Continuing with the series about Ethereum, today I would like to cover 5 new key capabilities of the blockchain platform. The idea of this series is to present 20 points that highlight important aspects of the Ethereum platform that are often misunderstood. Today we cover points 6 to 10:
6-Ether is the Main Currency of Ethereum but the Platform Supports Others
Ether is, essentially, what applications pay for using Ethereum. However, Ethereum supports other digital currencies and provides the framework and infrastructure for building new ones.
7-DAOs are the Main Abstraction that Represent the Owner of One or Many Smart-Contracts
Decentralized, autonomous, organizations (DAO) are abstractions for business entities that own smart contracts and live on the blockchain.
8-Ethereum Supports Different Languages
9-Ethereum Oracles are Responsible for Accessing Off-Chain Data
Oracles are the components of the Ethereum platform responsible for providing or accessing off-chain data required by Smart-Contracts. Oracles can take diverse forms ranging from IOT devices to APIs.
10-Ethereum Programs Run on the EVM
The Ethereum Virtual Machine(EVM) is what executes decentralized code, Smart-Contracts and DApps as well as any other relevant transaction on the blockchain. Ethereum stores scripts[decentralized code] using a structure called opcodes that are what the EVM ultimately executes.
I hope you found these useful. More to come in the next post…