Product Manager’s guide to Blockchain- Part 3

Mechanics of Ethereum, Gas, Contracts & Smart Contracts

Image for post
Image for post
This post appeared in my weekly newsletter on Product Management & Tech. 
👉 Sign up here to get new posts straight to your inbox.
👉 Follow me on twitter For more Product Management & Tech Content

Ethereum Platform has 2 building blocks

Image for post
Image for post

1. Ethereum Virtual Machine

2. Peer-to-Peer Network Protocol

Image for post
Image for post

How the thing works

There are two types of accounts in Ethereum:

Image for post
Image for post

Accounts contain Ether

Ether denominations

Contract Accounts

What is a Smart Contract?

How do accounts transact on the Ethereum Blockchain?

Image for post
Image for post
Externally Owned Accounts go about their business on Ethereum via Transactions

Ethereum, Gas & Fees

Image for post
Image for post

Gas is Ethereum’s metering scheme and it accounts for bandwidth used, cost of storage and cost of computation on the Ethereum blockchain.

How do Contracts transact on the Ethereum Blockchain?

Image for post
Image for post
Contracts talk to other contracts via messages
This post appeared in my weekly newsletter on Product Management & Tech. 
👉 Sign up here to get new posts straight to your inbox.
👉 Follow me on twitter For more Product Management & Tech Content