Ethereum and smart contracts: key words
Read the word, say the meaning out loud, then open the card.
Ethereum Virtual Machine (EVM)
The one shared computer that every Ethereum node keeps a copy of and agrees on. It runs smart contracts. Source
Smart contract
A program that runs on Ethereum: code and data stored at its own address. Source
Externally-owned account (EOA)
An Ethereum account controlled by whoever holds its private keys. It can start transactions. Source
Contract account
An Ethereum account controlled by its smart contract code. It has no private key. Source
Wei
The smallest unit of ETH. There are 1,000,000,000,000,000,000 wei (a 1 followed by 18 zeros) in 1 ETH. Source
Gas
The unit that measures how much computing work an action on Ethereum needs. Source
Bytecode
Low-level machine instructions. Smart contract code is compiled into bytecode so the EVM can run it. Source
Timelock
A forced delay before an approved change to a system takes effect, giving users time to leave if they disagree. Source
Proof-of-stake
The way Ethereum has agreed on new blocks since 2022: validators lock up ETH that can be destroyed if they cheat. Source
Validator
A participant who has staked ETH to check new blocks and sometimes propose them. Source
The Merge
The upgrade of 15 September 2022 that joined Ethereum with the Beacon Chain and replaced mining with staking. Source
Solidity
A high-level language for writing smart contracts that run on the EVM. Source