Ethereum – a Decentralised Consensus Network
The blockchain is the decentralised consensus network,, and its most well known instance is “bitcoin”, before you can the development on Ethereum network, here are some key technologies required.
Public Key Cryptography
Public, private key cryptography is an encryption method that requires two keys. i..e Public key is known to anyone. It looks a blob of text. Private key is the secret and only known by the users. It also looks like a blob of text.
Public key is used to encrypt the message, and only its private key can decrypt the message.
Private key is not only used to decrypt the message encrypted by its public key, it can also be used to sign the message (like your signature) so that the receiver knows that no one has altered the message. the receiver uses its public to verify the signed message.
Cryptographic Hash Function
Has function takes one input regardless of the size, it can produce a fixed length hash ( just looks like a string. If the input is the same, the hash is the same, if the input has a slight difference, the hash looks very different.
Peer to peer network
A connected network of computers, there is a no client-server concept.
It is the database type used in Decentralised Consensus Network. Its main feature is it is updated in chunks of block and chained together by the hashes of the previous blocks.
Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship or third-party interference.
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