Ethereum white paper pdf download

4.

Bitcoin has opened the era of blockchain 1.0, which is characterized by providing a different way of thinking for value transfer, that is, value transfer no longer depends on centralized institutions such as banks. During this period, as more and more people were familiar with bitcoin, many people began to learn from the idea of bitcoin, so a large number of counterfeit coins appeared

the reason why these counterfeit coins are called "counterfeit coins" is that their source code is similar to that of bitcoin, and there is no substantive breakthrough. They also have the shortcomings of bitcoin, and there is no breakthrough improvement. However, people do not have the problem of bitcoin. Many people in the bitcoin community hope to solve these problems through a variety of technical means, so as to make the bitcoin system perfect

Among them, there is a Russian teenager named vitalik buterin, who is also eager to make up for the shortcomings of bitcoin system as soon as possible

first, you play games in a lively way, while others play games as gatekeepers

when he was 13 years old, he was a typical Internet addict, addicted to world of Warcraft. One day, the game company of world of Warcraft suddenly cancelled his favorite warlock "life siphon" skill. He was very angry and contacted the company many times to restore the skill. However, the game company did not agree

as a result, Butlin began to reflect that in Internet games, players, as participants, are actually very weak. The strong ones are game developers, who are the center of a game. Has the final say that the game player has no say what the developers want to do, and can only choose to accept or leave passively. p>

Butlin realized the disadvantages of centralization through "world of Warcraft", so he began to look for ways to break the centralization. Butlin realized bitcoin from his father, a programmer, and became so interested that he decided to give up the aura of a famous university and drop out of the University of Waterloo to travel around the world to exchange and learn with blockchain enthusiasts all over the world

at that time, bitcoin enthusiasts were going all out to add more functionality to bitcoin and build bitcoin 2.0. But Butlin believes that the establishment of a new programming language is bitcoin's top priority. So, at the age of 19, Butlin wrote a new white paper, which is the rudiment of Ethereum white paper. Butlin mentioned in the white paper

: he hopes to create a variety of applications based on the common programming language, such as social networking, trading, games... These ideas have been strongly echoed by the bitcoin community, and more and more people have joined in the design of Ethereum. Finally, this project was named "Ethereum" by Butlin, because "Ethereum" is a kind of material that has not been confirmed under scientific theory, implying Butlin's expectation for the project

in June 2015, Ethereum officially released

in the next two years, Ethereum's cryptocurrency "Ethereum" became the most popular digital asset after bitcoin. The price of Ethereum increased 85 times in 2017, and more than 20 global top financial institutions and technology companies, such as JPMorgan Chase, Chicago Board of exchange, Microsoft, Intel and Accenture, established the enterprise Ethereum alliance, Butlin has become a blockchain God "V God" from a young boy

2. The great potential of Ethereum to activate blockchain

the emergence of Ethereum has activated the great potential behind blockchain. Why do you say that

the breakthrough of Ethereum is that it not only upgrades the blockchain to an operating system, so that you can develop an application chain on this basis, but also allows you to publish your own tokens in a very simple way

different from bitcoin's preset trading system operation, Ethereum is a programmable blockchain:

Ethereum allows users to create their own operations that meet their needs and have different degrees of complexity. In this sense, Ethereum is a platform. This "platform" has built a relatively complete "system", which is a bit similar to Android and apple. Application developers can develop various applications on this system

this setting makes Ethereum break through the single "monetary function" of bitcoin, and expand the application scenarios of blockchain technology to all aspects. Now, for example, we can do a lot of things through mobile app: paying fees, ordering meals, taking a taxi, shopping and so on. Similarly, developers can develop DAPP (blockchain application) on Ethereum. In the future, you can use DAPP to replace app, paying fees, ordering meals, taking a taxi, shopping and so on. Ethereum gives us these beautiful visions

Thirdly, the consensus mechanism of Ethereum is different from that of bitcoin. As we mentioned earlier, bitcoin decides its bookkeeping rights through the consensus mechanism of pow. Although the security index of pow is high, the energy consumption and cost of mining are huge, and the transaction processing speed is still very slow. Therefore, Ethereum further enriched the technology of bitcoin and proposed a new mining mechanism, namely, proof of interest (POS)

The "proof of equity" proposed by Ethereum is similar to the shareholder mechanism. The more shares people have, the easier they are to obtain the bookkeeping right. It is a system of interest distribution according to the amount and time of holding money. The core logic of POS mechanism is: who holds the currency, who has the control of the network. It should be noted that in the POS mechanism, there is still computing power mining, which needs to solve a mathematical problem. However, the difficulty of the mathematical problem is related to the "age" of the coin holder. The longer the coin holder holds the coin, the easier the difficulty will be, and the greater the probability of digging the coin

Fourthly, the controversial ICO

Ethereum is an open source system, similar to the current Android and apple systems. Developers can develop various applications on it. Most of the ICO projects are based on Ethereum. If developers want to develop blockchain applications (DAPP) on Ethereum, they need to raise certain funds through ICO as operation and maintenance costs

The concept of ICO was very popular in 2017, which was once considered as the main reason for the bull market in 2017

What's the matter with ICO? ICO (initial coin offering) is a way to raise funds for digital currency / blockchain projects. Because the token has market value, it can be converted into legal currency. In this way, it can be used as the development cost of the project. And early participants can get the initial issue of digital currency in return

generally speaking, if a blockchain game company announces: we are going to issue money for private placement (ICO)! If you are particularly optimistic about this project, if you want to participate, you need to buy a certain number of Ethereum and call the wallet address of the blockchain game project party, which is equivalent to that you have participated in the crowdfunding (ICO) of the blockchain game project party. When the currency of this blockchain game company can be traded on the exchange, then they will pay you back according to certain rules

it seems that ICO in blockchain field is similar to IPO in stock field, isn't it? you 're right! In fact, ICO in the blockchain field is very similar to IPO in the stock field. Let's take a look at their general explanation:

IPO refers to an enterprise or company (limited company) selling its shares to the public for the first time

ICO refers to an enterprise or company (mostly blockchain start-ups) selling its token to the public for the first time

however, normally speaking, it is very difficult for an enterprise or company to go through the IPO process. It is very difficult to go through "BP seed round Angel round a round B round C round D pre IPO IPO IPO" without five to eight years. However, ICO in the field of blockchain can only be realized in three to eight months by "white paper - cornerstone investment - Private Placement -

- ICO - Stock Exchange"

This is also the reason why ICO is controversial. At present, many countries define ICO as an illegal act. It is not unreasonable to ban ICO, because at present, the state has no relevant supervision on this aspect, so it is very easy for the project party to illegally raise funds and circle money, which not only causes great losses to investors, but also disrupts the normal financial order

Fifthly, the most important feature of Ethereum is the introction of "smart contract". What does smart contract mean? Smart contract is to define a set of trading rules in the form of code. In our daily life, we usually sign paper contracts, and the implementation of paper contracts needs centralized institutions, that is, the court to supervise. The "smart contract" proposed by Ethereum is to realize decentralized automatic execution through program

the account called "smart contract account" will only be executed according to the code. This technology has a wide range of applications, including insurance, equity, trust and so on. It can be said that this technology can be applied to all activities that need trust

Sixth, the significance of Ethereum: it represents the blockchain 2.0 era. After the glorious period of 2017, now, in the face of bear market, some ICO projects are worried about being tired by the bear market and cash out one after another, leading to a sharp drop in the price of Ethereum. V God, the founder of Ethereum, is also deeply involved in all kinds of rumors. There are often rumors that he is going to quit Ethereum and he is running away

However, Ethereum is indeed a leap forward in blockchain technology, which represents the era of blockchain

2.0. If bitcoin represents the era of blockchain 1.0, it provides new ideas and new methods for value transfer; Then, the blockchain 2.0 era represented by Ethereum makes the commercial application of blockchain possible

5.

The wealth myth of "one coin, one villa" is still widely spread in the currency circle, and new investors are eager to try. But in fact, a stable power structure has been formed in this small circle, from mining machinery manufacturers to large mine owners, and then to mining pools

manufacturing and selling mining machines, mining, building mines and building ore pools, the "mining circle" has become another way to get rich in the blockchain world, and mining machines have also become a little-known "big business"

according to the imagination of Nakamoto, the inventor of bitcoin, the ideal state should be "decentralized", with computing power scattered all over the world. However, contrary to decentralization, the mine pool is absolutely centralized, and more and more mining machines are connected to the mine pool

this article was first published in the Southern Weekend

"if speculation is a road of no return, then investment in mining machinery is a business that can make a steady profit without loss, and it is only a matter of time before the cost is recovered." Zhong Xi, general manager of Shenzhen Aibo times Technology Co., Ltd., calculated an account. A miner earns 200 yuan a day, which can be recovered in 120 days, and then the profit

in October 2017, in addition to his main business, Zhong Xi joined the mining army and quickly became a big boss in the mining circle. He operated many large mines in Jiangxi, Sichuan, Guizhou and other places

in fact, the business of "steady profit without loss" still depends on the continuous rise of currency price. In the past two months, the price of bitcoin has dropped from US $15000 to about US $10000, or even below US $6000 at one time, which has extended the cycle of mining machinery return. If it keeps falling, the profit will be far away

in 2012, four years after the advent of bitcoin, mass-proced mining machines appeared. Before that, mining was mainly a private activity, which could be completed by a home computer“ At that time, the home computer was the money printing machine, and a lot of bitcoin could be g up every day. " Huang Shiliang, a senior digital currency player who sold mining machines in his early years, recalled to Southern Weekend reporters

after the emergence of mining machine, mining began to be "socialized", with the emergence of mines and pools, and mining became a collective work. The indivial miner is entrusted by the mine, just like the workers on the proction line, as long as they are there, they can get paid every day

manufacturing and selling mining machines, mining, building mines and building ore pools, the "mining circle" has become another way to get rich in the blockchain world, and mining machines have also become a little-known "big business"

China has become the world's largest procer of mining machinery. Since 2012, a number of miner manufacturers have been born in China, such as Shenzhen bitquan Co., Ltd., which proces cat roasting miner, bitmainland, Jianan Yun and Yibang communication, which are now famous. In Huaqiangbei, Shenzhen, foreigners can be seen everywhere asking about the price of mining machinery with translators

recently, in an interview with the media, the CEO of bitcontinental, Mr. Zhan Ketun, said that this startup company, which has been established for only four years, had a revenue of about US $2.5 billion in 2017. Bitcontinent is known as the world's largest miner, whose ant miner has always been the hard currency of the coin circle and miner world

just like the coin circle, the mining circle also needs belief that the mechanical mathematical operation of mining machines every day can create great wealth

However, contrary to the "decentralization" advocated by bitcoin, the miner's world is moving towards "centralization". Miner dealers build their own mines. After the investors buy the miner, they are entrusted by the seller; The procers build their own mines and manage them

this process of "centralization" made the wealth of the mining circle snatched by a few people, and it was not easy for Zhong Xi to enter the core circle

calculation force "centralization"

the main function of the mine is to provide a place for scattered mining machines to operate. But it is the "ore pool" that really plays the role of integration

the so-called "mine pool" can be simply understood as "cooperative mining". The miners and the mines give the calculation power to the mine pool, and the mine pool is used as the only address to access the digital currency network for mining, and then distribute dividends to the miners according to the calculation power of the mining machine

the history of ore pool is longer than that of mining machine. In November 2010, the mine pool named slush appeared. Today, its official website says "the world's first mine pool", which is also recognized by the coin circle. Compared with the mine, the construction of the mine pool needs certain technology, and the threshold is relatively higher

the person in charge of a well-known domestic mine pool explained the principle of the mine pool to the Southern Weekend reporter. He compares mining to buying lottery tickets. If you dig alone, the probability of winning the lottery is very unstable. You may win 100000 today, but you won't in the next six months

"gather the people who buy lottery tickets together and buy them in a unified way. No matter who wins, they will be divided according to the proportion of money they pay. In the coin circle, the mine pool plays this role. " The person in charge said

it's not complicated to connect the mining machine with the ore pool. According to the operation guidelines of the major ore pools, it can be completed in a few steps, and then according to the calculation power provided by ourselves, we can get benefits from the ore pool. The miner is like a worker standing on the proction line, receiving a fixed salary every day

the mine pool with huge computing power and many mining machines has an absolute say in the coin circle and the mining circle. For example, if you want to issue a new digital currency or dominate the bitcoin bifurcation, you generally need to get the support of the mine pool. Without the support of the mine pool, no one will dig the new currency, so it is meaningless

in addition, when a hot new coin comes out, the mine pool can also use its own miners to pack it quickly and take the lead in the rush purchase of these new coins

in June 2017, when SNT and EOS were issued, Southern Weekend reporters witnessed the scene of minchi snapping up tokens. Because there are too many investors, many indivial investors can not put their funds into the designated position, but the person in charge of a mine pool can easily complete this operation

according to the imagination of Nakamoto, the inventor of bitcoin, the ideal state should be "decentralized", with computing power scattered all over the world. However, contrary to decentralization, the mine pool is absolutely centralized, and more and more mining machines are connected to the mine pool

on January 18, 2018, Emin Yun silash, a computer professor at Cornell University, and other five people co authored a paper pointing out that there is an implicit power structure behind bitcoin and Ethereum, the two major digital currencies, and mining is too centralized, in which 50% of bitcoin's computing power is controlled by the four major mines

In fact, this problem has always existed. Four years ago, the founder of Ethereum, vtalik, noticed this problem when he wrote Ethereum white paper. He wrote: "this problem can be said to be very serious. At the time of writing this article, the two largest mines indirectly controlled about 50% of the computing power of the whole network."

Up to now, this problem has not been solved. An early translator of the Ethereum white paper told the Southern Weekend reporter, "this is not a technical problem, but a human problem."

5

recessive power structure

in the mining circle, the top of the food chain is mining machinery manufacturers. At present, the three recognized mining machinery manufacturers are located in China. Through the proction and sales of mining machines, they get a lot of profits. At the same time, they also set foot in the construction of mines and pools, and have the right to speak in the whole coin circle

ant mining pool is one of the top two large mining pools in the world, and its computing power accounts for 17% of the total network computing power. However, according to instrial and commercial data, it was founded by bitmainland; Several investors of Jianan Yun are also investors of Hangzhou mining Pool Technology Co., Ltd., which has its own mining pool hash and mining platform, but the mining pool has ceased operation at the end of 2017

Yibang communications has set up three blockchain companies in Hohhot, Wuhai and Zhundong Economic Development Zone in Inner Mongolia. A salesperson of Yibang communications told reporters at Nanfang Weekend that they have mines and mining businesses in these three places, but these mines have been operating at full capacity, and there is no machine space to host new mining machines

"we are building a new mine in Irkutsk, Russia, where electricity charges are much lower and new mining machines can be hosted there." The source said

above the mining machinery manufacturers, it is the harvest of chip giants“ The core technology of mining machinery lies in the chip. Whoever has the chip can proce more mining machinery. " Ding Yang told reporters at Nanfang Weekend that the chips are mainly in the hands of several giant manufacturers, such as TSMC, NVIDIA, AMD, etc

since 2015, TSMC has always been the largest chip supplier of Jianan Yun. In 2015, the chips purchased by Jianan Yun from TSMC accounted for 69.62% of all the chips purchased by Jianan Yun. Since then, this figure has been maintained at about 60%. Most of the profits of Jia Nan Yun Zhi were made by TSMC

On January 18, 2018, at the presentation meeting of TSMC's fourth quarter financial report, chairman Zhang Zhongmou said that although the mobile business prospect this year is weak, the company's revenue will still grow by 10% - 15%. One of the key factors is the demand for chips e to the continuous and steady development of cryptocurrency

under the mining machinery manufacturers, there is another power structure. Jianan Yun disclosed this secret in its 2017 prospectus. In the first four months of 2017, four of the top five customers of Jianan Yun were "indivials". According to public information, three of them are well-known "wrists" in the currency circle

Wu Gang, the largest customer, was the first group of miners, and later founded haobtc, which has one of the world's top ten mines; Lin Zhipeng, the second largest customer, is the founder of Xiaoqiang mining machinery. He has been engaged in the proction and sales of mining machinery for a long time. He has been cooperating with Xie Weiqin, the sixth largest customer; Wang Jin, the third largest customer, founded bitbang, a coin circle information website

these big customers are not simple miners, they all have their own influence in the coin circle. Mechanical operation of the mining machine to bring them income at the same time, also brought the right to speak

according to an insider in bitmainland, most of the big customers in bitmainland are big guys in the currency circle. However, bitmainland officials declined an interview with the Southern Weekend reporter. The company's Public Relations Department responded that it was not convenient to disclose the content because it signed a confidentiality agreement with its customers

"one coin, one villa" wealth myth is still widely spread in the currency circle, and new investors are eager to try. But in fact, a stable power structure has been formed in this small circle, from mining machinery manufacturers to large mine owners, and then to mining pools

most of the new entrants can only make the harvested "leeks"

6. < UL >

the first stage: the basic theory of blockchain technology is suitable for students who have various needs for blockchain technology. It is the most comprehensive and up-to-date curriculum system at present. With the rapid appreciation of bitcoin, blockchain technology has become more and more sought after and studied by people from all walks of life, Or from the perspective of technology research and development, this set of courses are very suitable for you to download and learn. Schele: Lesson 1 ICO & amp; EOS understands the risks of ICO and ICO projects, How to judge whether an ICO is reliable lesson 2 the past and present of bitcoin blockchain understand the origin and related background knowledge of bitcoin and blockchain lesson 3 cryptography master the necessary knowledge of blockchain related cryptography lesson 4 bitcoin transaction in-depth discussion of what happened behind bitcoin transaction lesson 5 block generation and link in-depth discussion of how blockchain is generated Lesson 6 bifurcation principle of blockchain and how to operate the coins in hand before and after the bifurcation Lesson 7 how does the wallet know how much money I have and how to hold the coins in hand more safely Lesson 8 mining understanding the history and principle of mining, Experience mining in bitcoin regression test environment Lesson 9 blockchain security, understand the security problems of blockchain, how to "steal" other people's money Lesson 10 smart contract learn the principle of blockchain 2.0 smart contract, understand how the smart contract is written and run

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stage 2: introction to blockchain technology research and development, Blockchain technology is a very popular new technology at present, which is highly praised by large IT companies and experts all over the world. Not long ago, the blockchain technology platform enterprise Ethereum Alliance (EEA) announced its formal establishment, and nearly 30 giants including JPMorgan Chase, Microsoft and Intel joined in. Extremely optimistic about the future of Ethereum. At present, the term blockchain is very popular, but few people really understand blockchain technology. If you no longer want to be a onlooker, you are welcome to learn this course. After learning this course, you can master the following contents: deeply master the blockchain technology, understand what mining is, learn how to build your own blockchain network, how to publish your own applications on your own blockchain network or enterprise Ethernet network, and how to write smart contracts, Blockchain technology applications. This course is based on practical teaching, mainly teaching front-line practical skills, to ensure that students can quickly learn to apply! Timetable: 1. Introction to blockchain 1.1 introction to blockchain technology 1.2 blockchain platform, Ethereum, an open source blockchain technology platform 1.3 Ethereum working principle, Ethereum virtual machine, account 1.4 what can Ethereum do, Blockchain technology application appreciation 1.5 Ethereum white paper 2. Client installation and operation 2.1 client installation 2.2 Ethereum account creation and management 2.3 multi signature account 2.4 Ethereum 3. Ethereum network 3.1 Ethernet network type 3.2 building local private network, User defined Genesis block 3.3 mining on local private network 4. Introction to smart contract programming 4.1 Ethereum multiple private nodes networking 4.2 multiple nodes, Introction to writing, deploying and using smart contracts 4.3 introction to development language solidy 4.4 introction to building development environment 4.5 basic variable types 5.solidy complex variable types 5.1 enumeration 5.2 structure 5.3 mapping 5.4 delete 5.5 common attributes and methods of block and transaction 6.solidy method 6.1 anonymous method 6.2 modifier 7.solidy inheritance and event 8.solidid Y programming practice 8.1 smart contract -- "vote" 9.solidy programming practice 9.1 smart contract -- "create your own token" 9.2 smart contract -- "public auction" 10.decentralized application DAPP project practice 10.1 Ethereum Web3 interface 10.2 building Ethereum online wallet 10.3 building the development framework of truss on Windows

3

Level 3 In addition to video tutorials, we have also collected a number of classic e-books for students to learn and understand the knowledge of blockchain technology. These e-books are expensive, and published relatively new, reading format is very rich, not just PDF kind, suitable for mobile phone installation of common reading software. Lesson schele: 1. How blockchain will redefine the world; 2. Blockchain Society: decoding global application and investment cases of blockchain; 3. Blockchain Revolution: how bitcoin underlying technology changes currency, technology and technology Business and the world 4. Blockchain: from digital currency to credit society 5. Blockchain: technology driven finance 6. Blockchain: Reshaping economy and the world 7. Illustrated blockchain 8. The age of artificial intelligence, A book reads block chain finance "(Internet plus era enterprise management real battle Series) 9." block chain technology guide "10." block chain: define the new pattern of future finance and economy "11." business block chain: open a new era of encryption economy "12." Accenture ":" block chain + "13." bitcoin "

7. Ethereum is a distributed computing platform. It generates an cryptocurrency called ether. Programmers can write "smart contracts" on the Ethereum blockchain, and these Ethereum smart contracts will be executed automatically according to the code

what is Ethereum
Ethereum is often compared with bitcoin, but the situation is different. Bitcoin is a kind of cryptocurrency and distributed payment network, which allows bitcoin to be transferred between users

related: what is bitcoin? How does it work

Ethereum has a bigger goal. As Ethereum says, "Ethereum is a distributed platform running smart contracts.". These smart contracts run on "Ethereum virtual machine", a distributed computing network composed of all devices running Ethernet nodes

"distributed platform" means that anyone can set up and run an Ethereum node just as anyone can run a bitcoin node. Anyone who wants to run "smart contracts" on nodes must pay the operators of these nodes in ether, which is a cryptocurrency related to Ethereum. Therefore, the person running the Ethernet node provides computing power and gets paid in the Ethernet, which is similar to the way that the person running the bitcoin node provides hash power and pays in bitcoin

in other words, although bitcoin is only a blockchain and payment network, Ethereum is a distributed computing network, and its blockchain can be used for many other things. Details are provided in the Ethereum white paper

what is ether
Ethernet is a digital token (or cryptocurrency) related to Ethereum blockchain. In other words, Ethereum is the token and Ethereum is the platform. But now people often use these terms alternately. For example, coinbase allows you to buy Ethereum, which stands for Ethereum

this is technically "altcoin", which actually means a non bitcoin cryptocurrency. Like bitcoin, ether is supported by distributed blockchain - in this case, Ethereum blockchain

developers who want to create applications or Ethereum smart contracts on Ethereum blockchain need Ethernet token to pay for nodes to host it, while users of Ethereum based applications may need Ethernet to pay for services in these applications. People can also sell services outside the Ethereum network and accept Ethernet payments, or they can sell Ethernet tokens in cash - just like bitcoin

8.

buy in the mall or get in the activity, 20 can be exchanged for a fairy

9. Bitcoin (BTC) is tens of thousands of yuan each. I have never heard of air coin. It's all virtual money