One way to understand Ethereum is to think of it as a special kind of bank containing all the money in the world.This means that there are no transactions to and from other banks.All transactions happen within.More importantly, it has no employees and instead operates by the consensus of its customers.Like many other banks, Ethereum maintains bank accounts for its customers, each containing some money denominated in a currency called Ether.When one customer transfers money to another customer, the bank does not withdraw physical cash from one account and deposit it in the other.Instead, it simply increments the balance of the recipient account, and decrements the balance of the originating account.In this way, you can see that the list of account balances is the “ground truth” - it is the ultimate arbiter of who is wealthy and who isn’t.In Ethereum, this list of accounts and their balances is known as the state.Every transaction can thus been seen as a state transition.Executing a contract could involve several transactions.

In our special Ethereum bank, it is not only people that have bank accounts - contracts have bank accounts too.In fact, one helpful way to think of contracts is to imagine them as people who execute instructions just as lawyers execute wills.Executing a contract typically starts with the recipient, sender, third-party or even another contract, triggering the contract by making a transaction to it.You would think that it would be a cashless transaction since we are only triggering the movement of money.However, as with lawyers, you have to pay them for their services and they often charge by the hour.In Ethereum, the amount of work taken to execute the contract is denoted in a quantity called Gas.Different contracts may charge you different amounts of Ether for each unit of Gas.The triggering party has to foot this bill of say X amount.The contract, whose balance already contains the money to be paid out, will then make a transaction to pay the agreed upon amount, say Y, to the receiver.

This completes the execution of the contract.We can verify that the contract has been executed correctly by ensuring that the two state transitions occurred correctly.After the first transaction, the triggering account should have decreased by X Eth, and the contract’s account should have increased by the same amount.After the second, the contract’s account should have decreased by Y Eth and the recipient’s account should have increased by the same amount.In our special bank, if most of its customers, even those not involved in the transaction, make these computations and agree on the end state, the outcome is ratified and taken as truth.The bank then moves on to processing the next transaction.—-The Ethereum White paper contains more details.It is remarkably comprehensible for a technical document explaining novel concepts.White Paper · ethereum/wiki Wiki · GitHubENS is the Ethereum Name Service, a distributed, open, and extensible naming system based on the Ethereum blockchain.

ENS can be used to resolve a wide variety of resources.The initial standard for ENS defines resolution for Ethereum addresses, but the system is extensible by design, allowing more resource types to be resolved in future without the core components of ENS requiring upgrades.Overview The primary goal of ENS is to resolve human-readable names, like ‘myname.eth’, into machine-readable identifiers, including Ethereum addresses, Swarm and IPFS content hashes, and other identifiers.bitcoin crash november 2013A secondary purpose is to provide metadata about names, such as ABIs for contracts, and whois information for users.bitcoin dpaENS has similar goals to DNS, the Internet’s Domain Name Service, but has significantly different architecture, due to the capabilities and constraints provided by the Ethereum blockchain.bitcoin como adquirir

Like DNS, ENS operates on a system of dot-separated hierarchial names called domains, with the owner of a domain having full control over the distribution of subdomains.Top-level domains, like ‘.eth’ and ‘.test’ are owned by smart contracts called registrars, which specify rules governing the allocation of their subdomains.Anyone may, by following the rules imposed by these registrar contracts, obtain ownership of a second-level domain for their own use.bitcoin arrest australiaArchitecture ENS has two principal components: the registry, and resolvers.armory bitcoin wallet for androidThe ENS registry consists of a single central contract that maintains a list of all domains and subdomains, and stores three critical pieces of information about each: The owner of the domain The resolver for the domain The time-to-live for all records under the domain The owner of a domain may be either an external account (a user) or a smart contract.buying bitcoin montreal

A registrar is simply a smart contract that owns a domain, and issues subdomains of that domain to users that follow some set of rules defined in the contract.Owners of domains in the ENS registry may: Set the resolver and TTL for the domain Transfer ownership of the domain to another address Change the ownership of subdomains The ENS registry is deliberately straightforward, and exists only to map from a name to the resolver responsible for it.bitcoin crash december 16Resolvers are responsible for the actual process of translating names into addresses.bitcoin kurs tagAny contract that implements the relevant standards may act as a resolver in ENS.bitcoin exchange boss deadGeneral-purpose resolver implementations are offered for users whose requirements are straightforward, such as serving an infrequently changed address for a name.

Each record type - Ethereum address, Swarm content hash, and so forth - defines a method or methods that a resolver must implement in order to provide records of that kind.New record types may be defined at any time via the EIP standardisation process, with no need to make changes to the ENS registry or to existing resolvers in order to support them.Namehash Names in ENS are represented as 32 byte hashes, rather than as plain text.This simplifies processing and storage, while permitting arbitrary length domain names, and preserves the privacy of names onchain.The algorithm used to translate domain names into hashes is called namehash.Namehash is defined in EIP137.In order to preserve the hierarchal nature of names, namehash is defined recursively, making it possible to derive the hash of a subdomain from the hash of the parent domain and the name or hash of the subdomain.Terminology domain - the complete, human-readable form of a name; eg, .label - a single component of a domain; eg, , , or .

A label may not contain a period (‘.’).label hash - the output of the keccak-256 function applied to a label; eg, .node - the output of the namehash function, used to uniquely identify a name in ENS.Algorithm First, a domain is divided into labels by splitting on periods (‘.’).So, ‘vitalik.wallet.eth’ becomes the list [‘vitalik’, ‘wallet’, ‘eth’].The namehash function is then defined recursively as follows: A sample implementation in Python is provided below.( : '' * :, _, = .()(() + ( ENS on Ethereum ENS is deployed on mainnet at 0x314159265dd8dbb310642f98f50c066173c1259b, where users may register names under the eth TLD, which uses an auction based registrar.ENS is also deployed on the Ropsten testnet at 0x112234455c3a32fd11230c42e7bccd4a84e02010.Users may register names under two top level domains: .eth, which uses an auction based registrar with the same functionality as the main network, and allows users to keep names indefinitely; see .