Update README.md with Fundamentals of Blockchain and Ethereum
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To enhance the NexTrade project’s documentation, we need to update the README.md file to include fundamental concepts of blockchain technology and Ethereum. This update will provide new users and contributors with a clear understanding of the underlying technologies, promoting better engagement with the project.
Acceptance Criteria:
Introduction to Blockchain:
Define blockchain technology and its key characteristics, such as decentralization, immutability, and transparency.
Explain how blockchain works, including the concepts of blocks, chains, and consensus mechanisms (e.g., Proof of Work, Proof of Stake).
Transactions on the Blockchain:
Describe how transactions are initiated, validated, and recorded on the blockchain.
Explain the role of miners or validators in confirming transactions and maintaining network security.
Include information on transaction fees and how they incentivize network participants.
Introduction to Ethereum:
Define Ethereum and its purpose as a decentralized platform for building smart contracts and DApps.
Explain the Ethereum Virtual Machine (EVM) and how it enables the execution of smart contracts.
Smart Contracts Overview:
Provide a brief explanation of what smart contracts are and how they function.
Discuss the benefits of using smart contracts in decentralized applications, including automation and trustlessness.
Token Standards:
Introduce ERC20 and other relevant token standards, explaining their significance in the Ethereum ecosystem.
References and Resources:
Include links to additional resources for users who want to learn more about blockchain and Ethereum.