereum network thinking
back to the decentralized pillar of
blockchain Technology we discussed how
open source software is distributed
across a vast network of computers
around the world so to incentivize
people to host and maintain the data on
The blockchain Ether was created as a
form of payment to fuel the ethereum
network so anyone who wants to build a
software application on the ethereum
network has to pay for the computing
power and space required using ether and
the amount of ether required for Network
fees is determined by a built-in pricing
system known as gas other key
differences between Bitcoin and ether is
that Bitcoin has a fixed Supply and
having events while ether Works
differently and is actually deflationary
see bitcoin's fixed price and having
events keep its rate of inflation low
and predictable over time until it
eventually reaches zero and if you want
to learn more about how Bitcoin halvings
work check out this video guide for
beginners by clicking on the link above
since its Inception back in 2015
ethereum has gone through a series of
changes and upgrades and at the time of
this video the amount of new eth
entering into circulation slows over
time so while Bitcoin is slightly
inflationary as more Bitcoin will
continue to enter into circulation until
the last Bitcoin is mined ether is
actually deflationary because less ether
will enter into circulation over time
because the more the network is used the
more ether that is burned or taken out
of circulation and if we check out this
free informative website at
ultrasound.money we can see how much eth
has been issued versus burned over time
so at the time of this video over the
past year the supply growth of eth is
negative and when we consider how supply
and demand of an asset affects its price
if the supply beef continues to go down
while demand for Eid continues to go up
with more people adopting crypto and big
traditional financial institutions
piling in the price of eth is likely
going to increase substantially over
time
bullish next let's talk about how
ethereum Network fees are calculated
what is gas gas considers the bandwidth
and space requirements as well as the
computational difficulty of each
transaction to calculate the amount of
fees it will take to complete the term
gas was created to differentiate the
cost of Performing transactions on
ethereum from the actual value of The
Ether cryptocurrency so in executing
transactions on ethereum we will see gas
prices denoted in guay which stands for
gigaway gigaway which is also referred
to as Nano ether or just Nano simply
represents a fraction of ether to the
ninth power so we can think of gateways
to ether as pennies to the US dollar
similar to how the US dollar has pennies
nickels dimes and quarters that
represent fractions of one US dollar
ether has multiple denominations of
fractional values the smallest
denomination being way here's a chart
showing all the different denominations
of ether so if we look at one giga way
of ether it's depicted as a decimal
point followed by eight zeros and a one
in the ninth place so you can see how it
would be difficult to determine how much
transaction fees will cost with all of
the decimal places so instead of a gas
price for the transaction being let's
say
0.0003 you can simply say three Giga way
and since the most common unit of ether
reflected in gas prices is gigaway
that's what denomination of ether is
used to represent gas prices so when
initiating a transaction on the ethereum
network you will see what's called a gas
limit in this field we can choose to
increase or decrease the amount of ether
we are willing to spend to complete the
transaction the more gas the faster the
transaction will be processed and if
there is not enough ether in our wallet
or account to complete the transaction
we desire we will receive an
insufficient funds for gas notification
or similar this is why it's so important
as crypto investors to be aware of
transaction fees and how they work so we
are always prepared when trans acting
and carrying out our investment and
training strategies cool moving right
along
proof of stake what is proof of stake
currently Network processes on ethereum
are completed by validators using a
proof of stake protocol which is a
consensus mechanism and a consensus
mechanism is simply a way that all
computers within a network can come to
an agreement on things like the validity
of a transaction we can see how
consensus mechanisms are a key aspect of
blockchain Technology's Foundation
because of multiple computers all around
the world are maintaining a Global
Network then a consensus mechanism that
keeps them all in agreement is extremely
crucial computers that participate in
the proof of stake consensus are known
as validators and proof of stake
requires validators to State
cryptocurrency on the network basically
as a form of collateral staking with
regard to cryptocurrency Simply means
holding cryptocurrency in a wallet or
smart contract for an extended period of
time in exchange for interest Rewards or
similar so the proof of stake algorithm
that selects which validators will
verify the next block can consider
variables like the amount of
cryptocurrency the validator has stated
on the network the amount of time the
cryptocurrency has been staked on the
network and it can randomly select
validators to ensure decentralization of
the validation process so in most cases
the more cryptocurrency a particular
validator has staked and the longer the
cryptocurrency has been staked the more
likely that validator will be selected
by the algorithm to validate blocks and
if the block the validator verifies is
approved by the rest of the network and
ultimately add it to the blockchain then
the validator earns a reward for
verifying the Block in proof of stake
people describe a newly verified block
being added to the blockchain as having
been forged by the validator as opposed
to mined by The Miner like in the case
of Bitcoin however if the block proposed
to the network has some inconsistencies
or fraudulent transactions the validator
is penalized by losing some of their
staked cryptocurrency so we can start to
see how proof of stake's virtual
verification process is much more more
energy efficient than proof of work
where computers use a lot of electricity
to compete with each other to be the
first to verify a block of data and it's
important to note that each blockchain
project that uses proof-of-stake
protocols has their own unique algorithm
with different rules and methods that
dictate their particular Network's
functionality it's interesting to know
that ethereum used to use a proof of
work protocol like Bitcoin to secure and
maintain its Network and unfortunately
since the switch to proof of stake SEC
chair Gary Gensler says proof-of-stake
assets could be Securities and as we've
been discussing on the channel it's
likely that Gensler is withholding
Clarity and crypto to allow for his Wall
Street corporate cronies to get into a
position to be the first to Market with
their ETFs and other Financial products
before finally giving green light we
shall see though let me know what you
think in the comments below cool now
that we have a basic concept of what
ethereum is in the roles ether and gas
play in the network let's get into more
detail about how the ethereum software
our platform Works how the ethereum
network works let's break down the
ethereum network into three simple
layers so that we can understand how it
works in a nutshell conceptually imagine
the base layer of ethereum consists of a
vast network of computers called nodes
these nodes are connected to the
internet with software installed on them
that runs the ethereum blockchain in
this base layer of nodes is where
transaction data is processed validated
broadcasted and stored and as these
nodes use the proof of stake protocol
required to process transaction data
they are rewarded with ether dictated by
the gas prices we discussed earlier
these rewards incentivize nodes to
maintain the ethereum network by
processing transaction data transaction
data can contain value in the form of
ether and information in the form of
code and these codes can transmit data
and Trigger actions in the next layer of
the ethereum network now imagine another
layer on top of the Base Hardware layer
that is a software layer this soft
software layer supports a programming
language library that consists of
languages like solidity Viper bamboo and
more using these computer languages
developers can write what are called
smart contracts the term smart contract
was actually coined back in 1998 by an
American Computer scientist named Nick
Zabo who invented the digital currency
called bit gold 10 years before Bitcoin
was created and smart contracts are just
lines of code that dictate the terms of
a contract and control the execution of
the contract and with the nature of
ethereum's Hardware layer in its
blockchain based software this creates
the perfect trustworthy digital
environment for building and executing
smart contracts smart contracts have the
unique ability to authorize transactions
and Carry Out terms of contracts within
a trusted environment which eliminates
the need for a central Authority like a
government bank or legal system so smart
contracts make transactions trackable
transparent and permanent amazing so we
have the hardware layer and the software
layer of ethereum which combined
basically creates a global decentralized
supercomputer known as the ethereum
virtual machine or evm in Computing
virtual machines or VMS are simulations
of computer networks that can be used
for many different cases in the case of
the ethereum virtual machine or evm a
very basic and general idea of its role
in the ecosystem is to improve
flexibility of the software and ensure
separation of each software host and
each software application and software
applications bring us to the final layer
of ethereum the application layer the
application layer is where developers
can build and launch third-party
decentralized applications or dapps for
short the applications are decentralized
because they operate on ethereum's
decentralized blockchain-based platform
popular examples of adapts that have
been created are uni swap which is a
decentralized crypto exchange and openc
an nft Marketplace and at the time of
this video a total of over 2800 adapts
are running on the ethereum network that
cover a wide range of categories
including gaming exchanges lending yield
identity property and more nice now
another popular element of the ethereum
ecosystem in dapps brings us to the next
section what are erc20 tokens you've
probably heard the term erc20b4 and
before we talk about erc20 let's talk
about what ERC means ERC is simply an
acronym that stands for ethereum request
for comments and it's similar to bip
which stands for Bitcoin Improvement
proposal so since ethereum and Bitcoin
are blockchain based Technologies there
is no one person or entity that is in
charge of deciding what new features to
add changes to make or fixes to
implement to the protocols so ERC is a
process that was created as a way for
people to contribute information about
ethereum and introduce new features to
the ethereum network ercs or ethereum
requests for comments are basically how
developers can propose improvements to
the network so the number 20 of erc20
represents the unique ID number of that
particular proposal so erc20 is a token
standard which is simply a list of rules
that any tokens issued on the ethereum
blockchain must follow so what are
tokens in the context of ethereum tokens
are types of cryptocurrencies with
different functions that represent an
asset or are intended for a specific use
that operate on the ethereum blockchain
so the ethereum ecosystem allows for the
creation deployment and circulation of
virtual currencies or tokens an erc20
proposed the implementation of rules and
regulations developers must follow when
creating tokens to issue on the ethereum
network these rules dictate how tokens
can be transferred transaction approval
methods user access to tokens and the
total Supply or number of tokens
available so erc20 basically ensures
compatibility of new tokens issued on
the ethereum network tokens that
currently run on the ethereum blockchain
are referred to as erc20 tokens
currently over 350 000 different tokens
have been issued on the ethereum network
some of the more popular erc20 tokens
include tether chain link Matic and Udi
Swap and each token has a different
function or utility for example tether
is a token that is Tethered to the US
dollar and that it maintains the same
value as the US dollar this makes the
token price stable staying at one dollar
per tether which is why tokens with this
function are called stable coins and
another example of another token with
different utility is bat bat stands for
basic attention token and it was created
to be used as the currency for a web
browsing dab called Brave that was
designed as a form of payment to be
traded between users advertisers and
Publishers in exchange for users
attention to advertisements and content
amazing so it's important to understand
as crypto investors that ethereum is
still new speculative technology that is
still in the development phase where
they constantly evolving road map
changes on the horizon are aimed at
making transactions cheaper making the
network more secure creating a better
user experience and readying the network
for future Generations so if you haven't
dipped your toes into crypto and are
interested in diversifying your
Investment Portfolio into eth you can
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