What is Ethereum …?

Before start reading this, Please read my previous article. Where I explained what is blockchain and how its works.

Ethereum is an open blockchain platform that lets anyone build and use decentralized applications that run on blockchain technology.

Ether : Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform

What is Smart contracts ?

Smart contracts are computer programme which allow the automatic transfer of digital assets between parties based upon pre specified conditions.

What is solidity ?

Solidity is a contract-oriented programming language for writing smart contracts.

Remix : Remix is an IDE for the smart contract programming language Solidity.

An up to date online version is available at remix.ethereum.org

web3.js — Ethereum JavaScript API. web3.js is a collection of libraries which allow you to interact with a local or remote ethereum node, using a HTTP or IPC connection.

Ethereum Virtual Machine (EVM) : Contracts written in smart contracts specific programming language compiled into bytecode.

EVM is the ethereum smart contract bytecode execution environment.

Every node in the network runs EVM. All the node execute all the transactions that points to smart contracts using EVM so every node does the same calculation and store the same values.

What is DApp ?

The traditional web application uses HTML, CSS and Javascript to render a page. It will also need to grab details from a database utilizing an API. When you go onto Facebook, the page will call an API to grab your personal data and display them on the page.

Traditional websites: Front End → API → Database

dApps are similar to a conventional web application. The front end uses the exact same technology to render the page. The one critical difference is that instead of an API connecting to a Database, you have a Smart Contract connecting to a blockchain.

dApp enabled website: Front End → Smart Contract → Blockchain

What is ico ?

Ico is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for the bitcoin/ether .

Ico Pre sale :

An ICO pre-sale (or pre-ICO) is a tokensale event that startups offer before the main ICO crowdsale.

It is designed to generate funds for the development of the project, helping to pay for software developers, marketing budgets, and all the other things that a startup needs.

crowdsale : The crowdsale is the core of an ICO project. It is an event where a company with cryptocurrency project sells part of its tokens in exchange for money.

Anyone can participate in the crowdsale. You will just have to create an account on the company’s page, put the deposit you want to invest in their wallet address, and enjoy

softcap and hardcap ?

softcap : A soft cap is typically a lower limit, more like how much a team is aiming to raise.

If a team doesn’t reach their soft cap, funds are sometimes returned as well.

hardcap : A hard cap is the absolute upper limit a team will take.

If a team receives donations exceeding their hard cap, the funds are immediately returned to investors.

What is token ?

Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain

Technically, they are not “offered”, they are “generated”.

Tokens are created and distributed to the public through an Initial Coin Offering (ICO), which is a means of crowdfunding

what is whitepaper ?

This is a document that lays out facts about the blockchain, protocol, or distributed application (dapp) that is being built, and describes how the tokens will work. Sometimes it is a deeply technical document. Other times it is mostly marketing.

The hottest Initial Coin Offering of Yesterday, Today and Tomorrow

1. Ripple
2. Next
3. Mastercoin
4. Ethereum
5. Lisk

Examples for successful Initial coin offering on Ethereum are:

1. Augur
2. Melonport
3. Golem
4. ICONOMI
5. Singular DTV
6. First Blood
7. Digix DAO.