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Improving description of smart contracts (#21696)

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dillon
2018-11-15 02:29:15 -05:00
committed by Kristofer Koishigawa
parent 5caa346be3
commit 32510cc3cb
1 changed files with 5 additions and 8 deletions
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guide/english/blockchain/smart-contracts/index.md
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@ -3,17 +3,13 @@ title: Smart Contracts
--- ---
## Smart Contracts ## Smart Contracts
Transactions in a blockchain are a very basic contract - One party sends resources to another. Cryptocurrency transactions that occur on a blockchain are an example of a very basic contract: one party sends money to another. However, blockchains also have the potential to manage and execute more complicated contracts. On the Ethereum blockchain, for example, one can utilize _smart contracts_ — blocks of code that only execute when their conditions are met. Smart contracts are Turing-Complete and as decentralized as the monetary transactions that occur on the blockchain. The combination of decentralized programs and money make for interesting possibilities.
In the Ethereum blockchain, transactions can support any kind of logic. They have the expressive
power of a Turing-Complete machine - meaning they can be steps for a task that a computer can do.
As a piece of code that sits on the blockchain, a smart contract can automate tasks. As a piece of code that sits on the blockchain, a smart contract can automate tasks in a decentralized and transparent manner. Examples of this include managing the process of recieving and distributing micro-payments for viewing ads (such as with the Basic Attention Token) and managing buy/sell order books for exchanges transparently (such as with the 0x project).
When an account receives money it can automatically distribute it to others.
This is entirely transparent so all the nodes(miners) can see what logic is being executed.
## Applications of Smart Contacts ## Applications of Smart Contacts
Smart Contracts allows the transfer of goods and services without the need for a independent third part. Logic and rules are built into the smart contract that define the permissions and processes associated with a particular agreement and enforce the obligations attached to it. This provides an opportunity to remove middlemen that are traditionally required to interact with physical property or financial service instruments. Smart Contracts allows the transfer of goods and services without the need for a independent third party. Logic and rules are built into the smart contract that define the permissions and processes associated with a particular agreement and enforce the obligations attached to it. This provides an opportunity to remove middlemen that are traditionally required to interact with physical property or financial service instruments.
## Blockchain Technologies ## Blockchain Technologies
@ -35,4 +31,5 @@ contract Hello {
} }
} }
``` ```
Pulled from https://medium.com/coinmonks/how-to-write-a-simple-smart-contract-25f6d3c1d6db
Pulled from [Medium - How to Write a Simple Smart Contract](https://medium.com/coinmonks/how-to-write-a-simple-smart-contract-25f6d3c1d6db).