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Introduction Not long after the launch of Bitcoin, savvy individuals began to recognize that the technology behind Bitcoin has vastly greater potential than simply as the basis for a new electronic currency. In fact, within just a few years of Bitcoin's development, dozens of new decentralized applications have been built upon the same type of public ledger blockchain technology behind Bitcoin.
One challenge for innovators and app developers in this new blockchain economy is the difficulty of actually building a new blockchain application from scratch. For small business owners and startups, these challenges make the barrier to entry impractically high. There is no way a small startup company can independently fund a widely distributed, powerful computer network to secure their application.
Of course, other consensus mechanisms such as Delegated Proof-of-Stake DPOS can be operated by a relatively small number of processors without the same network security concerns, although other concerns would still be present for those developers, including achieving a large distribution of network tokens, and of course developing all of the cryptography and blockchain technology to interact with their application.
For a comparison, imagine if every computer game designer had to both build a computer from scratch specifically to run a given game, and at the same time they had to develop a game specific operating system to communicate instructions between the game and the computer. It is likely that with such a design model, the vast majority of games and applications would never be built.
In order to solve this problem, the idea of smart contract platforms was developed and implemented, by far the most successfully, by the Ethereum network. Ethereum can be thought of as a decentralized platforms for developing and running decentralized applications DAPPs , with the benefit that users can be sure that those DAPPs will run exactly as programmed without interference from third-parties.
Thus, EOS will provide developers the tools they need so that they can focus on the specific business logic for their application, without worrying about the cryptography implementations or communication with the decentralized computer i. Furthermore, EOS will use parallelization to make possible blockchain scalability to potentially millions of transactions per second.
In this post I will describe some of the differences in technological capabilities and limitations, as well as differences in design philosophies between the EOS and Ethereum platforms. What's contained in this post? Chapter 1: What is a smart contract?
Chapter 2: Design philosophy Chapter 3: Consensus mechanism and governance Chapter 4: Scalability Chapter 6: Economics of the networks: burning fees vs. For those who are very new to the ideas of cryptocurrencies and blockchain technology, it is first of all most important to understand exactly what a blockchain is.
Essentially, a blockchain is a decentralized system, at the heart of which is a public ledger. A ledger is basically a way to account for the current state of the system e. Along with the public ledger, blockchain technology includes a consensus mechanism which dictates how the decentralized computer i. As a fun piece of history, a cryptographer named Nick Szabo realized in that a decentralized ledger system could be used to execute smart contracts also called self-executing contracts.
Szabo actually coined the phrase "smart contracts" with the goal of incorporating contract law practices into the design of electronic commerce protocols operating between strangers across the internet. Smart contracts can facilitate the transfer and exchange of money or property in a transparent way, all while avoiding the services of a middleman.
Smart contracts also define all of the obligations and potential penalties involved in an agreement, much like traditional contracts do, but the smart contract platform also automatically enforces all of these obligations and penalties. These smart contract platforms essentially allow the development of decentralized applications to run on the network. Ethereum is currently by far the largest and most successful platform for decentralized applications, but the new platform EOS will seek to solve several of the challenges faced by the Ethereum network.
Chapter 2: Design philosophy One of the key differences between EOS and the Ethereum network is in the design philosophy behind the networks. The Ethereum network could almost be described as application-agnostic, i. In this way, as stated by the Ethereum Design Rationale document on github: Ethereum has "no features", refusing to build in "even very common high-level use cases as intrinsic parts of the protocol.
With this philosophy, EOS will feature the introduction of generalized role-based permissions, a web toolkit for interface development, self-describing interfaces, self-describing database schemes, and a declarative permission scheme. It is my understanding that these functionalities, provided by EOS, will be especially powerful for simplifying user account generation and management, as well as security issues like declarative permissions and account recovery.
Chapter 3: Consensus mechanism and governance Another significant difference between EOS and Ethereum is in the blockchain consensus mechanism and overall blockchain governance approach. This choice has significant importance for commercial scalability, which will be addressed in the next chapter. One issue with the current Proof-of-Work implementation behind the Ethereum network is the difficulty in fixing broken applications.
It's important to note, that those with the "code-is-law" mentality consider the DAO hack to be a "feature", not a failure, and that users simply should have been more responsible to understand the code more carefully.
In any case, the DAO failure showed that broken applications on Ethereum either result in investors facing potentially substantial losses or in disruptive hard forks. With the current Proof-of-Work consensus mechanism of Ethereum, each hard fork also results in a risk of spawning multiple competing chains, as happened with the Ethereum, Ethereum Classic split following the DAO failure.
Furthermore, in order to fix a broken application, a disruptive hard fork is required which disrupts the entire Ethereum network. In contrast, EOS includes a mechanism to freeze and fix broken or frozen applications.
This is evidenced by the 18 successful hard forks experienced by the Steem network, which also runs on Graphene technology. Furthermore, EOS will include a legally binding constitution that establishes a common jurisdiction for dispute resolution, and it will also include self-funded community benefit applications that will be selected by stake-weighted voting.
As you can see, there are plenty of reasons why you should start learning to code right now. Because of this, we have put together the following step by step guide. Dig in and have fun! Step By Step Guide To Coding For Dummies Although coding is relatively easy to learn compared to a lot of other technical skills, it is still something that scares people.
At first glance, it may seem complicated, confusing, and very, very hard to master. I mean, how do you go about learning how to code a website if you have no programming experience whatsoever? The answer is simple - you follow our step by step guide to learning how to code for beginners! By the end of this guide, you should have a clear understanding of the steps that are required if you want to become a programmer, along with the things that you can do to help fast-track your journey.
Step 1: Work Out Why You Want To Learn How To Code Now, the first thing that you need to do - before you even think about enrolling in courses or starting to watch YouTube videos about coding - is to ask yourself why you want to learn to code. Sit down and think carefully about what you hope to get out of it, why coding is a skill that you want to learn, and how much time and money you have to commit to it.
Consider: What sort of skills you want to end up with. Do you want to become a website developer? Or perhaps you would prefer to be able to build mobile apps or work in software engineering? You will need to think carefully about this because it will largely dictate the languages that you are going to learn.
Why do you want to learn to code? Is learning how to code simply something which interests you that you are going to be doing in your spare time? Or is programming something that you would like to pursue a career in further down the track? How much time and money you can commit. In the same way, if you want to join an intensive course with support, you will have to be prepared to pay for it. Identify and write down your coding goals and store them somewhere safe. These will quickly become the basis of your journey from novice to master coder.
Choosing the right language is extremely important, which is why we have outlined some of the most popular among beginners below: Java Java is arguably the king of programming languages in the modern world. It is prevalent, versatile, and it is used for things like Android app creation and back-end web development.
Java is quite a functional language for learning how to code for beginners. It is relatively simple to learn, it reads like English, and there is a lot of work out there for entry-level Java programmers. If you would like to learn Java as one of your first programming languages, I would recommend Udacity's Java Nanodegree course. Alternatively, you can choose BitDegree's interactive Java tutorial. This course will teach you the basic syntax and features of the language.
It will show you the potential that you can reach when using Java, and it will also explore the creation of back-end web apps. Python If Java is the king of programming languages, then Python is the queen. It is also super versatile, and it has a lot of different uses.
A lot of academics and researchers use Python to create data analysis programs to help their studies. It is also behind the rise of new technologies like artificial intelligence and machine learning. It is easy to learn, and it is the most popular language taught in schools. That's why it's perfect for those who are looking for how to code for beginners. Learning Python can be easy if you put your mind to it.
Start with a course like the Introduction to Python course or the Interactive Python tutorial. Both of these courses will give you an excellent introduction to the language and its functionality, allowing you to progress to more advanced studies at a later date.
Ruby Ruby is a language that is becoming increasingly popular for full-stack web development. It allows for the smooth integration of both front and back-end components of a new website through the Ruby on Rails framework. If you have plans to become a web developer, I would recommend learning at least the basics of Ruby.
Start with the Learn Ruby on Rails course which focuses on what Ruby on Rails is and how it is used in web development. Solidity If you are interested in cryptocurrencies and blockchain development, then Solidity is one of the best programming languages to learn. Although not well known or widespread by any stretch of the imagination, Solidity is the primary language for smart contract development on the Ethereum blockchain.
If you want to enter the exciting new world of blockchains and smart contracts, I would recommend starting with either the Space Doggos Interactive Solidity course or the Ultimate Learn Solidity course.
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ETH underpins the Ethereum financial system: Not satisfied with payments, the Ethereum community is building a whole financial system that's peer-to-peer and accessible to everyone. Simplicity: the Ethereum protocol should be as simple as possible, even at the cost of some data storage or time inefficiency.
Universality: a fundamental part of Ethereum's design philosophy is that Ethereum does not have "features". Modularity: the parts of the Ethereum protocol should be designed to be as modular and separable as possible. Agility: details of the Ethereum protocol are not set in stone. Non-discrimination and non-censorship: the protocol should not attempt to actively restrict or prevent specific categories of usage. What is Eth2. Ethereum needs an upgrade to make it more scalable, more secure, and more sustainable, which means Eth2.
What Are the Features of Eth2. More scalable: Ethereum needs to support s of transactions per second, to make applications faster and cheaper to use. More secure: Ethereum needs to be more secure. As the adoption of Ethereum grows, the protocol needs to become more secure against all forms of attack. More sustainable: Ethereum needs to be better for the environment. Technology today requires too much computing power and energy. It's open to everyone, wherever you are in the world — all you need is the internet.
Ethereum's decentralized finance DeFi system never sleeps or discriminates. With just an internet connection, you can send, receive, borrow, earn interest, and even stream funds anywhere in the world. Explore DeFi The internet of assets Ethereum isn't just for digital money. Anything you can own can be represented, traded and put to use as non-fungible tokens NFTs.
You can tokenise your art and get royalties automatically every time it's re-sold. Or use a token for something you own to take out a loan.
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What Makes Ethereum Unique? ETH underpins the Ethereum financial system: Not satisfied with payments, the Ethereum community is building a whole financial system that's peer-to-peer and accessible to everyone. Simplicity: the Ethereum protocol should be as simple as possible, even at the cost of some data storage or time inefficiency.
Universality: a fundamental part of Ethereum's design philosophy is that Ethereum does not have "features". Modularity: the parts of the Ethereum protocol should be designed to be as modular and separable as possible. Agility: details of the Ethereum protocol are not set in stone. Non-discrimination and non-censorship: the protocol should not attempt to actively restrict or prevent specific categories of usage.
What is Eth2. Ethereum needs an upgrade to make it more scalable, more secure, and more sustainable, which means Eth2. What Are the Features of Eth2. More scalable: Ethereum needs to support s of transactions per second, to make applications faster and cheaper to use.
More secure: Ethereum needs to be more secure. As the adoption of Ethereum grows, the protocol needs to become more secure against all forms of attack. More sustainable: Ethereum needs to be better for the environment. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world — all you need is the internet. Ethereum's decentralized finance DeFi system never sleeps or discriminates. With just an internet connection, you can send, receive, borrow, earn interest, and even stream funds anywhere in the world.
Explore DeFi The internet of assets Ethereum isn't just for digital money. Anything you can own can be represented, traded and put to use as non-fungible tokens NFTs. You can tokenise your art and get royalties automatically every time it's re-sold.
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