Title: What is a smart contract? Post by: Sonu_titu on June 04, 2019, 02:20:10 PM Was exchanging ETH to BTC on an exchange couple of days ago and found a notification that the payments via contract are not accepted. Today I was reading about the trying to figure out what is Contract and normal thing and got more confused. :(
I read below links which I found after search about smart contract:
My doubts:
Can someone please explain this "Smart Contract" thing easily. An better article or book will also work for me will put effort to learn :D. As and when I am continuing exploring this it is confusing me more. Please help. Title: Re: What is a smart contract? Post by: bitmover on June 04, 2019, 04:40:15 PM
No. There is no third party to verify. When you create the contract with the rules, rules are registered in the blockchain (which is decentralized). Once conditions are met, the rules are applied and all nodes will record it, as it will be on the blockchain. Quote
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Can someone please explain this "Smart Contract" thing easily. An better article or book will also work for me will put effort to learn :D. As and when I am continuing exploring this it is confusing me more. Please help. I will make an example. Let's suppose I make a contract for my ico. If someone deposit 1 eth on the smartcontract addres (which I cannot get the funds)s , the smartcontract will automatically send 1000 shitokens back. There is no way to send only 900, as the contract is registered in blockchain and is registered in all nodes. Once the conditions are met (1 eth sent) the smartcontract will automatically send 1000 tokens to whoever sent the eth, and the eth to an address which belongs to me There is no third party verification. It's a digital agreement which cannot be changed once it is registered in the blockchain, this is why it is an immutable and tamperproof digital agreement (without third party verification as all ethereum nodes are verifying it) [/list] |