Ethereum Vocabulary

Ethereum Vocabulary

By yanis | little crypto guides | 7 Aug 2020


A little article about ethereum vocabular. For showing that it isn't "for devs only" (and also for impressing your friends)

 

Gas

Everyone uses gas, but not so much people knows what it's really.

For making it very sample, ethereum is a decentralized computer, and gas is a cpu cycle. If a transaction uses 21k gas, it's only 21k "decentralised cpu cycles".

Gas price is the price for 1 gas unit, and is measured in gwei (1 gwei = 0.000000001 eth)

 

Sharding

Sharding is one of the big eth 2.0 improvements. It's dividing blockchain into independent shards (looks like nano's block lattice)

For taking back the computer metaphor, sharding is multi-core. It will need for adapting smart contracts (let's try running old programs made for mono-core cpus).

 

Ethereum Virtual Machine (EVM)

Smart contracts run on the EVM. It allows them to run with their own data/variables (and not directly on nodes !!!)

 

Ether

A little remember : ethereum is the name of the blockchain, while ether is the name of eth token.

 

Nonce

Nonce is the acount's transaction number. Each time you sends a txn, the nonce increases.

There're four useful things about nonces :

  • a transaction cannot get confirmed before txns with lower nonce are confirmed
  • if you send two transactions with the same nonce, only the 1st confirmed (basically the one with higher gas price) will be kept, and second will be dismissed
  • cancelling a transaction (metamask option) is sending an "empty" transaction with the same nonce and a high gas price
  • speeding it up sending the same tx (nonce included) with a higher gas price

note : it also applies to tron (but transactions never stay unconfirmed for a long time)

 

 

It's the end of this article

I hope you learned good things for impressing your friends/family.

If you did, please give it a like and a tip (thanks very much)

If you know something else to add, feel free of saying it in the comments



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