9 Myths Surrounding Blockchain Smart Contracts
Smart contracts are a key underpinning of blockchain technology, yet they are still misunderstood in many ways. In the fullness of their deployment, they will be no less revolutionary than the invention of the HTML markup language that allowed information to be openly published and linked on the Web. Smart contracts promise to program our world on the head of blockchains, and potentially replace many functions currently executed by expensive or slow intermediaries. Historically, the concept was first introduced by Nick Szabo in 1994. Smart contracts then had a long gestation period of....
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With everything that’s taking place in the blockchain sphere today, many facts have blurred into myths while several myths have become facts. New technologies usually, bring with them mixed reactions from audiences. But as far as blockchain is concerned, Evan Luthra is here to bust the top misconceptions surrounding it. Evan Luthra is a serial […]
Solidity and EVM make smart contracts available to every developer out there, regardless of experience. This is a good way to boost innovation in the smart contract space, but may not yield the best results in the initial stages. The recent debacle surrounding The DAO has shed an interesting spotlight on smart contract technology. Since individual developers wrote the entire concept of this project, it looks like smart contracts are not completely trustless. There is still a lot of work to be done before this technology is ready for mainstream adoption. Not everyone is capable of – or....
The privacy issues associated with Bitcoin make it unsuitable for any illegal purpose in general. For several years now, there seem to be a lot of myths surrounding Bitcoin which need to be clarified and rectified. Several of these topics keep returning on a regular basis, showing an apparent lack of education as far as mainstream media is concerned. It is not all that hard to get some basic facts about Bitcoin right in the first place. Debunking Common Bitcoin Myths. One of the most often heard comments is how Bitcoin has a CEO or leader, which is not true. Bitcoin has a creator, who goes....
Hackers are soon going to be the new lawyers as the adoption of smart contracts increase in the near future. The advent of Blockchain 2.0 and Blockchain 3.0 has given rise to new ways of automation using Bitcoin’s underlying technology. There are special cryptocurrency platforms like Ethereum, Rootstock, Counterparty, Lisk and more that allows people to create smart contracts on the blockchain. These smart contracts enable automation by allowing developers to set trigger conditions. These trigger conditions are certain prerequisites, when met, will execute the function programmed on the....
Susanne Tarkowski Tempelhof, Founder and CEO of Bitnation, explains to Cointelegraph how smart contracts can lower costs of your business. Cointelegraph: What are Smart Contracts about? Susanne Tarkowski: Smart contracts are applications ‘living on’ the Blockchain, and therefore can’t be censored. Simple, immutable and autonomous applications, basically. As Primavera de Filippi eloquently phrased it during her talk at OuiShare Paris 2016 “Smart Contracts are neither smart nor contracts...”. But ironically, smart contracts are however ideally suited to be… well… contracts! In essence, your....