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Blockchain Development Journey — Part 01: Ethereum
Ethereum is a decentralized Blockchain that operates worldwide through nodes.
It executes smart contracts and uses ETH as gas fees for all kinds of transactions and operations on its Blockchain.
We have two types of accounts on Ethereum:
1. Externally owned account
2. Smart Contract Account
- Externally owned Account: is a normal account created in wallets like Metamask that holds private keys.
- Smart Contract Account: is an account that contains a Smart Contract written in Solidity or any other programming language.
Before that, let's briefly explain Smart contracts. Normally, when we say Contract, it means an agreement between two parties to carry out a certain task, but it can also be subject to fraud or deception from one side; this is the traditional contract.
A Smart Contract is code written in Solidity that automatically executes certain conditions when specific criteria are met. There is no deception involved because the code is deployed on the Blockchain, and no one can tamper with it.
The Externally owned Account is responsible for executing any function within the Smart Contract Account. It stores the address and the data it holds, while the Blockchain (Ethereum) records this data.