CoinCarp Blog

Smart contracts were first described by Nick Szabo in the 1990s. At the time, he defined smart contracts as a tool that formalizes and secures computer networks by combining protocols with user interfaces. In addition, Szabo discusses the potential use of smart contracts in various areas involving contractual protocols, such as credit systems, payment processing, and content rights management. In the case of cryptocurrencies, smart contracts refer to a set of digital protocols that run on the blockchain and are enforced by a set of specific rules. These rules are predefined by computer code, copied and executed by all network nodes. In real life, a contract is a set of conditions and cations. For instance, if I pay the landlord $1500 on the first of the month, then I can use the apartment. Simultaneously, smart contract developers write the conditions for their program, and then the network executes them if certain conditions are met. The use of a smart contract enables both parties to...

Intruction Ethereum is a decentralized computing platform. Through Ethereum, a centralized server will be replaced by nodes run by thousands of volunteers around the world, which is fully decentralized. It is an open-source, public platform based on blockchain technology, which allows users to build and deploys decentralized applications on the platform using smart contracts. Through its proprietary cryptocurrency, Ether, the Ethereum network provides decentralized virtual machines (Ethereum Virtual Machine) to handle peer-to-peer contracts. Ethereum was first proposed in late 2013 and then brought to life in 2014 by Vitalik Buterin, who at the time was the co-founder of Bitcoin Magazine. Inspired by Bitcoin, Vitalik Buterin proposed to build a "next-generation cryptocurrency and decentralized application platform" and developed it through Initial Coin Offering. He aims to find out whether blockchain technology has other effective uses beyond Bitcoin's design limitations....