Book Image

Mastering Ethereum

By : Merunas Grincalaitis
Book Image

Mastering Ethereum

By: Merunas Grincalaitis

Overview of this book

Ethereum is one of the commonly used platforms for building blockchain applications. It's a decentralized platform for applications that can run exactly as programmed without being affected by fraud, censorship, or third-party interference. This book will give you a deep understanding of how blockchain works so that you can discover the entire ecosystem, core components, and its implementations. You will get started by understanding how to configure and work with various Ethereum protocols for developing dApps. Next, you will learn to code and create powerful smart contracts that scale with Solidity and Vyper. You will then explore the building blocks of the dApps architecture, and gain insights on how to create your own dApp through a variety of real-world examples. The book will even guide you on how to deploy your dApps on multiple Ethereum instances with the required best practices and techniques. The next few chapters will delve into advanced topics such as, building advanced smart contracts and multi-page frontends using Ethereum blockchain. You will also focus on implementing machine learning techniques to build decentralized autonomous applications, in addition to covering several use cases across a variety of domains such as, social media and e-commerce. By the end of this book, you will have the expertise you need to build decentralized autonomous applications confidently.
Table of Contents (17 chapters)
Free Chapter
1
Section 1: Blockchain - Ethereum Refresher
5
Section 2: Decentralized Application Development Workflow
12
Section 3: Ethereum Implementations

Managing cryptocurrency wallets and cold storage

When it comes to storing people's funds, we must pay extra attention to how we do it since we could risk losing millions of dollars using our DAX. That's why the largest exchanges use cold storage with lots of security systems in place. Essentially, they keep funds offline in a remote location stored in secure hardware devices that are customized to their needs such as Trezor, Ledger, or their own.

In our case, we'll store funds in a series of smart contracts, known as escrows, whose only goal is to store people's money. There will be an escrow contract associated with each user account to independently secure all of their funds. That escrow contract will have a function to receive funds, only ERC20 tokens, and a function to extract funds executable by the owner of that escrow. Go ahead and create a folder...