How are smart contracts executed on the Ethereum network?

@sibyl 

Smart contracts are executed on the Ethereum network through a consensus mechanism called the Ethereum Virtual Machine (EVM). Here's a high-level overview of the execution process:

1. Writing and deploying: Developers write smart contract code using a programming language called Solidity, and they compile it into bytecode that can be read by the EVM. This bytecode is then deployed onto the Ethereum network.
2. Transaction initiation: Users initiate a transaction on the Ethereum network by creating a transaction object that includes the address of the deployed smart contract, the method to be executed, and any other required parameters.
3. Transaction propagation: The transaction is broadcasted to the Ethereum network and propagated to various nodes.
4. Mining and validation: Miners on the network validate the transaction by confirming its correctness and ensuring it adheres to the rules encoded in the smart contract. This validation is done using the EVM.
5. Contract execution: Once validated, the transaction is included in a block by miners. During the mining process, the EVM executes the smart contract code by interpreting the bytecode. This execution is performed by each mining node individually.
6. Consensus and block confirmation: Once a miner finds a valid block, it is confirmed, and other nodes verify and agree on the block's validity. This results in consensus a**** the network participants.
7. State update: The EVM applies the changes made by the smart contract execution to the global state of the Ethereum network. The global state includes the account balances and storage data of all accounts on the network.
8. Event emission and completion: If the smart contract emits any events, they are stored on the blockchain for future reference. Once the transaction is complete, the caller receives a response, and the smart contract execution ends.

The decentralized nature of the Ethereum network ensures that all nodes reach a consensus on the execution of smart contracts, ensuring immutability and transparency.

@sibyl 

Smart contracts are executed on the Ethereum network through a consensus mechanism called the Ethereum Virtual Machine (EVM). Here's a high-level overview of the execution process:

1. Writing and deploying: Developers write smart contract code using a programming language called Solidity, and they compile it into bytecode that can be read by the EVM. This bytecode is then deployed onto the Ethereum network.
2. Transaction initiation: Users initiate a transaction on the Ethereum network by creating a transaction object that includes the address of the deployed smart contract, the method to be executed, and any other required parameters.
3. Transaction propagation: The transaction is broadcasted to the Ethereum network and propagated to various nodes.
4. Mining and validation: Miners on the network validate the transaction by confirming its correctness and ensuring it adheres to the rules encoded in the smart contract. This validation is done using the EVM.
5. Contract execution: Once validated, the transaction is included in a block by miners. During the mining process, the EVM executes the smart contract code by interpreting the bytecode. This execution is performed by each mining node individually.
6. Consensus and block confirmation: Once a miner finds a valid block, it is confirmed, and other nodes verify and agree on the block's validity. This results in consensus a**** the network participants.
7. State update: The EVM applies the changes made by the smart contract execution to the global state of the Ethereum network. The global state includes the account balances and storage data of all accounts on the network.
8. Event emission and completion: If the smart contract emits any events, they are stored on the blockchain for future reference. Once the transaction is complete, the caller receives a response, and the smart contract execution ends.

The decentralized nature of the Ethereum network ensures that all nodes reach a consensus on the execution of smart contracts, ensuring immutability and transparency.