Ethereum is an open-source decentralized software platform based on blockchain technology, which is used for its own currency called ‘Ether.’ It is a platform that allows the creation and running of smart contracts and Decentralized applications (DApps) devoid of any third party interference, downtime, fraud, or control. It was launched in 2015 and acted as a platform as well as a programming language that operates on the blockchain, facilitating the creation and publication of DApps. Cryptocurrencies and platforms like Ethereum have a language of their own, where certain terms are frequently used. To understand Ethereum comprehensively, one needs to get familiar with the terminology which one would come across. Below we will look at some of the common terms used in Ethereum.
A person who is an outsider to the world of Ethereum but is able to interface to an Ethereum node, and usually has more than one intrinsic account. This interaction with the Ethereum can be carried out by depositing signed transactions and looking into the blockchain network and related state.
This is used to identify accounts through a 160-bit code.
The purpose of accounts is the record and maintenance of an ‘intrinsic balance and transaction count,’ which is a part of the Ethereum state. The accounts also feature an Ethereum Virtual Machine (EVM) code and an associated storage state, which is generally empty. Accounts are almost homogeneous or very similar in nature, yet we can differentiate between two kinds of accounts. One has an associated EVM code which is empty, thus giving them control and upkeep of account balance to some external individual or entity. The other type is where the associated EVM code is not empty, and the account is representative of an autonomous object, although all accounts have a single address for identification.
As we said that some accounts represent autonomous objects, but these objects do not exist in reality. “They are notional objects existent only within the hypothetical state of Ethereum,” having an account associated with them along with an intrinsic object. Such accounts have non-empty EVM codes and are included as the storage states of those accounts.
A certain code of information is generated when the EVM code associated with the accounts is run. The storage state maintains this information between the running of the EVM codes.
It is a part of the data which is signed by an external actor, and it usually stands for a message or an autonomous object. Each block in the blockchain network keeps a record of these transactions.
This is a ‘bytecode’ that the EVM can naturally execute and operate. The function of the code is to convey the meaning of the message and its implications to the associated account.
Ethereum Virtual Machine (EVM)
The virtual machine forms the core part of the account’s execution model for the associated EVM code.
It is the form of the EVM code which can be read by the users or the readable version of the code.
It is also called the Ethereum Reference Client and is “a cross-platform GUI of an interface similar to a simplified browser (like Chrome). It is able to host sandboxed applications whose backend is based on the Ethereum protocol.”
Ethereum Runtime Environment (ERE)
The EVM executes the Autonomous Object and ERE refers to the environment that is provided to the object. It consists of the EVM and the structure of the World State on which the EVM has to depend for functions like CALL and CREATE, which are primarily I/O instructions.
It is simply another way of denoting the Autonomous Object.
It is an application hosted in the Ethereum browser. Its unique feature is its end-user visibility.
It is a term used to refer to a piece of the EVM code, informally. This code is usually associated with an Autonomous Object or an Account.
LLL stands for Lisp-Like-Low-Level language, which is a basic level language that users can write (being human-writable). It is usually used to write simple contracts and trans compiling to a low-level language toolkit.
This refers to a set of bytes or Data and Value, also denoted as Ether, which is exchanged between two accounts. This passing on of data and value takes place through the ‘deterministic operation of an Autonomous Object or signature of the transaction,’ which is cryptographically secure.
The passing of or transferring messages from one account to another is called Message Call. The VM is initiated with the state of the particular object and the message is then acted upon if the account where the message is to be transferred is associated with a non-empty EVM code. On the other hand, the call will transfer any data returned from the VM operation, if the sender of the message is an Autonomous Object.
It is the unit of the basic network cost, solely paid for Ether, which can be conveniently converted to and from Gas, as per need. The price is determined by the transaction, and miners tend to ignore transactions with very low Gas prices. Gas exists only within the internal Ethereum computation engine.
Once users get hold of these fundamental terms associated with Ethereum, it is easier and convenient for them to operate. Users would then be able to reap the full benefits of Ethereum’s end-to-end technology for different purposes. Apart from this, If you believe in Ethereum (ETH) and want to invest or buy ETH then you can count on Ethereum Code. It is an automated trading platform that focuses on making a profit from ETH. Please check the Ethereum Code Review to know more about this unique platform.