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Chapter 2 Ethereum: a Programmable Blockchain 2.1 Introduction In the previous chapter, we took a closer look at what blockchains are and how they help in making distributed, verifiable transactions a possibility. Our main example was Bitcoin: the world’s most popular cryptocurrency. Millions of dollars, in the form of bitcoins, are traded each day, making Bitcoin one of the most prominent examples of the viability of the blockchain concept. Have you ever found yourself asking this question: “what would happen if the provider of this service or application disappeared?” If you have, then learning about Ethereum can make a big difference for you. Ethereum is a platform to run decentralized applications: applications that do not rely on any central server. In this chapter we will explore how Ethereum works and build a simple PoC application related to authentication. 2.1.1 Blockchain Recap A blockchain is a distributed, verifiable datastore. It works by marrying public-key cryptography with the nobel concept of the proof-of-work. Each transaction in the blockchain is signed by the rightful owner of the resource being traded in the transaction. When new coins (resources) are created they are assigned to an owner. This owner, in turn, can prepare new transactions that send those coins to others by simply embedding the new owner’s public key in the transaction and then signing the transaction with his or her private-key. In this way, a verifiable link of transactions is created; each new transaction, with a new owner, pointing to the previous transaction, with the previous owner. To order these transactions and prevent the double-spending problem1, blockchains use the proof- 1 https://en.wikipedia.org/wiki/Double- spending 26PDF Image | Intro to Ethereum and Smart Contracts
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