Intro to ETH
Ethereum is the next valuable popular coin after Bitcoin. But from a developer's point of view, Ethereum and Solana are popular. Its because Bitcoin can only be used for transaction purposes whereas Ethereum can be used as a framework/System for developing Decentralized applications in short DApps.
What are Smart Contracts?
Smart contracts are programs that run on the blockchain, coded in solidity(and other supported languages). They are immutable and distributed. Once a contract is created it can't be changed and once distributed everyone can validate it in that blockchain network.
Ethereum is specifically created for the purpose of smart contracts and to code in solidity.
The whole Ethereum blockchain runs around a set of tokens. ERC20 token which helps in the creation of a new token or coin. ERC721 and ERC1155 help in the creation of NFTs.
- An address is a string of text generated using cryptography to represent your account on the blockchain.
- A private key is like a password that contains a bunch of letters and numbers that allow you to manage the crypto held by your address.
- A seed phrase is a series of words generated by your cryptocurrency wallet that give you access to the crypto associated with that wallet.
- Crypto wallets manage the private keys for your addresses