Smart Contracts for Dummies
If you still don’t get what the heck a Smart Contract is…
Ok, you know a bit about Bitcoin (see: Explain Bitcoin Like I’m Five). You’ve been seeing the blockchain on the news.
But what’s this new Ethereum thing? Apparently it’s this new crypto-currency you can use to build “smart contracts”. Sounds impressive. So, uh… what are they again? (Spoiler: They’re not that smart. And they’re not really contracts!)
Instead of a one line definition, let’s try to get an intuition. First, we’ll revisit the blockchain and the word “trust”. Then, we’ll talk about the word “contract”. Understanding both words is the secret.
Part I: What we mean by “Trust(less)”
Most of the time, when we think Bitcoin (or Ethereum), we have a mental image of, well…coins.
Aren’t these crypto-currencies after all? Isn’t that the whole point? In our minds we see objects — digital gold, or silver…
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