![]() ![]() Smart contracts solve this trust issue by turning the agreement into computer code such that when the conditions are met (in this case someone passing the finishing line) the code and corresponding transaction is automatically executed. But Bob refuses to pay out on the bet, claiming Alice must have cheated. In the end, Alice finishes the race well ahead of Bob and is the clear winner. Bob is confident he'll be the winner and agrees to the bet. Let's say Alice bets Bob $10 that she will win the race. Let us use the following exampleĪlice and Bob are having a bicycle race. ![]() Smart contracts are agreements similar to contracts in real life and the foundation of Ethereum. For further discussion and background on blockchain please refer to our peers' work on Blockchain / Cryptocurrency. In the case of Bitcoin the actions are financial transactions but in the case of Ethereum, the actions are smart contracts. In extremely simplified terms, blockchains are immutable records of actions stored on multiple computers. It is not just for cryptocurrency, it can be used for financial services, games, and other applications. Ethereum can be used for any type of digital asset. Ethereum is different from a traditional blockchain such as the one Bitcoin relies on, in that it is programmable. Most NFTs are stored on Ethereum and such this article will mainly focus on the technology behind Ethereum. 9.3 Selling Cyber Security Exploits as NFTs. ![]()
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