Introducing Ethereum and Solidity Quotes

“Hashing is more secure than encryption, at least in the sense that there exists no private key that can “reverse” a hash back into its original, readable form. Thus, if a machine doesn’t need to know the contents of a dataset, it should be given the hash of the dataset instead.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“What Ethereum Is Good For Ethereum is suited to building economic systems in pure software. In other words, it’s software for business logic, wherein people (users) can move money (data representing value) around with the speed and scale that we normally get with data.12 Not the three- to seven-day floating period you get with the commercial banking system. Or the fees associated with vendors such as Visa, MasterCard, and PayPal. With a simple Ethereum application, for example, it is fairly trivial to pay hundreds of thousands of people, in hundreds of countries, small amounts every few minutes, whereas in the legacy banking system you would need an entire payroll department working overtime to constantly rebalance your account ledgers and deal with the cross-border issues.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“Indeed, only a public chain is truly trustworthy for high-value transactions, because only a public chain is secured by so much proof of work.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“A private chain is just a cloud database achieved by way of the peer-to-peer Ethereum protocol: it’s a silo that you control and that you can grant access to. This should be contrasted with a permissioned blockchain , which like an enterprise software application has defined roles with permissions that can be set by a central administrator.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“For developers and hackers of all types, Web 3 blows up the “freemium” application deployment model, in which more and more users and scale bring you higher and higher hosting bills. In the EVM, you can control your costs by writing efficient code, and you can count on anyone on Earth being able to access your application from day one.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“applied cryptoeconomics is creating a game-like system with workable incentives and disincentives, which create a stable tension that keeps the network up and running.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“If you already have Mist running and synchronized, you can tell Geth to use Mist’s node to connect by starting Geth via the following command. This saves you from having to wait for Geth to sync all over again if your machine already has most of the blockchain stored locally: geth attach”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“All transactions in Ethereum are stored on the blockchain, a canonical history of state changes stored on every single Ethereum node.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“smart contract: some business logic that runs on the network, semi-autonomously moving value and enforcing payment agreements between parties.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“Blockchain-based apps and services are disruptive not only because of their secure nature, but because of how economical they can be to operate at scale.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“Because of its ability to pay for the execution of transactions in the future, ether can also be considered a commodity, like fuel for the network to run applications and services. So it has an additional dimension of intrinsic value over bitcoins; it is not just a store of value.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“Ethereum was built with the assumption that copycats are a foregone conclusion, and that there may be many blockchains, and thus there should be a set of protocols in place by which they can communicate.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“A blockchain is a fully-distributed, peer-to-peer software network which makes use of cryptography to securely host applications, store data, and easily transfer digital instruments of value that represent real-world money.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“The uncle rewards are intended to solve the second issue, centralization, by paying miners who contribute to the security of the network, even if they do not nominate a winning block.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“blocks which are valid, but not the canonical winning block, are known as uncle blocks.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“It will be approximately the same speed whether you are sending ether to yourself or to someone on the other side of the world; that’s the beauty of distributed systems.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners

“No sooner were these shared resources up and running before people were pulling up chairs, watching YouTube or pornography, and loitering for hours.”
― Chris Dannen, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners