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What does the term 'bytecode' refer to in Ethereum?

  1. A formatted output for human readability

  2. Compiled code that can be executed on the Ethereum virtual machine

  3. A graphical representation of contracts

  4. A programming language for developing smart contracts

The correct answer is: Compiled code that can be executed on the Ethereum virtual machine

The term 'bytecode' in the context of Ethereum refers to compiled code that is specifically designed to be executed on the Ethereum Virtual Machine (EVM). When developers write smart contracts in Solidity or Vyper, they are using high-level programming languages that need to be converted into a lower-level format for the EVM to understand and execute their instructions. This conversion process results in bytecode, which is a sequence of bytes that represents the compiled version of the smart contract. When a smart contract is deployed to the Ethereum blockchain, the bytecode is stored on-chain, and the EVM processes this bytecode whenever transactions invoke the contract's functions. This enables the code to run in a decentralized environment, ensuring consistency and security across the network. The bytecode is not intended for human readability or graphical representation, nor is it a programming language itself; it is purely the executable form that facilitates smart contract operations on the Ethereum blockchain.