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# Origins of Ethereum 🌟 | ||
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Ethereum was created in 2015 by Vitalik Buterin, along with a team of co-founders, in response to the limitations of Bitcoin 🚀. While Bitcoin was primarily designed as a decentralized form of money 💰, Ethereum was developed to go beyond just payments. | ||
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The idea was to create a platform that allowed people to build decentralized applications (dApps) 🏗️— automated services that run on the blockchain without central control 🤖. | ||
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||
In 2014, Ethereum held an Initial Coin Offering (ICO) 💼, allowing people to purchase Ether (ETH) tokens to fund the development of the platform. The Ethereum team raised roughly $18.3 million worth of Bitcoin 💸 in the token sale, which was more than 31,500 BTC at the time of the ICO. | ||
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||
Unlike Bitcoin, which had no pre-sale or funding round 🚫💰, Ethereum's ICO allowed early supporters to buy into the project before its official launch 🎬. | ||
|
||
While this helped Ethereum grow quickly 📈, some Bitcoin enthusiasts have criticized the ICO model, arguing that it goes against Bitcoin's decentralized, organic launch 🌱. In this sense, the launch of Ethereum resembled a traditional IPO 📊. |
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# The DAO Hack 🚨 | ||
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In 2016, during its early days, Ethereum faced a major crisis with the hack of "The DAO," a decentralized service built on the Ethereum platform 💥. Hackers exploited a vulnerability in The DAO's smart contract code, managing to steal millions of dollars' worth of Ether—at the time, a significant portion of the Ether in circulation 💰🦹♂️. | ||
|
||
This event led to a highly controversial decision: Ethereum's community voted to reverse the hack by implementing a hard fork, effectively undoing the theft 🔄. This decision resulted in the Ethereum blockchain splitting into two: Ethereum (ETH), which reversed the hack, and Ethereum Classic (ETC), which retained the original blockchain and kept the hack intact 🍴. While this kind of hard fork was possible in Ethereum's early days, it's unlikely that such a drastic measure would be repeated today given the platform's scale and maturity 🏛️. |
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src/edu/en/ethereum/intro/understanding-smart-contracts.md
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# Understanding Smart Contracts 📜 | ||
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In Bitcoin, the only entities that participate on the blockchain are individual wallets that send payments to each other 👛. On Ethereum, there are two kinds of entities: wallets and smart contracts. Smart contracts are programs that operate on top of the blockchain and can act as standalone entities, interacting with wallets and other smart contracts directly 🤖. | ||
A smart contract is essentially a self-executing program that runs on the Ethereum blockchain 🔄. Smart contracts can be built and deployed on Ethereum by anyone and can be engineered to execute any kind of logic. These contracts automatically enforce and execute preprogrammed rules when specific conditions are met, without needing a middleman 🔒. For example, think of a vending machine: you put in money, select a product, and it automatically dispenses the item. Smart contracts work similarly in digital form but can be used for a much broader range of applications, from finance to gaming 🎮💹. | ||
|
||
Smart contracts have key characteristics that differentiate them from traditional programs: | ||
|
||
- **They are immutable:** Once deployed to the blockchain, they cannot be altered 🔒. | ||
- **They operate autonomously:** Once set in motion, they execute without external interference 🤖. | ||
- **They are trustless:** Users don't need to rely on any party to ensure the contract works as promised 🤝. | ||
|
||
A core principle of Ethereum is censorship resistance 🛡️. Because Ethereum is decentralized, no single entity or government can easily shut it down or block access to its applications. Once a dApp or smart contract is deployed on Ethereum, it operates autonomously, and no one can alter or remove it without stopping the blockchain—meaning that everyone worldwide would have to stop using Ethereum 🌍. This makes Ethereum a powerful tool for creating open, transparent services that aren't controlled by any central authority—something that wasn't possible before. If someone builds a controversial service as a traditional website, it can be easily taken offline by authorities; however, if something like that is built on top of Ethereum, it's there forever without any means to censor it 🔐. |
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Original file line number | Diff line number | Diff line change |
---|---|---|
@@ -0,0 +1,11 @@ | ||
# What is & Why Ethereum? 🤔💡 | ||
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||
While both Ethereum and Bitcoin are built on blockchain technology, they serve different purposes. Bitcoin was created to be a digital currency—a decentralized store of value and medium of exchange 💰. Ethereum, however, is a platform for building decentralized apps (dApps) 🏗️. | ||
|
||
Ethereum is a decentralized platform that allows developers to create applications that run on the blockchain, ensuring they are always online and operate exactly as programmed 🌐💻. Ethereum offers a framework for dApps, enabling them to function without the risk of fraud, censorship, or third-party interference 🛡️. | ||
|
||
Think of Ethereum as a global, decentralized computer that anyone can use to build or interact with applications 🌍🖥️. On the traditional internet, websites and services are controlled by companies, meaning they can restrict access or ban users 🚫. On Ethereum, dApps operate under transparent, verifiable rules, free from centralized control 🔍. Once deployed, these applications run exactly as designed, offering trustless interactions between users 🤝. | ||
|
||
In short, Ethereum was created to extend the use of blockchain technology beyond simple payment transfers to a wide range of applications 🚀. Some examples of services that can be built on Ethereum include notary services, election systems, lotteries, borrowing and lending platforms, and pretty much anything else 📄🗳️🎰💳. | ||
|
||
Bitcoin transactions are straightforward—just sending and receiving BTC 🔄. Ethereum's transactions, on the other hand, can involve multiple steps and conditional logic that enable more advanced operations 🧩. In short, Bitcoin is focused on being a store of value, while Ethereum is designed for decentralized services 🏦🛠️. |
This file contains bidirectional Unicode text that may be interpreted or compiled differently than what appears below. To review, open the file in an editor that reveals hidden Unicode characters.
Learn more about bidirectional Unicode characters
Original file line number | Diff line number | Diff line change |
---|---|---|
@@ -0,0 +1,11 @@ | ||
# Origins of Ethereum 🌟 | ||
|
||
Ethereum was created in 2015 by Vitalik Buterin, along with a team of co-founders, in response to the limitations of Bitcoin 🚀. While Bitcoin was primarily designed as a decentralized form of money 💰, Ethereum was developed to go beyond just payments. | ||
|
||
The idea was to create a platform that allowed people to build decentralized applications (dApps) 🏗️— automated services that run on the blockchain without central control 🤖. | ||
|
||
In 2014, Ethereum held an Initial Coin Offering (ICO) 💼, allowing people to purchase Ether (ETH) tokens to fund the development of the platform. The Ethereum team raised roughly $18.3 million worth of Bitcoin 💸 in the token sale, which was more than 31,500 BTC at the time of the ICO. | ||
|
||
Unlike Bitcoin, which had no pre-sale or funding round 🚫💰, Ethereum's ICO allowed early supporters to buy into the project before its official launch 🎬. | ||
|
||
While this helped Ethereum grow quickly 📈, some Bitcoin enthusiasts have criticized the ICO model, arguing that it goes against Bitcoin's decentralized, organic launch 🌱. In this sense, the launch of Ethereum resembled a traditional IPO 📊. |
This file contains bidirectional Unicode text that may be interpreted or compiled differently than what appears below. To review, open the file in an editor that reveals hidden Unicode characters.
Learn more about bidirectional Unicode characters
Original file line number | Diff line number | Diff line change |
---|---|---|
@@ -0,0 +1,6 @@ | ||
# The DAO Hack 🚨 | ||
|
||
|
||
In 2016, during its early days, Ethereum faced a major crisis with the hack of "The DAO," a decentralized service built on the Ethereum platform 💥. Hackers exploited a vulnerability in The DAO's smart contract code, managing to steal millions of dollars' worth of Ether—at the time, a significant portion of the Ether in circulation 💰🦹♂️. | ||
|
||
This event led to a highly controversial decision: Ethereum's community voted to reverse the hack by implementing a hard fork, effectively undoing the theft 🔄. This decision resulted in the Ethereum blockchain splitting into two: Ethereum (ETH), which reversed the hack, and Ethereum Classic (ETC), which retained the original blockchain and kept the hack intact 🍴. While this kind of hard fork was possible in Ethereum's early days, it's unlikely that such a drastic measure would be repeated today given the platform's scale and maturity 🏛️. |
12 changes: 12 additions & 0 deletions
12
src/edu/ru/ethereum/intro/understanding-smart-contracts.md
This file contains bidirectional Unicode text that may be interpreted or compiled differently than what appears below. To review, open the file in an editor that reveals hidden Unicode characters.
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Original file line number | Diff line number | Diff line change |
---|---|---|
@@ -0,0 +1,12 @@ | ||
# Understanding Smart Contracts 📜 | ||
|
||
In Bitcoin, the only entities that participate on the blockchain are individual wallets that send payments to each other 👛. On Ethereum, there are two kinds of entities: wallets and smart contracts. Smart contracts are programs that operate on top of the blockchain and can act as standalone entities, interacting with wallets and other smart contracts directly 🤖. | ||
A smart contract is essentially a self-executing program that runs on the Ethereum blockchain 🔄. Smart contracts can be built and deployed on Ethereum by anyone and can be engineered to execute any kind of logic. These contracts automatically enforce and execute preprogrammed rules when specific conditions are met, without needing a middleman 🔒. For example, think of a vending machine: you put in money, select a product, and it automatically dispenses the item. Smart contracts work similarly in digital form but can be used for a much broader range of applications, from finance to gaming 🎮💹. | ||
|
||
Smart contracts have key characteristics that differentiate them from traditional programs: | ||
|
||
- **They are immutable:** Once deployed to the blockchain, they cannot be altered 🔒. | ||
- **They operate autonomously:** Once set in motion, they execute without external interference 🤖. | ||
- **They are trustless:** Users don't need to rely on any party to ensure the contract works as promised 🤝. | ||
|
||
A core principle of Ethereum is censorship resistance 🛡️. Because Ethereum is decentralized, no single entity or government can easily shut it down or block access to its applications. Once a dApp or smart contract is deployed on Ethereum, it operates autonomously, and no one can alter or remove it without stopping the blockchain—meaning that everyone worldwide would have to stop using Ethereum 🌍. This makes Ethereum a powerful tool for creating open, transparent services that aren't controlled by any central authority—something that wasn't possible before. If someone builds a controversial service as a traditional website, it can be easily taken offline by authorities; however, if something like that is built on top of Ethereum, it's there forever without any means to censor it 🔐. |
This file contains bidirectional Unicode text that may be interpreted or compiled differently than what appears below. To review, open the file in an editor that reveals hidden Unicode characters.
Learn more about bidirectional Unicode characters
Original file line number | Diff line number | Diff line change |
---|---|---|
@@ -0,0 +1,11 @@ | ||
# What is & Why Ethereum? 🤔💡 | ||
|
||
While both Ethereum and Bitcoin are built on blockchain technology, they serve different purposes. Bitcoin was created to be a digital currency—a decentralized store of value and medium of exchange 💰. Ethereum, however, is a platform for building decentralized apps (dApps) 🏗️. | ||
|
||
Ethereum is a decentralized platform that allows developers to create applications that run on the blockchain, ensuring they are always online and operate exactly as programmed 🌐💻. Ethereum offers a framework for dApps, enabling them to function without the risk of fraud, censorship, or third-party interference 🛡️. | ||
|
||
Think of Ethereum as a global, decentralized computer that anyone can use to build or interact with applications 🌍🖥️. On the traditional internet, websites and services are controlled by companies, meaning they can restrict access or ban users 🚫. On Ethereum, dApps operate under transparent, verifiable rules, free from centralized control 🔍. Once deployed, these applications run exactly as designed, offering trustless interactions between users 🤝. | ||
|
||
In short, Ethereum was created to extend the use of blockchain technology beyond simple payment transfers to a wide range of applications 🚀. Some examples of services that can be built on Ethereum include notary services, election systems, lotteries, borrowing and lending platforms, and pretty much anything else 📄🗳️🎰💳. | ||
|
||
Bitcoin transactions are straightforward—just sending and receiving BTC 🔄. Ethereum's transactions, on the other hand, can involve multiple steps and conditional logic that enable more advanced operations 🧩. In short, Bitcoin is focused on being a store of value, while Ethereum is designed for decentralized services 🏦🛠️. |