“What is Ethereum” video will introduce you to Ethereum and Smart Contracts.

This Edureka “What is Ethereum” video will introduce you to Ethereum and Smart Contracts. Below are the topics covered in this video:

1. What is Ethereum

2. Features of Ethereum

3. Smart Contracts

4. Decentralized Autonomous Organization


hello this is neil from an eureka and

welcome to this interesting session on

what is it helium now those of you who

have heard about blockchain would have

also heard about aetherium because these

are some of the most popular

technologies and keywords out there in

the market today so in this session

let’s try to address what exactly is

aetherium what makes it stand out among

all the other implementations of

blockchain that are out there so let’s

move forward and look at the agenda for

the session now we’ll be first trying to

address with the most essential question

which is what is etherium following that

will talk about the various features of

etherium which makes it quite popular

for language we’ll be talking about

smart contracts and we’ll also look at

decentralized autonomous organization

now smart contracts and Dow short form

for decentralized autonomous

organization are two of the most popular

interest among the etherium domain as

well now let’s move forward and look at

the first topic of the session which is

what is a phyria aetherium is actually

an open source public distributed ledger

system which is based on the original

core blockchain idea itself now it also

has few additional features like smart

contracts which is basically an

application now how it is will be

looking at ahead now when I talk about

if you are the most fundamental and

important question that should come to

your mind is that how is it different

from Bitcoin blockchain now let’s look

at some of the key differences here the

first and the most important difference

between Bitcoin and aetherium is that

the concept or the core idea or

fundamental idea which bought these

implementations out in the world today

now the core idea if most of you are not

aware of was to bring a decentralized

digital money into the world that was

not governed by anyone and give the

people the complete freedom to decide

and work around with her now there were

a lot of challenges with respect to the

existing monetary system which we are

not going to be discussing as part of

the session but this was the core idea

of implementing Bitcoin blockchain but

at the same time when you come down to e

theorem although it is a derivative of

Bitcoin blockchain which often refer to

as the second generation of blockchain

because here people have understood what

blockchain can be used for and have

started using the various capabilities

beyond the crypto car

market as well the core idea of

aetherium was to build a world computing

system now this would be a decentralized

computing system where all the resources

would be shared across as well as the

computing effort in itself would also be

so it’s something that would be a

world’s first to be centralized

distributed computing system now when

you come down the original idea of

blockchain was conceptualized in 2008

and the initial release was in Jan 2009

but idioms conceptualization started in

2013 and the first implementation came

out in July 2050 although the method of

release of these coins were initially

different whereas in bitcoins you had

the mind to get bitcoins and in each

helium they came up with a monetary

system which was basically through an

ICU which is an initial coin investment

system now you hear a lot about ICUs and

it’s something that’s gaining a lot of

popularity so if you guys are interested

in ICU do let us know maybe we can try

and come up with a video on ICS as well

now apart from this one of the other key

factors would be the amount of

transactions each of them can process a

spa whereas Bitcoin blockchain can

process only about 3 to 4 transactions

per second III diem blockchain can

process about 15 transactions per second

and again the time that is taken for

creating a block also is slightly


an average block in blockchain gets

created every 10 minutes whereas in d3

diem it’s about 12 to 15 seconds also

the reward system was also quite

different whereas in blockchain it’s

about 12.5 bitcoins in aetherium it’s

only about 5 with us now going forward

let’s look at some of the key features

which make it helium so popular or these

key factors which make a theorem so

effective and popular as well now if you

ask me these are the four foundational

pillars which make a theorem so

effective that’s out there firstly a

theorem is a blockchain based

implementation thereby it does require

any form of monetary system thereby you

have its own internal cryptocurrency

which is ether

apart from that it came up with the idea

of smart contracts which is basically an

application that would run on blockchain

and process all the information present

on the blockchain aspect it also bought

in the idea of a decentralized

organization that is an organization

that proved the foundation

knowledge of a governing organization as

you can see in the modern society as

well it also helped to introduce the

concept of smart property wherein you

could digitally transfer your property

without having to face any of the

hassles for exchanging the property or

validating the documents as well let’s

talk about each one of them one by one

let’s talk about the cryptocurrency

which is itza now the most common is

helium’s cryptocurrency that you would

be seeing out there is ether okay which

is actually listed as ETH on most crypto

currency exchange and this is something

that’s gaining a lot of popularity of

recently as well now why a separate

cryptocurrency meant there was bitcoins

already now the idea here is to provide

for the transaction fees as well as the

computational service that you would run

on etherium network itself now there are

various applications that will be

running on this network people put a lot

of information you will customize the

ETD of network for that you need set

necessities as well so for all the

operations that you would be running

there will be some amount of tokens that

are going to be consumed to perform

these computations so these tokens are

generally referred to as gasp so now gas

in itself is something that you pay for

okay so basically the transaction fees

that you would be charged would be for

purchasing that gas as well so again any

sort of computation that you want to

perform okay you need to buy gas and

again that’s where it’s helium comes so

if you want to perform any operations on

aetherium you need to buy gas which is

basically going to be deducted in form

of ether as well now if you’re providing

a high transaction fees then basically

the chance of your operation getting

completed faster would be high because

again this is something that miners

would take as profit as well but let’s

see if you provide too little a gas then

the transaction in itself may fail as

well it’s completely left up to you to

decide on the gas use for your

computational process okay now going

forward let’s talk about what exactly

are smart contracts because we’ve been

talking and hearing about smart

contracts for a while

so let me just address this to give you

a standard definition the smart contract

basically is a computerized transaction

protocol which in turn executes a term

of a protocol but in terms of the simple

word it’s basically an application

wherein you write the standard contract

rules and it gets executed without

having any

it’s because anything on the blockchain

is completely immutable this is

something that is the core foundation of

blockchain so if I try to even

manipulate a contract it is not possible

let’s take the example of Alice and Bob

who actually have formed a physical

contract and they trying to put the

information on a permission blockchain

as per this in turn would actually lead

to a smart contract okay now to give you

another simple example let’s say I’m

buying a house from either of you okay

now what happens is that you give me the

money and finally I decide not to

transfer the property then it becomes a

loss for you because firstly there could

be a challenge that I would say that I

do not receive the money or something

like or any situation like that this can

be completely avoided firstly by putting

it on blockchain because the transaction

that I would be taking from you would be

completely visible and I can ensure and

blockchain in itself is immutable so

this cannot be rejected or it cannot be

falsified as well apart from that let’s

say I am going to write a smart contract

that says once I have received the money

from you transfer the property from me

to you that would get automatically

executed when I would have a

confirmation of payment from you okay so

this gets executed but let’s say if I

write the condition that only and only

if I get five thousand ethers will I

transfer the property then what would

happen is until and unless I get that

five thousand eaters the transaction

would not take place that is the

contract would not get executed as well

so this in turn also ensures that

falsification from both ends are not met

okay so this is something that’s quite

realistically and since it’s out there

an open the parent no human intervention

can manipulate it this becomes a

trustless system very you don’t have to

put your trust of someone else then by

making it quite easy for operations to

work and quite transparent as well now

for those of you who are looking for an

opportunity in blockchain to mean this

is what you need to look out for because

today there’s a huge demand for people

who can write mod contracts as such okay

now let me give you a sample idea of

what a smart contract were to look like

so this is a sample contract that you

are seeing okay now this is a IDE which

is remix ID okay now by default you also


ballot program here I also have a

HelloWorld program written here so even

when you see here there are various in

tax coming here now I don’t want to go

in detail with respect to this because

this is written in a programming

language called solid okay solidarity in

itself is one of the most popular

programming language for writing smart

contracts on the ethereum blockchain

but since there are various

implementations of aetherium that people

use there are different languages that

are also preferred as well with respect

to that sake

so definitely smart contracts and

etherium is something that you should

really look out for if you are looking

for a developer Chapra okay now this is

just this simple environment

now one idea here is when I look at the

run option it asked me what kind of

environment do I want to use a virtual


do I want to inject a web 3 or a web 3

provider as well now usually what

happens is let’s say if I am trying to

emulate it I would be using a web 3

provider where I would provide it with

account details as well so if you see in

the account it has the public key of the

account as well as it tells me the

number of ethers that it has as per same

time I can also specify the limit of gas

that has to be used for any operation

and the value as well now we gave in E

and ether are the different levels of

ether that you can see like how you have

a Satoshi which is the smallest unit in

Bitcoin you have a we that is present in

ether as well now coming back let’s go

back to our presentation now here the

next and the most interesting part of a

theme that I feel and would be the

future for most blockchain based

industries would be the decentralized

autonomous organization now talking

about how stars are basically

organizations or group of people who

which completely exist entirely on the

blockchain itself an are governed by the

various protocols of blockchain now what

you need to understand is that

blockchain is an open-source technology

which can be manipulated as per the

user’s requirement so let’s say if I’m

forming an organization of various

people’s I can ensure that we come to a

common understanding and then I can

build this organization first itself I

define these protocols first itself I

create an understanding and then I

create this organization and then what I

can do is basically I can create a

unison of multiple long-term smart

cracks which are present between these

people itself so any decision that needs

to be made any operation that needs to

be done would all be written in smart

contracts and these all would come

together as well now basically what they

are is they’re designed to hold on to

the asset and use it in form of a voting

system and manage their distribution as

well so let’s say if there is someone

who holds major assets then he would

have a higher priority as well now again

two or more entities within the Dow

itself can interact with each other in a

fully decentralized and automated

fashion as well so any communication

thereby also is completely possible and

this is something that definitely

happens on a regular basis as well now

in a doubt what you need to understand

is that each action or of wood is

represented by some form of transaction

in that blockchain itself now what you

need to understand is that in case if

any operation needs to be done it will

be in four-four transaction as well now

again to give you a quick idea a group

of people come and write smart contracts

that govern that organization people

actually add funds to this dock and are

given tokens to represent their

ownership aspect so more you invest more

tokens do you hold as well and when the

Dove begins to operate each member

proposals on how to spend this money as

per and based on the votes of the

members the proposal status is decided

as such now what you need to understand

is that this is how going forward most

organizations will definitely work out

with because this makes it quite easier

and also at the same time you do not

need to depend on a third party you do

not have to have the trust factor to go

forward as well

thereby making it quite easy and

effective as such okay

so with this we come to a conclusion of

this session now if you are interested

to learn more on aetherium feel free to

write that in our comment section and if

there is something more that you would

like to know about any of the blockchain

implementations please post that in our

comment section below so with that thank

you and goodbye I hope you have enjoyed

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