Any Blockchain today has its own official document, in the case of Ethereum it also has its own, and it is called Ethereum Yellow Paper, and in this way, it differs from Bitcoin’s White Paper. The Ethereum yellow book was published in 2015, it has the smart contracts program, which refers to a computer protocol that was designed to digitally verify the fulfillment of a contract. We well know that Ethereum is a distributed system with open source, which allows the creation, administration and execution of decentralized programs.

The author of the Yellow Paper is Gavin Wood, who is a co-founder of Ethereum and also created the programming language called Solidity. An Ethereum client is a software application that implements the technical specification defined in Ethereum Yellow Paper or the EEA specification for enterprise applications, and refers to any node that can analyze and verify the blockchain, smart contracts, or something else that is relate.

Document structure

The introduction of this text is simple, basically, Ethereum summarizes all the characteristics of Bitcoin, one of them is the ability to carry out transactions. It also adds the ability for developers to have a trusted object messaging computing framework. In fact, as is known, there are operations that cannot be carried out in the Bitcoin blockchain because it is a complete system that is not Turing, that is, it has a programming language with certain desired gaps precisely so as not to create programs that could be used to damage the system itself.

Ethereum, for its part, starts from the idea of ​​creating a complete Turing system, capable of doing practically everything, and whose maximum expression is given by smart contracts, which are those that allow you to configure and shape any need. The text in question consists of 39 pages, most of which is technical information, as instructions and parameters are provided on how to calculate fees, and how developers can interact with this blockchain.

Ethereum’s scalability

The conclusion of the work is based on the perspective about the future of this technology, in which it is estimated that it will be possible to create historical blockchain control points and lighten it in its complex, keeping the nodes in series to be able to have access to certain chain points. Likewise, mention is made, at the end of the text, to what is related to the scalability of the Ethereum network, since at that time it was considered a problem, because the idea of ​​creating partitions or parallel transactions did not seem to be an advantage. Hence, the “divide and conquer” strategy cannot be applied in this context, therefore, future ideas are predicted, even if they are based on PoWs (Proof of Work).

Now when it comes to the project as a whole, Ethereum is undoubtedly the Blockchain that has influenced subsequent cryptocurrency developments, while when it comes to the scalability issue, it seems that a tipping point has been reached and was overcome with the introduction of PoS (Proof of Stake), which is expected to be implemented in early 2021.

What do you think about this topic? Have you already read the Ethereum yellow paper?

If you want more information about buying and selling cryptocurrencies, you can subscribe to our newsletter and receive a free report entitled blockchain technology applications and their relationship with decentralized systems.

Image from mrmake via Freepik.es under creative commons license.


Leave a Reply

Your email address will not be published.