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Title: WHAT ARE SMART CONTRACTS IN BLOCKCHAIN?
Description: Smart contracts are the fundamental building blocks of Ethereum applications. They are computer programs stored on the blockchain that allows us to convert traditional contracts into digital parallels. Smart contracts are very logical - following an if this then that structure. This means they behave exactly as programmed and cannot be changed.
Description: Smart contracts are the fundamental building blocks of Ethereum applications. They are computer programs stored on the blockchain that allows us to convert traditional contracts into digital parallels. Smart contracts are very logical - following an if this then that structure. This means they behave exactly as programmed and cannot be changed.
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WHAT ARE SMART CONTRACTS IN BLOCKCHAIN?
Smart contracts, also called distributed apps, are very popular nowadays
...
He wanted
to use a distributed ledger to store contracts hence the origin of smart contracts
...
A smart contract is a tiny computer program that is stored inside a
blockchain
...
Product teams can go to Kickstarter, create a project, set a funding goal, and start collecting
money from others who believe in the idea
...
This means that both of them need to trust Kickstarter
to handle their money correctly
...
Supporters want their money to go to the project
if it was funded or to get a refund when it hasn’t reached its goals
...
We can program the smart contract so that it holds all the received funds until a
certain goal is reached
...
If the project gets fully funded, the contract automatically passes the money to the
creator of the project and if the project fails to meet the goal, the money automatically goes
back to the supporters
...
With
this technique, no one is in control of the money
...
Being immutable means that once a smart contract is created, it can never be changed; no one
can tamper with the code of your contract
...
Therefore, a single person cannot
force the contract to release the funds because other people on the network will spot this
attempt and mark it as invalid
...
Smart contracts can be applied to many different things, not just on crowdfunding
...
There are a handful of blockchains who support smart contracts, but the biggest
one is Ethereum
...
They can be programmed
in a special programming language called Solidity
...
Bitcoin also has support for smart
contracts although it’s a lot more limited compared to Ethereum
Title: WHAT ARE SMART CONTRACTS IN BLOCKCHAIN?
Description: Smart contracts are the fundamental building blocks of Ethereum applications. They are computer programs stored on the blockchain that allows us to convert traditional contracts into digital parallels. Smart contracts are very logical - following an if this then that structure. This means they behave exactly as programmed and cannot be changed.
Description: Smart contracts are the fundamental building blocks of Ethereum applications. They are computer programs stored on the blockchain that allows us to convert traditional contracts into digital parallels. Smart contracts are very logical - following an if this then that structure. This means they behave exactly as programmed and cannot be changed.