Ethereum is a distributed computer, wherein each node executes some bytecode and stores the result in a blockchain. The properties of this blockchain guarantee applications that run exactly as programmed, without any possibility of downtime, censorship, fraud, or third-party interference.
- Code that is executed in a distributed environment (such as the Ethereum platform).
- Platform ensures deterministic operation, distributed & verifiable state, and more.
- State immutably stored on a blockchain.
- Smart Contracts are executed by every node in the network. Allows for redundancy, but requires a lot of energy ("gas").
- Price of gas is determined by the market.
- Each node stores a complete copy of the blockchain.
- Optionally executes all transactions to confirm resulting state.
- Numbers stored in a distributed hash table, with a protocol to add and subtract
- Used to prove ownership of assets, incentivize interaction with a protocol, etc.
- "Accounts" are private key and address pairs, used to store tokens.
- "Wallets" are interfaces or smart contracts for creating and sending transactions using an account.
Distributed App (dApp):
- An app where the "server side" consists of Smart Contracts.
- Not all computation is performed on the blockchain; typically, only a public "trusted state" is stored.
- dApp client: A "client" or "frontend" which interfaces with the Ethereum blockchain, usually to provide a user-friendly interface to some dApp.
- dApp browser: An application that makes using dApp clients easier ("Mist" is the official Ethereum dApp browser).