Ethereum Currency Technology  (New World Currency Technology)

Ethereum Currency Technology (New World Currency Technology)


The  Ethereum Currency Technology  (New World Currency Technology)

In the Ethereum Technology smart contracts are considered internal accounts, that can interact among themselves and with externally owned accounts, which are in fact users that employ the system. Both these kinds of accounts have their own balance, expressed in a distributed currency referred as Ether. The Ether is the fuel for operating in Ethereum. Every transaction in Ethereum is made possible through a payment made by the clients of the platform to the machines executing the requested operations. This enables several applications, ranging from the exchange of cryptocurrencies, to financial applications, storing and management of tokens and digital assets, notary systems, identity management, voting systems, up to those application that require the traceability of resources and assets,  Several works find many application domains in healthcare, supply chain, Internet of Things, etc. 
The  Ethereum Currency Technology  (New World Currency Technology)


Ethereum operates using accounts and their balances, that change via state transitions. The state denotes the current balances of all accounts, plus other possible extra data. The state is not stored on the blockchain directly, but it is encoded and maintained by accounts in a separate data structure organized as a Merkle Patricia tree. As in all permissionless blockchains, in order to provide anonymity, accounts are pseudonymous and are linked to one or more addresses. There are two types of accounts: externally owned accounts and contracts accounts. Externally owned accounts are controlled by people. Thus, similarly to Bit- coin, each person has his own private key, which is used in order to make transactions in the Ethereum blockchain. Conversely, contract accounts are controlled by some smart contract code. In other words, such accounts are some sort of cyber-entities, having their own balance, that can be triggered through some transactions, coming from an external account (or some other contracts). Once triggered, the code specified in the contract is executed. This code can in turn generate some other transactions. The presence of these smart contracts allows developers to use Ethereum as a general purpose framework to create DApps.
The Ether is the cryptocurrency asset employed in the Ethereum blockchain. In some extent, the Ether is the fuel for operating the distributed applications over Ethereum. Using this cryptocurrency, it is possible to make payments to other accounts or to the machines executing some re- quested operation. Ether thus enables running DApps, en- abling smart contracts, generating tokens during Initial Coin Offering (ICOs), i.e. a type of funding using cryptocurren- cies, and also for making standard P2P payments. That’s why Ethereum is also referred as “programmable money”.
The  Ethereum Currency Technology  (New World Currency Technology)

Even if Ethereum accounts are anonymous, and hence it is not possible to directly map an external account to a given user, we might assume that hub nodes correspond to well known accounts, that might represent popular smart contracts or external accounts that allow exchanging Ether. Examples are those services that require a real identity to transact, such as online wallet services, currency ex- change services, merchants. In public blockchains, such as Ethereum, account anonymity is obtained by employing pseudonymity to represent an account, together with the unlinkability among different interactions of the same user with the system. If an account is a hub node in the network, and it is not a popular smart contract, this means that the related real world entity often employs the same account to transact. In this case, it might be easier to de-anonymize such an account 


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