What is Ethereum, Smart Contract technology and ICO technology?

Ethereum (ETH), smart contract (SC), ETC20 Token or ICO are names that anyone who learns about bitcoin, blockchain or cryptocurrency has come across.

These are concepts that are popularized by Ethereum - a breakthrough technology that allows internet applications to operate on the blockchain platform without being bound by any organization or individual. Ethereum was invented by Vitalik Buterin - Canadian programmer.

1. All you need to know about Ethereum

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Meanwhile, bitcoin is the revolution in decentralized e-payment with blockchain technology.

Between ethereum and bitcoin there are important differences, and the key is smart contract. So what is Smart Contract?

1. Smart contract (SC)

Smart Contract is a computer program written by a Turing-complete programming language (the difference with bitcoin) was first mentioned in 1993. This program is translated into compiled code ( bytecode), capable of self-giving terms and enforcing agreements of blockchain-based computer systems.

Smart contract allows both parties to not identify themselves but can still perform transactions with each other on the Internet without relying on third parties. The terms of Smart Contract are automatically taken, without interference from The outside should ensure the most accurate and fair implementation. It is equivalent to a legal contract.

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For example:

You rent the landlord's room and pay rent with virtual money through Blockchain. The receipt will be entered into Smart contract, the host will give you a digital key on a certain date. If the owner hands over the key later than the scheduled time, the blockchain will return the money. If the digital key is delivered before the deadline, the system will retain both the money and the key until the term. Smart contract will automatically be canceled after a while and no one can unilaterally interfere with this code.

2. ICO

ICO (short for Initial Coin Offerring) is a form of universal capitalization by startups with blockchain or DLT (Distributed Ledger Technology) used to call capital.

Calling for capital by ICO has become an extremely effective method of calling capital during the boom of Blockchain and cryptocurrencies today.

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Currently, every day ICO and ERC20 Token products appear. In some countries such as China and South Korea . every form of ICO that has begun to tighten is even banned completely in any form. Although there are many risks, there are still quite successful ICOs and are gradually asserting the importance of blockchain technology in particular and DLT in general.

An ethereum-based universal call includes the following components:

1. White book: The description of the project includes: what is the product (platform, service .), the company's plan and goals, how to use the real technical code .

2. Gold book: Describe technical properties, theory, equations and proof of product mathematics (depending on the project).

3. Founder, operating team, advisory group.

4. Roadmap, minimum feasible product (MVP).

5. ERC20 Token: a SC that acts to authenticate investor ownership with a part of the project. After the project is officially put into operation, this token will be separated from the ethereum network and transferred to a corresponding reference system.

See more:

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2. TON - is the crypto currency expected to be the largest ICO in history to be superior to Bitcoin or Ethereum?
3. The world only has 20% Bitcoin to 'dig'
4. Instructions to buy and sell Bitcoin on Remitano floor
5. How to create and use Bitcoin Wallet, Ethereum Wallet on Blockchain