Understanding Ethereum The Future of Decentralised Applications: Harness The Power Of The Most Disruptive Technology Since The Internet Master Blockchain Now

First Published in 2023

© 2023 by Gradient Publication

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission from the publisher. By request, names and certain details in stories and examples have been anonymized to conceal identity.

Understanding Ethereum: The Future of Decentralised Applications

Substantive editing by Gradient Publication; copy editing, cover design, and typesetting by Gradient Publication.

Although the author has made every effort to ensure that the information in this book was correct at the time of publishing, and while this publication is designed to provide accurate information on the subject matter covered, the author assumes no responsibility for errors, inaccuracies, omissions, or any other inconsistencies herein, and hereby disclaims any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from negligence, accident, or any other cause.

The author makes no guarantees concerning the level of success you may experience by following the advice contained in this book, and you accept the risk that results will differ for each individual.

Contents

First Published in 2023

Contents

What You'll Learn

About

Who This Book Is For

Introduction

Elements of Ethereum

Features of Ethereum

What Makes Ethereum So Popular?

Blockchain versus Ethereum

Types of Wallets

Implementation of Ethereum and Smart Contracts

Overview of the Ethereum Voting DAPP

Reference Architecture for Ethereum DAPP

Steps for Building DAPPs on Ethereum

Creation And Use of Ethereum DAPPs

Mining And Ethereum Wallets

Types of Ethereum Wallets

Applications of Blockchain

Smart Contract In An Industrial Setting

Quick-Look Properties Of Smart Contracts

Blockchain-Based IOT Cybersecurity Management

Blockchain-Powered Secure IoT

Blockchain And Global Healthcare

Illustrates How Blockchain May Handle Healthcare Concerns

Use Cases in healthcare

Use Cases For Automobile Registration And Electronic Voting

Auto Sector Blockchain Application Cases

Use Case For Blockchain In Car Registration

Scenario Of Voting On The Blockchain

Blockchain Usage In Finance

Blockchain Applications For Identity And Artificial Intelligence

Characteristics Of A Digital Identity

Blockchains in the Supply Chain Sector

Blockchain Applications In The Supply Chain

Support For Supply Chain Management Based On Blockchain

Life Cycle Value Of A Supply Chain With Blockchain Support

Exchange Of Foreign Currency

Blockchain Features For International Payments Medium

Fiat Money Created Digitally

The Characteristics Of Money

Illustrates The Various Attributes Of Money

Bitcoin And Digital Currency Are Contrasted

An Evaluation Of The Bitcoin And Libra

Blockchain in the Insurance Sector

Displays Blockchain Application Scenarios For The Insurance Sector.

Intellectual Property Rights Based On Blockchain

Well-known IPR Model

Blockchain-Based Services For People And The Public Sector

Blockchain Technology In Government

Decentralised Agricultural Market Agridigital

The Supply Chain For Agritech

Digital Agriculture Transactions

Issues That Agridigital Has Fixed As A Result Of Its Product

Illustration Of Agri-Tech Goods' Features

Agri Digital Travel Path

SecureVote: Digital Voting and Governance

Voting Security Measures

Voting using SecureVote

The Plan of the Solution

Copperfield Secure Vote Product Architecture

The Principles Of Voting Technology That Is Secure

Voting Security Technology Architecture

Global Supply Chain Data Exchange

A Proactive Business Plan

Obstacles On The Way Of Origin

Highlights Of The Oregon Trail

Ecosystem Of The Origin Pathway

What You'll Learn

Why this is important

Understand the theory behind Blockchain

Create a Blockchain

Understand the theory behind Cryptocurrency

Understand the theory behind Cryptocurrency Transactions

Create their own currency

Understand the theory behind Smart Contracts

Create their own Smart Contracts.

About

This book will guide you through the enjoyable, practical, and hands-on process of learning how to create decentralised applications (DApps) on the Ethereum blockchain using the Solidity programming language. Within minutes, you'll begin creating your own Ethereum smart contract. Every part is brief and to the point since I don't want to spend your time (or, most definitely, mine) on information you don't need to know. In the end, you will possess the skills necessary to create a functional decentralised eBay clone application.

We learn how Ethereum functions and why we should care about it in the first chapter. In the second chapter, we'll use Ethereum to build our first functional smart contract, teaching us how to operate with the platform as developers.

Chapters three and four will then be where we learn about building, deploying, and testing Ethereum apps. All of them will get us ready for chapter five and chapter six's creation of our decentralised eBay clone smart contract and the React user front end.

This book aims to show you how to use Ethereum to create decentralised applications. We won't spend a lot of time discussing trading cryptocurrencies, purchasing Ethereum, or exchanging Ethereum (ether) coins. We will provide a thorough review of Ethereum and cryptocurrencies, but we won't get into a hyper in-depth academic study of either because the goal of this book is to provide readers with the skills they need to work with Ethereum and create products using it.

Who This Book Is For

Any students in college who want to start a career in Blockchain & Cryptos

Any Blockchain, Bitcoin & Cryptos enthusiast

Anyone interested in building their own Blockchain

Anyone interested in Blockchain and its applications.

Introduction

In this part, we'll discuss a few of the most important topics. What is Ethereum, exactly?

What elements comprise Ethereum?

What traits does Ethereum possess?

What are some of the core characteristics of Ethereum?

What is Ethereum so popular?

What are the parallels and differences between bitcoin and Ethereum?

What are Ethereum wallets exactly?

What exactly do you mean when you say Ethereum? So when we talk about Ethereum, the first thing that comes to mind is that it's a cryptocurrency. Ethereum is therefore a cryptocurrency, and we typically have a good understanding of how cryptocurrencies work, their advantages and disadvantages, and everything else. The same as Bitcoin, Ethereum is a cryptocurrency. But it is more than simply a straightforward cryptocurrency. There is much more at play than that. It is obviously much more than that. Ethereum is an open source, blockchain-based platform for creating and exchanging corporate, financial, entertainment, and other applications. You can build tools or programs that can be used to generate a wide range of additional applications on top of it, am I right?

These frameworks provide you the ability to use the cryptocurrency foundation and build specific apps on top of it, unlike Bitcoin, which is just a cryptocurrency. Since it offers a platform that enables you to construct apps of any sort, including those that transfer money, conduct business, or operate independently, Ethereum is much more than just a cryptocurrency. As a result, this is the primary use case for Ethereum, and D apps require payment from Ethereum users.

What are D applications, then? The term D apps refers to decentralised applications. D apps help you acquire value since they are decentralised applications created with blockchain technology as their foundation. Consider that there is a framework and that you must spend a certain quantity of money in order to utilise certain applications in the case of Ethereum. Then, this Ethereum fee is referred to as gas. It's not like I'll initiate a transaction for 20 gas if I have 100 gas in my account; they differ based on the computation path required. It's not as though the transaction fees are always fixed at $20. It could change based on the processing power available right now. There is a reason it is called gas because if you try to fill up at a gas station or a pump, depending on the price, you may be built that day. and the density of the gasoline after filling. The processing power that is available at the time and the rate at which it is being acquired in this case define the rate.

You're paid depending on it, correct? So that's how the cryptocurrency component of Ethereum works.

The associated cryptocurrency with Ethereum is called ETH, and it serves as a symbol. The money used by Ethereum is called ether, or ETH. Although it is also known as ether or eth, this is the one that is primarily used within Ethereum for financial transactions. It qualifies as a cryptocurrency since its market value is now only second to that of Bitcoin. The price of ether is shifting because Ethereum has become more and more popular, and as a result, more and more programs are being built on top of it. Just so you know, Ethereum is used for a ton of business applications and for a ton of commerce.

So why do you need Ethereum? The most crucial element in this situation is that Ethereum was built on Blockchain, much like Bitcoin. So why do people consider Ethereum when Bitcoin already exists? Ethereum thus benefits from all of blockchain's advantages as blockchain is its underlying technology. Consequently, you would benefit from all of blockchain's advantages. Taking the material's immutability as an example. It cannot be broken. It's being safe.

However, with cryptographic security and no single point of failure. Applications are protected from any harmful attacks. Since there is no regulatory staff and no single point of failure, cryptographic secure structures may be used to provide the maximum level of security. Your defences against fictitious assaults are strong.

Keep in mind that hyper ledger is frequently used for private or permissioned blockchains as well. On the other side, we can design a framework for Ethereum. Blockchains may be made either permissionless or public. This is a crucial thing to remember since Ethereum is well-known for serving as the basis for building public blockchains. You consequently get the major failing point's perspective.

You will be familiar with how to handle the single point of failure that might happen in a public or permissionless blockchain if the blockchain is private and used by several enterprises. Think back to the time before the node crashed; other nodes will undoubtedly handle more transactions in the pool. There is no obvious impact. But if you look at the private Blockchain, if a node with the declared role of a validator node or a committing node fails, we don't have a replacement straight away. As a result, you can have some impact on the business. That is the message we are trying to convey with this. While Ethereum is used to create public or permissionless blockchains, Hyper Ledger is used to create private blockchains.

Being based on a distributed ledger and the idea of a decentralised network, Ethereum offers all the benefits of Blockchain, including being immutable, tamper-proof, and safe. However, there are several circumstances in which you wouldn't only use Ethereum for financial transactions. A number of apps are constructed on top of it. How it functions in a trustless paradigm is one of the extra qualities that occasionally enters the picture. How can global transactions be made possible as well as how does Ethereum handle updates and transactions?

Every block of data is subsequently stored across the network, resulting in a global environment where everyone is present and aware of what is happening. As a result, Ethereum itself makes it simpler than ever to construct decentralised apps, or D Apps, eliminating the need to create a distinct blockchain for each D app. It is possible to build hundreds of apps on top of the Ethereum platform. In this way, Ethereum differs fundamentally from bitcoin.

Both of them are stored on the Blockchain. That is similarity. The distinction is that a variety of applications may be supported by Ethereum, the technology that powers the Blockchain. What you believe—one Blockchain for one D app—is not true. Several D applications may be supported by a single Ethereum network. This makes it the most important feature of Ethereum.

Elements of Ethereum

So let's quickly go over the components of Ethereum and the elements that make up its structure. Therefore, the most significant and visible aspect of Ethereum is smart contracts. As a result, using intelligent contracts themselves can help you execute business logic. Smart contracts, for example, are the regulations. controlling under what conditions, the available funds. can change hands. It does this by outlining the conditions that must be satisfied for certain business transactions. Therefore, a smart