The Blockchain Technology That Will Disrupt Third Parties

Month: December 2020 (Page 1 of 2)

77 Smart Contract Use Cases Enabled By Chainlink

Fundamentally, contracts define the terms and obligations for an exchange of value between two or more independent parties. Historically, a centralized arbitrator is usually required to verify if those terms and conditions are met. However, thanks to the advent of blockchain technology and smart contract applications, we can now replace centralized arbitrators with decentralized infrastructure, reducing counterparty risk and improving operational efficiency.

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The Ethereum Virtual Machine (EVM)

The Ethereum Virtual Machine (EVM) is the runtime environment for smart contracts in Ethereum. It is a 256-bit register stack designed to run the same code exactly as intended. It is the fundamental consensus mechanism for Ethereum. The formal definition of the EVM is specified in the Ethereum Yellow Paper. EVMs have been implemented in C++, C#, Go, Haskell, Java, JavaScript, Python, Ruby, Rust, Elixir, Erlang, and soon WebAssembly.

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Smart Contract Engineering

A smart contract is the algorithmic description of a contractual transaction protocol that is automatically executed together with the information provided by its parties. It is written in a simplified programming language that is specific to a particular domain.

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Smart Contract Attacks

Smart contracts can handle large numbers of virtual coins worth hundreds of dollars apiece, easily making financial incentives high enough to attract adversaries. Unlike traditional distributed application platforms, smart contract platforms such as Ethereum operate in open (or permission-less) networks into which arbitrary participants can join. Thus, their execution is vulnerable to manipulation by random adversaries—a threat that is restricted to accidental failures in traditional permissioned networks such as centralized cloud services.

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