4/6/2023 0 Comments Andreas klammer![]() ![]() "IF Alice pays Bob 30 Ether, THEN Alice will receive full ownership of the car."Īlice and Bob then create the smart contract using the Ethereum platform. The smart contract can then be described, in a very simple fashion, as: Once they agree on a reasonable price, this agreement between both entities can be formed and saved in the Ethereum blockchain, for example, using a smart contract.īob has agreed with Alice that she needs to pay him 30 Ether in order for her to have the car. Let's say that Alice, who's been saving up for months, wants to buy Bob's car. ![]() And for that, nothing better than a simple example □ ![]() Hopefully that gave you a better idea of what smart contracts are actually about, but let's try to understand exactly how they work. That "if" statement can be, for example, an expiration date. When that "if" condition is validated, the "then" statement is automatically executed, and there is no chance for changing or tampering with these contracts. It can be seen as a kind of if-then statement: if and only if a certain condition is met, then the transaction or payment is executed. The transactions only occur after the conditions in the agreement are met, and when that happens, they are performed automatically. They run entirely on the blockchain, and all transactions are processed there, without the need of a third party. Besides currently being the second-largest cryptocurrency on the planet, it is also a platform that allows other blockchain applications to be built on top of it, providing you the ability to create your own smart contracts using Ether, their currency.Ī smart contract is a computer program or a transaction protocol, which represents an agreement between two people or entities. The idea of smart contracts was finally able to be properly put into practice with the introduction of blockchain in 2009, and the creation of the first blockchain-based smart contracts came in 2015, after Vitalik Buterin created Ethereum. It seemed promising, however, it was a new concept that was difficult to execute and put in practice, due to the technology that existed back then. The main advantage of his idea and this approach was that the contract would be activated automatically when certain conditions are met. Smart Contracts are actually not that recent: in 1994, cryptographer Nick Szabo came up with the idea of being able to record contracts in the form of computer code. Oh? You're back? Did you read the blockchain article? Are you sure? Hm. The first part of the series talks about blockchain it is important to be familiarized with the concept of blockchain in order to fully understand how smart contracts work, so it would be fantastic if you could go back and take a look at the first post of the series □ Don't worry, I'll wait. This is the second post of a 2-part series in which we talk about the concepts of blockchain and smart contracts, clarifying what they are, how they work, what they are for, and how they can shape the future. Die genaue Reihenfolge weiss ich leider nicht mehr.This article was originally posted in my blog. Rhymes: hammer jackhammer lammer programmer slammer sledgehammer stammer grammar glamour clamor clamour glamorĪnnemarie Klammer says: Laut Finsterwalder wurde der Name folgend abgeleitet: von Chlame, vona Clamer.Clammer bis Klammer. Misspells: Klommer Klammel Klammerr Klammera Kalmmer Klammre Klamemr Name contains 7 letters - 28.57% vowels and 71.43% consonants.Īnagrams: Mmalerk Larmemk Mramkel Relmamk Mekralm ![]()
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