Ethereum: A Secure Decentralised Generalised Transaction Ledger
đź“ś Abstract
Ethereum is a secure decentralised generalised transaction ledger with a smart-contract capability. Languages have a power equally greater than that of modern general purpose programming languages. Systems such as Namecoin can be imp- lemented with little over a dozen lines of code. Systems such as Bitcoin can be implemented with well under a hundred.
✨ Summary
The paper titled “Ethereum: A Secure Decentralised Generalised Transaction Ledger” was published by Gavin Wood in April 2014. This paper presents the foundational concepts of Ethereum, describing its capabilities as a decentralized platform for applications with broad utility, beyond just a digital currency like Bitcoin.
The paper introduces Ethereum’s ability to implement autonomous scripts known as smart contracts. This has led to Ethereum’s wide adoption in various fields such as finance, supply chain management, and governance because of its capability to automate and secure transactions.
Ethereum’s introduction of smart contracts has significantly influenced the development of decentralized finance (DeFi) platforms, playing a critical role in the burgeoning DeFi ecosystem. It has also impacted the initial coin offering (ICO) model, decentralized applications (DApps), and token creation standards such as ERC-20 and ERC-721.
Ethereum’s decentralization model and execution environment for cryptocurrencies have shifted several industries towards blockchain technology for greater transparency and efficiency.
The paper is highly influential and frequently cited in research and industry work focused on blockchain and decentralization. For example, it is referenced in works discussing the expansion of blockchain technology into sectors like healthcare source and digital identity source.
Due to its foundational nature, the “Ethereum Yellow Paper” continues to serve as a critical reference point for developers and researchers expanding the scope of blockchain and related technologies.