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It essentially means you can write programs (contracts) that can (for the most part) solve any reasonable computational problem. Using Solidity and Serpent you have the ability to perform looping and branching statements as well as local state storage. This functionality is important to have in order to implement most non-trivial computer programs. ...


18

This image is a bit misleading. Computation is not that expensive. According to the stats page, one gas is about 50 gwei, or 5x10-8 ETH. A simple transaction is 21k gas, or 0.00105 ETH. A relatively complex application like Augur can easily function at these prices. Storage is more expensive, but most heavy-duty storage can be done off-chain, in ipfs. You ...


17

Code is run on the blockchain through the use of smart contracts. Each smart contract has an address, storage, and code. When a transaction is sent to a contract's address, it's code is run on every node, inside the Ethereum Virtual Machine (EVM), and the contract can send Ether, call other contracts, and write to it's own storage. Scaling is handled ...


10

Alan Turing was a mathematician which basicly invented the computer without building one* back in the 1930ies, the so called turing machine. It was a mathematical concept of a machine which could calculate anything assumed you have unlimited memory available. Turing-completeness therefore refers to any device or system which in theory can calculate ...


9

Turing completeness is arguably a matter of design choice. The Bitcoin blockchain was designed to target a very specific use-case (crypto-currency) where Turing completeness is unnecessary. In comparison, the Ethereum blockchain was designed from ground-up to serve as a general platform for a range of use-cases, and for this Turing completeness (or quasi-...


4

I don't think it's a mater of features that one can do and another can't. It's more a matter of design. Ethereum comes natively with the EVM and any node is able to run smart contract. Addresses can either be accounts or contracts in a transparent way. It's all coherent. Rootstock is a patch on the bitcoin chain. As @RolandKofler said in his comment, you ...


4

Bitcoin also supports a scripting language, which essentially allows a list of instructions (smart contracts) to be recorded with each transaction describing how the next person wanting to spend the Bitcoins being transferred can gain access to them. However state storage on the Bitcoin blockchain is limited to transaction values and metadata limited to 80 ...


3

First of all, the whitepaper is really a good read and even for non-techie people easy to understand. The main uniqueness of Ethereum is the turing-completeness. A computer is Turing complete if it can solve any problem that a Turing machine can, given an appropriate algorithm and the necessary time and memory. The english mathematican Alan Turing ...


3

A Turing machine can compute anything that is computable, given enough physical resources.


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A "drawback" is that the metering scheme for Ethereum transactions needs to be more complicated, gas, instead of simply bytes as with Bitcoin. Computation needs to be metered, in addition to the number of bytes in the transaction. For example, a small transaction as measured in bytes, could still have an infinite loop, which would not be a problem in ...


1

Blockchain or not, virtually all technologies can be replicated. (If you consider the human brain and the universe as technologies, then they are the sort that haven't been replicated.) What's not easily replicable with technologies and blockchains are their user base and network effects. (On a legal aspect, patents can prevent replication for a time.) ...


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