Ethereum Tutorial – Ethereum Explained | What is Ethereum | Intellipaat

Ethereum Tutorial – Ethereum Explained | What is Ethereum | Intellipaat

hey guys welcome to Intellipaat so in
today’s video we are going to learn about ethereum a blockchain based ledger
technology that is known to be so revolutionary that it actually might
change the world as we know it but before we start make sure you subscribe
to Inellipaat’s YouTube channel so that you never miss out on our upcoming
videos so now let’s go with your Agenda for today’s video we’ll start this video
with a brief introduction to ethereum and then we’ll understand what are
Ethereum smart contracts after that we’ll also look into the features of a Ethereum
followed by a case study to understand Ethereum better and then we’ll perform a
hands-on exercise and then we’ll also look into the career opportunities also
guys if you’re looking for an end-to-end certification course on blockchain
technology then do check out Intellipaat’s blockchain certification
training course the link is given in the description box below
so now without any further delays let’s get started so today most of our data or
passwords or let’s say financial information are actually mostly stored
on cloud and servers which are again owned by companies like Amazon Microsoft
or Google right so this set up has a number of advantages as these companies
deploy teams of a specialist to store and secure this data and eventually
remove the costs that comes with hosting and uptime but with this convenience
there’s also an air ability as we have learned that a hacker or a government
can simply in unauthorized access to your files without your knowledge by
simple influencing or attacking a third-party service meaning they can
simply Steal leak or change our important information so what do you
think what has to be done to avoid this and the answer to this is ethereum yes
ethereum is one of the newest technologies which uses a blockchain to
replace Internet third parties those that store data transfer mortgages or keep
track of complex financial instruments so what is ethereum let’s go a little
deeper now ethereum is an open software platform which is based on blockchain
technology that enables developers to build and deploy decentralized
applications it also provides a giant network of the users on computers so the
simplest way to think of ethereum is as a programmable bit
now ethereum allows participants to run decentralized blockchain applications
which are called smart contracts now these smart contracts are highly secure
and run with a perfect digital history making them auditable transparent and
immutable so these smart contracts can be programmed without any chance of
downtime censorship or fraud now the ethereum blockchain and smart
contracts form a shared global supercomputer that can simply move value
represent ownership transmit tokenized assets and digitize many more complex
real world applications so this lets developers create markets shared
Ledger’s digital organizations and many more things that have not even been
invented and all without a middleman and all immutable much like what the
internet it for the information so ethereum has a part to open up the
financial system to the world and build a safer more accessible and fair economy
for literally everyone so like Bitcoin ethereum is a distributed public
blockchain network so both Bitcoin and ethereum are often
compared to each other but the two were designed with different visions and goal
now bitcoin is a widely used system for let’s say generating a shared world
ledger let’s securely records Bitcoin balances
and on the other hand ethereum again uses many of the same systems in order
to generate a shared world computing platform that can flexibly but securely
run any application uses one to code so for you guys to understand let us take
an example of Slocket quick info guys if you are looking for an end-to-end
certification course on blockchain technology then do check out Intellipaat’s blockchain certification training course the link is mentioned in
the description box below so now let’s continue the session so it is a German
startup specialized in blockchain and IOT applications which are moving to
realize the vision of smart contracts embedded in IOT enabled devices now the
company will sell smart locks linked to the ethereum blockchain okay when
someone purchases a slog it will be connected to this slog smart contract in
the ‘i’m blockchain and controlled by it now
the owner of a slog can set a deposit amount and a price for renting his
property and then the user will pay that deposit through a transaction to the
ethereum blockchain thereby getting permission to open and close that
smartlock through their smartphones now the deposit will be logged in the
etherium blockchain until the user decides to return the virtual key by
sending another transaction to the ethereum blockchain then the contract
will automatically be enforced and the deposit will be sent back to the user –
the price for the rental which will be automatically sent to the owner of this
law so all of this actually happens without any assistance from any third
party and all this mechanism is carried out using ethereum smart contract so now
that you know how actually it works let us also list out some of the features of
ethereum so the main features of ethereum are cryptocurrency smart
contracts the decentralized autonomous organization and smart property now
ethereum is a blockchain based implementation and it requires a form of
the monetary system so it has its own internal cryptocurrency called ether now
it has also get a concept of smart contracts which is basically an
application that would run on blockchain and process all the information present
on the blockchain aspect then the third feature is decentralized autonomous
organization so it works with popular cryptocurrency and digital native
operations that many businesses are moving towards the transparency it also
includes this concept of smart property wherein anyone could digitally transfer
their property without having to face any of the hassles for exchanging the
property or validating their documents so recently with 30 large corporations
such as Microsoft Intel ING and JP Morgan and cheese form the enterprise ethereum
Alliance which is a EA so these corporations are actually built in
technology and decentralized applications on the ethereum blockchain
JP Morgan one of the biggest American multinational investment banks so they
are also using blockchain technologies as tools to improve the global economy
system so in one system they were looking for payment originated for
payment beneficiary a payment originator for the banking system and a payment
instruction to the distributed ledger on a peer-to-peer network and finally the
payment originator for Bank internal system and to achieve all this the
organization opted for ethereum technology so this ambitious project
actually covers both on chain and off change payment processing aligned
customers to healthily and smoothly migrate their systems to ethereum
technology through JP Morgan as a result giovanna’s business strategy increases
its investment spectrum and its vision would allow a considerable improvement
not only in the provided services but also in its daily processing capacity
and now let’s check out how actually does it work ok so in this particular
portion I’m going to tell you guys that how you can actually send or receive or
buy or sell ethers using this particular ethereum platform right so for sending or
receiving ethers you need to have one wallet add it to your extension Chrome
extension so this is the one that we are using and we are calling it meta mask dot io
are you so you simply need to go to this particular domain type in this domain
and then you need to type in here get chrome extension once you type in over
here you’ll be led to this page now since I have already got this added to
my chrome and that is why it is giving me the option which is added to Chrome
but for you guys it will be like add to Chrome so simply click on this add to
Chrome and then just follow some security procedures and ultimately this
would be added to your chrome just like this okay so this is a wallet so there
are again many of the wallets that can be used for sending and receiving ethers
but I’m going to use this one so this is our wallet let me open this one now what
are these oh I have already talked in detail about all this in my previous
video which was based on smart contract you can also find linnk of the same
more video on the comments below but again to give just a little bit of brief
about it so this is the main ethereum Network where we actually deploy our
smart contracts right and all these are tests
networks so basically developers use it so whenever they have to just test it
you know about how is it functioning how your code is functioning so you use all
these networks so right now also to you know for a test purpose I’m going to use
this loop strain test network so see I have already got this much of ether
right so first of all we need to you know send or receive ether so for
example if I need to send this much of ether to someone else’s account so for
that I need to have either in my account so I have already got it
but for you to guard this ether in your account you simply click on deposit
so here test faucet get ether quick info guys if you are looking for an
end-to-end certification course on blockchain technology then do check out
Intellipaat’s blockchain certification training course the link is mentioned in
the description box below so now let’s continue the session let it get open for
us okay so here you can click as many times as you want I mean the number of
ethers you want to be deposited into your account and then it is going to
take a few time a few moment you know while the ether gets deposited to your
account so till then let me explain you guys some other features of it so for
example let’s say I need to transfer let’s say 4 meters from my account 1 to
someone else’s account now see it has become 11 so the ether has been odd all
the ETS that I actually cleared over there have been deposited to my test
account now for example if I need to send let’s say 4 ethers to someone then I
need to know the account address of that particular person now let me tell you
something guys that here as well you have got two keys right one is public
one is private so let me take an example of bank account it’s not a time relating
banking to ethereum blockchain but just to make or give you guys a clear concept
of it I am taking this example so for example in bank account as well very
have got net banking so you’ve got two things one is your
bank account number and another one is one and another one is your
net banking customer ID so whenever you need to make any kind of transactions
like if you want to send some money or receive with some money from someone so
you always tell the person your bank account number and never your customer
ID number in this Bank scenario this bank account number is actually your
public key which you can share with anyone if you want a particular
transaction to take this however your customer ID is your private key which
you are always advised not to send with anyone so the same happens in this case
if you want to make any transaction so this see this is the ID which has been
copied so this is my public address which I can tell anyone right so for
example if I need to send some money so let me again create one more account
let’s say I have created account two already but for you guys let me say it
one more account let’s say create account and just create it so see
account three has been created and this is the public address for account three
now let’s go back to account one and now let’s say I want to send some amount of
ether so let me click now I am sending it from account one this is my public
network sorry this is the amount of ether you know that is there present
available in my account now from account one let’s say I want to send to account
three and that is what is asking me recipient address so right now it is
around three I have clicked on it now amount of ether that you want to
send let’s specify this let’s say it’s four ethers and then you can simply
click on next okay so of course from account one to
account three how many ethers this many eaters which is worth of this many of
your fiat currency right and I’ll confirm it okay so it is again going to
take a while you know so that the transaction can take please so this is
how actually you send it and let us wait for a while so that it will get deducted
from account one and will get deposited in account three so see we have got the confirmation
stating transaction 3 confirmed view on FS scan so now here also you can see now
I am left with only 7 ethers for ethers have been deducted if I go to account 3
then see for ethers have been deposited in account 3 so this is how you send
your ethers right or receive ethers now this is what so this is actually telling
me the status of my transaction which is confirmed right so let me click on that
so see this is nothing but the ether scan so whenever you have made any kind
of transaction on ethereum blockchain so you can see everything all the history
on ether scan so this is the particular transaction that I just made so the ID
of that particular transaction that is hash is nothing but this now status is
successful so this is the block under which I perform this particular
transaction time stamp one of the very important feature of you know blockchain
so it is going to give you exactly when this transaction took place that is what
it is showing and then this is the public address I was talking about what
public key you can see so this is the from account so from this account to
this account the transaction you know has been taken place and then how I mean
what was the amount that I transferred so that was for ether and all those
stuff so you can get actually all this information over here so this is a
particular transaction right but if I go to ether scan let me show you guys quick
info guys if you are looking for an end-to-end certification course on
blockchain technology then do check out Intellipaat’s blockchain certification
training course the link is mentioned in the description box below so now let’s
continue the session okay so III scan again as I told you
guys that blockchain actually supports a transparent nature right that is one of
the major features of blockchain or let’s say theorem blockchain and that is
why it is very much transparent so even if you do not have any kind of account
or you do not use blockchain or anything just you as a viewer can simply go to
ether scan and check what all is happening in this world
exactly so here these all are the transactions right so for example let me
go on the top so this is the recent block which has been mined by this
particular person and then in reward he has or the this particular Club actually
has got this much of ether and then under this block fifty-seven
transactions have taken place and if I click on this see you can see every
transaction every single transaction over here let me go back and just click
now so see all these transactions have taken place under this block right that
was it was showing now recently it has become now eighty-four transactions so
here actually each and every detail you can simply get that is what I wanted to
tell you guys so this is a particular transaction and this is the entire world
of transaction so whatever you want you can simply go and check it out so this
was all about how do you actually send or receive ether you know on this
ethereal platform but then if you want to buy or sell ether then for that you
need to go to an universally exchange platform so for that let me again go
back to the etherium platform and here deposit so say this is coin base which
is the world’s most popular way to buy and sell Bitcoin ethereum etc so we are
going to use again this one only because that’s the universally and most popular
way to you know exchange the ethers so continue to point base okay so here it’s
very simple so you simply write the amount for example let’s say thousand
okay so for thousand rupees you want to you know
create or establish the transaction so you put the amount over here and then
you are also mention your email address over here and then by email you’ll be
getting the status of your transaction now let me tell you guys how it actually
works so for example if you you want to sell let’s say two ethers so you’ll give
a request in the pool of requests that you want to sell to Ethers I mean just
by giving the amount fiat currency over here and then in the same pool of
requests there must be someone who might be needing one need ether
I mean who might need to buy one ether or two ether then your request would get
matched with that person’s request and the transaction would take place and
then you’ll be informed using your email ID so that is how this actually you know
happens in this particular pool of requests
so whatever fiat currency is there for that much of ether you will be getting
that and this is how it works so that’s how it’s very simple
so for buying and selling you use this platform this exchange platform you
mention your amount you give it email address and accordingly then the
etherium platform or exchange would take care of itself
and would let you know the status of this transaction as and when it would
happen so this was very easy friends and I hope you get an idea about how do you
actually you know send receive or sell by ether on this particular platform now
let’s go ahead so I hope you have got a fair idea about you know how this
platform works and what are the uses of ether and so on so now let’s move ahead
so these decentralized applications of ethereum can actually disrupt hundreds
of established industries just like finance real estate insurance and so on
so considering the trends and advancements in the technology it’s
safer to say that the prospects of ethereum as a platform seems bright and
this is the right time to start your career in this field of blockchain and
ethereum so thousands of opportunities are actually awaiting you
you can simply be a blockchain ethereum developer and ethereum architect or ethereum designer so if you wish to learn ethereum and build your career in
blockchain technologies you can visit our Blockchain certification training
course today so entirely ethereum blockchain training helps you in
understanding the fundamentals of ethereum blockchain ethereum smart
contracts and cryptocurrency and also designing a private blockchain with
ethereum and finally solid G language for implementing smart contracts and
with this we come to the end of this video now let me summarize what we
discussed in today’s session so first we started with the importance and
definition of aetherium then we moved on to the theorem smart contracts through
slog example and etherium features we also saw a demo video on ethereum and
finally a case study on JPMorgan and at last we discussed career opportunities
in ethereum blockchain so this brings us to the end of this video I hope you
found this video informative if you have any queries then do leave a comment and
we’ll get back to you at the earliest thank you for watching

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About the Author: Maximilian Kuhn


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