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Title: newbie question regarding contract Post by: danielgold20 on May 31, 2017, 02:49:36 PM hello!
Can some one explain me what is contract/smart contract? I didn't understand what this is and how people using it what is hes benefit? Title: Re: newbie question regarding contract Post by: franky1 on May 31, 2017, 02:59:30 PM a normal tx is one that has to be signed by 1 person.
a 'contract' is a tx with extra conditions. for instance 1. a tx required to be signed by more than one person to be deemed valid, where the value being sent to the destinations gets agreed on by all required signers. 2. a tx where the value is only spendable at a certain event. an example of (2) is the blockreward can only be spent after 100 block confirmations. an example of (1) is the multisig can only be spent if signed by more than one person. Lightning network for instance utilises a few of these contract conditions. a channel is in simple terms just a multisig. a tx which 2 people need to agree on who deserves what amount and both sign. it also has other conditions in that contract that the funds can only be spent after X date/blockheight. and a further condition that 1 party can revoke the other party in certain circumstance. Title: Re: newbie question regarding contract Post by: markjamrobin on May 31, 2017, 03:05:07 PM a normal tx is one that has to be signed by 1 person. a 'contract' is a tx with extra conditions. for instance 1. a tx required to be signed by more than one person to be deemed valid, where the value being sent to the destinations gets agreed on by all required signers. 2. a tx where the value is only spendable at a certain event. an example of (2) is the blockreward can only be spent after 100 block confirmations. an example of (1) is the multisig can only be spent if signed by more than one person. Lightning network for instance utilises a few of these contract conditions. a channel is in simple terms just a multisig. a tx which 2 people need to agree on who deserves what amount and both sign. it also has other conditions in that contract that the funds can only be spent after X date/blockheight. and a further condition that 1 party can revoke the other party in certain circumstance. Your answer is very useful, I never thought I could explain to anyone about it, even though I had a certain amount of knowledge about it, but I still can not explain it. This article not only helped him, you also helped me. Title: Re: newbie question regarding contract Post by: farharhadi on May 31, 2017, 03:32:26 PM If there is a contract in every us is on this bitcoin site, as far as I know its contract even with newbie.
Title: Re: newbie question regarding contract Post by: danielgold20 on June 04, 2017, 02:22:03 PM a normal tx is one that has to be signed by 1 person. a 'contract' is a tx with extra conditions. for instance 1. a tx required to be signed by more than one person to be deemed valid, where the value being sent to the destinations gets agreed on by all required signers. 2. a tx where the value is only spendable at a certain event. an example of (2) is the blockreward can only be spent after 100 block confirmations. an example of (1) is the multisig can only be spent if signed by more than one person. Lightning network for instance utilises a few of these contract conditions. a channel is in simple terms just a multisig. a tx which 2 people need to agree on who deserves what amount and both sign. it also has other conditions in that contract that the funds can only be spent after X date/blockheight. and a further condition that 1 party can revoke the other party in certain circumstance. Thank you very much for your response! Can a contract be created for example : You receive the coins a week after the transaction ( just an example ) |