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It therefore is quite helpful to more formally describe Ethereum as having a state transition function: Y(S, T)= S' Given an old valid state (S) and a new set of valid transactions (T), the Ethereum state transition function Y(S, T) produces a new valid output state S' State In the context of Ethereum, the state is an enormous data structure called a modified Merkle Patricia Trie, which keeps all accounts linked by hashes and reducible to a single root hash stored on the...