Smart Contracts based on Ethereum: Theory and Practice
How do smart contracts work? What problems do they solve in our everyday life? Find out the answers on Friday, September 23, at Blockchain & Bitcoin Conference Kiev.
The program of the Developer Hall involves a master-class on smart contracts based on Ethereum.
A smart contract is a computer protocol that allows you to automate transactions and eliminate the issue of trust between its participants.
In other words, none of the parties should provide an advance of trust and "hope for honesty." For example, we often have to rely on the word of honour, when renting an apartment). Therefore, it eliminates the need to involve a third party, i.e. a registrar, when entering into the transaction or transmitting some values.
Where can we apply smart contracts? They may be used in any sphere having acute problem of credibility. So far, smart contracts have mastered the financial sector, law and logistics best of all.
Specific patterns of relationships, where smart contracts are applicable, are as follows:
- A. wants to buy something from B. for Bitcoins, but A. has doubts about B.'s fairness. At the same time, B. does not agree to send the goods without having received an advance payment;
- A. wants to prove its solvency to B.' s bank / embassy / websites, and B. offers to establish a temporary deposit. A. fears that B. can steal his money;
- A. and B. want to make a wager, the results of which will be known in a month. However, both of them doubt that they will remember about the wager and that the winner will receive his reward.
These insolvabilities, which previously would have required the services of lawyers, are stipulated in smart contracts; the implementation of commitments is monitored not by a person, but via the code.
The most popular basis for the creation of smart contracts is Ethereum, which overcomes the shortcomings of Bitcoin:
- Less time is spent on the transaction confirmation;
- Arbitrary transaction semantics is more suitable for complex contracts;
- Plasticity of a scripting language makes it possible to implement different types of contracts.
To find out more about smart contracts and learn how to create them, come to Bitcoin & Blockchain Conference Kiev. The technical manager at Ambisafe Aleksey Matiyasevich will hold a master class on smart contract based on Ethereum.
The Developer Stream will also feature some activity regarding the analysis of proof-of-stake algorithms, mining station assembly, creation of a serverless application based on Ethereum, as well as a live security test and a blockchain battle.