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In the world of Ethereum
- Ethereum – It is a blockchain network that supports other ideas like Smart contracts and decentralized apps to run on it. It is also known for running one of the most popular cryptocurrencies in the world, Ether. The transactions on this network are accomplished with the use of Ethereum’s native cryptocurrency.
- Smart Contracts – This is a revolutionary technology working on the Ethereum network with a variety of use cases. They are automated contracts that fulfill a transaction when a predefined set of values and rules are met on those contracts. Smart contracts can also be used as proof of fractional ownership of a variety of assets, like real estate or even computing power. To develop smart contracts, a new language is used known as Solidity. This language is becoming increasingly popular amongst blockchain developers and we will learn about it in a while.
- Dapps – Decentralized apps are like regular applications on the surface but behind it, they are powered by all the specialties of the Ethereum network. They are not hosted on a centralized server and face no downtime. They are backed by cryptography and are free from any form of censorship. So with Ethereum blockchain as their database and Smart contracts as their app logic, Decentralized applications are the building block of the new age internet i.e, Web 3.0.
- DeFi – Decentralized Finance is one of the main specialties of the Ethereum network and allows developers to build financial apps that are free from any form of intermediaries and brokerages like banks, exchanges, etc. The only cost of transaction on the network is the Gas Fee which is used to keep the network running.
If we talk about the scale of the Ethereum network and its native coin Ether, then it is worth mentioning that Ether’s market capitalization is second in the world and is only behind Bitcoin. The Ethereum blockchain also allows other cryptocurrencies to its network as ERC-20 tokens, this platform has helped many new currencies to launch their ICOs.
There are two main types of JS libraries that are instrumental to developers on Ethereum.
- Web3.js – It is a runtime environment that is a collection of libraries. Web3.js allows developers to establish interaction for their JS frontends with an Ethereum node using HTTP, WebSocket, or IPC. The nodes in discussion could be a locally deployed Ethereum network or the live chain and can be used for gaining relevant information about tokens and transactions.
As for which is better amongst Ether.js and Web3.js, the answer is not that concise. Both of them have their own sets of features and drawbacks. Having said that, Web3.js is much more vast in terms of new developments as it is maintained by an organization with a whole lot of people in the community. On the other hand, Ether.js is helmed by a smaller community but is more orderly in terms of new developments and capabilities.
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