4 Matching Annotations
  1. Feb 2021
    1. A smart contract is a piece of special purpose code executing a complex set of instructions on the blockchain. It's a means of codifying the terms of a deal in software. Now, this could be a business deal between producers and consumers, or it could be a social pact between a government and its citizens. What's important here is this, smart contracts ensure contractual compliance. They hold parties accountable. The blockchain provides a high degree of certainty as to the outcome of these agreements. Oh and smart contracts self-executing without the need for intermediaries like banks are governments and frankly, we've never had that kind of assurance before.

      Smart Contract

  2. Jun 2019
    1. most popular smart contract

      Official basic solidity explanation. Notice the warnings about new versions breaking old coding methods. This is very common in solidity as it is still viewed as an in development language. Solidity is expected to remain a blockchain smart contract programming standard for quite sometime while other competing languages such as Rust, Java, C++, etc are expected to gain more ground particularly due to the introduction of the WASM low level language and the toolkit that supports it which is well established and well integrated. Here's a link to some more WASM goodness. https://hackernoon.com/the-three-eggs-in-a-distributed-basket-wasm-blockchain-and-reputation-296892cdd77c

    1. EthereumEthereum is a distributed computer; each node in the network executes some bytecode (hint: Smart Contracts), and then stores the resulting state in a blockchain. Due to the properties of the blockchain representing application state, this results in “applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference”.

      This is a decent little explanation for how smart contracts execute on blockchains. Author missed in "Due to the properties of the blockchain" to say that all nodes must also come to consensus about how the code was executed and therefore "applications that run exactly...". We will later discuss deterministic code execution in relation to this

    2. Distributed App (dApp)

      A distributed application (Dapp) in this context is refers to an ordinary real world application that runs on an arbitrary platform (desktop, web, mobile) and that utilizes a smart contract to use blockchain technology