Day 6: Understanding the Ethereum Blockchain Architecture
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Architecture is a visual art, and the buildings speak for themselves.” — Julia Morgan
Ethereum, often referred to as the world’s decentralized computer, offers a unique blend of features that stem from its intricate architecture. This article pulls apart the layers and dives deep into the Ethereum Blockchain Architecture, giving you a comprehensive understanding of each component.
1. Ethereum Accounts
- Externally Owned Accounts (EOAs): These are user-controlled accounts, managed by private keys. EOAs can initiate transactions.
- Contract Accounts: Controlled by their contract code and can only perform an action when instructed by an EOA.
2. Ethereum Gas
- Mechanism: Gas in Ethereum represents the cost required to perform a transaction or run a contract.
- Purpose: It discourages spam on the network and allocates resources proportionally.
3. Ethereum Virtual Machine (EVM)
- The Heartbeat: EVM is where all smart contracts are executed. It’s a Turing-complete software that runs on the Ethereum nodes.
- Isolation: The EVM ensures that each smart contract runs in an isolated environment, preventing potential malicious activities.
4. Smart Contracts
- Autonomous Agents: Once deployed, they autonomously execute predefined rules.
- Immutability: A key feature that means once a contract is on the blockchain, it cannot be modified, ensuring trust.
5. Ethereum State
- Snapshot: It represents the current information of all accounts in the Ethereum system.
- State Tree: Ethereum uses a Merkle Patricia Tree to store the state, ensuring efficiency and security.
6. Transactions and Messages
- Transactions: They are messages signed by external actors. They can deploy a contract or interact with an existing contract.
- Messages: These are virtual objects passed between accounts containing data and value.
7. Consensus Mechanisms
- Proof of Work (PoW): Ethereum’s initial consensus mechanism that requires participants to perform computational tasks.
- Proof of Stake (PoS): A more energy-efficient mechanism that’s currently being transitioned into with Ethereum 2.0.
8. Storage, Memory, and Stack
- Storage: Permanent storage of each contract, retained between function calls and transactions.
- Memory: This is temporary storage. Erased between (and after) function executions.
- Stack: Where small amounts of data are held temporarily, like computation details.
Peeling back the layers of Ethereum’s architecture reveals a sophisticated, well-orchestrated machine. Each piece plays a pivotal role in ensuring the network’s efficiency, security, and decentralization. As you continue to delve into the world of Ethereum and blockchain, having a firm grasp on this foundational knowledge will be invaluable.
This article is just an overview so you can understand the structure of the ethereum Blockchain, all topics of this article will be deeper explained in future articles.
Coming up next: Dive into the Significance of Decentralized Applications (DApps) and how Ethereum can provide you full controll of your money and investiments without the need of an intermediary!