April 11, 2024

What are some Ethereum terms related to the Blockchain?

Ethereum is the most talked about Blockchain Platform after Bitcoin. In Crypto Space, there are some technical ethereum terms as well as lingo related to Ethereum that have become part of our lives.

This Post by Blocksutra brings out some common Terminologies related to the Ethereum Platform which are used across the whitepapers and products.

Ethereum Terms Used In the Crypto Space

Smart contract

A computer protocol intended to digitally facilitate/verify and/or enforce the negotiation or performance of a contract (especially on the blockchain). We can also regard it as software containing a simple set of regulations to negotiate the contract terms.

Solidity

We can call it JavaScript of Smart Contracts. In fact, it is one of the most popular languages used to write smart contracts.

DApps

DApps stands for Decentralized Applications. These are applications that are used by Ethereum smart contract and applied as its back-end code.

Flippening

A Possible Future Event in ETH Space where it will surpass Bitcoin in terms of market valuation and become the most valued Cryptocurrency. In fact, there is a site that tracks the live progress of the Flippening

Gas

An extent to reveal the processing required by the ETH network to initiate and complete a transaction. Simple transactions require less gas while multipart transactions, like a smart contract, require more gas.

Gas price

Ether is to be spent for each gas unit (in terms of Gwei) on a transaction. The person is free to choose the gas price of the transaction he or she is about to make. Usually, higher gas prices get preference from the network during a transaction.

Wei

The smallest denomination of ether. 1 Ether = 1000000000000000000 Wei (1018)

Gwei

Another denomination of ether. Gas prices are most often measured in Gwei. 1 Ether = 1000000000 Gwei. (109)

Raiden Network

An upcoming protocol change to Ethereum will enable high-speed transfers across the network (Ethereum 2.0), similar to Bitcoin’s Lightning Network.

Frontier, Homestead, Metropolis, Serenity

These are the four proposed legs of the ETH development Roadmap. We are in the 2nd phase i.e. in the Homestead phase. The Metropolis update is likely to be available anytime soon.

MEW

MEW stands for My Ether Wallet. A free website/extension of browsers that can avail unique Ethereum software wallets for initiators.

EEA

Through EEA (Enterprise Ethereum Alliance) a community or a grouping of start-ups/organizations put the best way out.

ERC20

ERC (Ethereum Request for Comment) is a standard used for smart contracts on the ETH blockchain for them to be issued tokens. A Majority of new tokens issued on the Ethereum blockchain are ERC-20 compliant.

Vitalik

It is the half of the name Vitalik Buterin, One of the most admired co-founders of Ethereum.

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