Whitepaper - Ethereum Classic With Cover

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Ethereum Classic Documentation, Release 0.1 • Mining profitability calculator on cryptowizzard • Mining profitability calculator on etherscan • Mining profitability calculator on In The Ether • Mining difficulty chart on etherscan POS vs POW • https://www.reddit.com/r/ethereum/comments/38db1z/eli5_the_difference_between_pos_and_pow/ • https://blog.ethereum.org/2014/11/25/proof-stake-learned-love-weak-subjectivity/ • https://www.reddit.com/r/ethereum/comments/42o8oy/can_someone_explain_the_switch_to_pos_how_and_when/ 1.7 Contracts and Transactions 1.7.1 Account Types, Gas, and Transactions EOA vs contract accounts There are two types of accounts in Ethereum • Externally Owned Accounts • Contracts Accounts This distinction might be eliminated in Serenity. Externally owned accounts (EOAs) An externally controlled account • has an Ether balance, • can send transactions (ether transfer or trigger contract code), • is controlled by private keys, • has no associated code. Contract accounts A contract • has an Ether balance, • has associated code, • code execution is triggered by transactions or messages (calls) received from other contracts. • when executed - perform operations of arbitrary complexity (Turing completeness) - manipulate its own persistent storage, i.e., can have its own permanent state - can call other contracts All action on the Ethereum block chain is set in motion by transactions fired from externally owned accounts. Every time a contract account receives a transaction, its code is executed as instructed by the input parameters sent as part of the transaction. The contract code is executed by the Ethereum Virtual Machine on each node participating in the network as part of their verification of new blocks. This execution needs to be completely deterministic, its only context is the position of the block on the blockchain and all data available. The blocks on the blockchain represent units of time, the blockchain itself is a temporal 1.7. Contracts and Transactions 73
Ethereum Classic Documentation, Release 0.1 dimension and represents the entire history of states at the discrete time points designated by the blocks on the chain. All Ether balances and values are denominated in units of wei: 1 Ether is 1e18 wei. Note: “Contracts” in Ethereum should not be seen as something that should be “fulfilled” or “complied with”; rather, they are more like “autonomous agents” that live inside of the Ethereum execution environment, always executing a specific piece of code when “poked” by a message or transaction, and having direct control over their own ether balance and their own key/value store to store their permanent state. What is a transaction? The term “transaction” is used in Ethereum to refer to the signed data package that stores a message to be sent from an externally owned account to another account on the blockchain. Transactions contain: • the recipient of the message, • a signature identifying the sender and proving their intention to send the message via the blockchain to the recipient, • VALUE field - The amount of wei to transfer from the sender to the recipient, • an optional data field, which can contain the message sent to a contract, • a STARTGAS value, representing the maximum number of computational steps the transaction execution is allowed to take, • a GASPRICE value, representing the fee the sender is willing to pay for gas. One unit of gas corresponds to the execution of one atomic instruction, i.e., a computational step. What is a message? Contracts have the ability to send “messages” to other contracts. Messages are virtual objects that are never serialized and exist only in the Ethereum execution environment. They can be conceived of as function calls. A message contains: • the sender of the message (implicit). • the recipient of the message • VALUE field - The amount of wei to transfer alongside the message to the contract address, • an optional data field, that is the actual input data to the contract • a STARTGAS value, which limits the maximum amount of gas the code execution triggered by the message can incur. Essentially, a message is like a transaction, except it is produced by a contract and not an external actor. A message is produced when a contract currently executing code executes the CALL or DELEGATECALL opcodes, which produces and executes a message. Like a transaction, a message leads to the recipient account running its code. Thus, contracts can have relationships with other contracts in exactly the same way that external actors can. What is gas? Ethereum implements an execution environment on the blockchain called the Ethereum Virtual Machine (EVM). Every node participating in the network runs the EVM as part of the block verification protocol. They go through the transactions listed in the block they are verifying and run the code as triggered by the transaction within the EVM. Each and every full node in the network does the same calculations and stores the same values. Clearly Ethereum is not about optimising efficiency of computation. Its parallel processing is redundantly parallel. This 74 Chapter 1. Contents
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Index A abiDefinition, 82 C code, 8
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