Homework on Smart contracts and dapps

Ethereum 101
#1

Homework on Smart contracts and dapps - Questions

  1. How is a smart contract different from a normal computer program?

  2. What do we mean when we say that smart contracts eliminates the need of trust?

  3. What are some popular platforms for running decentralized applications and smart contracts?

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#2

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#3

  1. Smart contract runs on EVM to protect the local computer from bad programs.

  2. Everything runs exactly as specified by the code. Once the smart contract is on the Ethereum network no one can change it.

  3. Ethereum, Neo, EOS, Enigma, Tron, NEM, Etc…

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#4

1. How is a smart contract different from a normal computer program?
Smart contracts run on EVM, as opposed to the CPU directly. This is safer as the EVM will ensure that the smart contract has no malicious impact on the CPU. Ethereum is also decentralized, with mined blocks being propagated across the network of nodes, as opposed to stored on only one CPU or server.

2. What do we mean when we say that smart contracts eliminates the need of trust?
As the code is executed automatically, there is no opportunity to withdraw funds or not follow-up on one’s commitment to perform an action. The smart contract will distribute the funds according to the agreed-upon coded smart contract.

3. What are some popular platforms for running decentralized applications and smart contracts?
ETH, EOS, Neo, Tron

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#5
  1. Smart contracts are small pieces of code executed which are deployed on blockchain technology which are unmutable.
  2. Eliminate trust means verification through maths rather than trust based.
    3)EOS, Ethereum are some popular platforms.
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#6

  1. A smart contract executes solely on the blockchain

  2. It is transparent and everyone can see what the terms are and how it is working. Once the terms are complete the transaction will complete and cannot be backed out of

  3. Etherium, EOS, Tron

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#7

  1. How is a smart contract different from a normal computer program?

    Smart contract like normal computer program, but it runs in EVM, it can’t directly run on node. EVM compile smart contract into bytecode, get the result.

    A normal computer program is executed directly by CPU

  2. What do we mean when we say that smart contracts eliminates the need of trust?

    We use the algorithm to ensure the execution like Bitcoin does. The Transactions can’t be modified, deleted after it is accepted by the network. We can always track and trace all transactions in the blockchain.

  3. What are some popular platforms for running decentralized applications and smart contracts?

    Ethereum, EOS, stellar, Waves, Cardano…

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#8

  • How is a smart contract different from a normal computer program? Is backed by blockchain, which is public distributed ledger, that helps to verify all the activity deployed.

  • What do we mean when we say that smart contracts eliminates the need of trust? The contract will execute as code is written, which is public.

  • What are some popular platforms for running decentralized applications and smart contracts? Ethereum, Qtum, Stratis, EOS, …

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#9
  1. A smart contract executes on blockchain and normal computer programs on a centralised database
  2. It is transparent and everyone can see the code. Once it is deplyed, it cannot be changes
  3. Etherium, EOS, Tron, NEO, Libra
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#10

  1. A smart contract is different from a normal computer program in that a smart contract is built on a blockchain. They are small pieces of code that are unstoppable and transparent.

  2. When we say that smart contracts eliminates the need of trust it is meant that the proof of work is what validates and confirms. Math and physics make the network trustless.

  3. Some popular platforms for running decentralized applications and smart contracts are EOS, Stellar and Ethereum to name a few.

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#11
  1. How is a smart contract different from a normal computer program?
  • A computer program runs on a PC, a smart contract runs on the blockchain (which runs on many nodes).
  • A computer program can be stopped; a smart contract is unstoppable.
  • A computer program doesn’t necessarily handle transactions; to interact with a smart contracts, user must call public methods via ethereum transactions (and pay fees in gas, in order for the transactions to be mined and to be executed).
  • A smart contract manily (but not only) handles value (usually in ETH, but also in other tokens); a computer program handles or visualizes data.
  1. What do we mean when we say that smart contracts eliminates the need of trust?

If someboy promises you something, e.g. to give you money, if you are a good student and receive good notes at school, you must trust that person will honor the promise. If you do the same via a smart contract, the blockchain slogan applies: “don’t trust, verify!”, which means you can check the source code of the smart contract, verify that it has enough balancr to pay you and a logic to pay you in case you respect the terms. In reality, for such an example, a trusted entity called oracle should allow the smart contract to read the notes of that student. Ethereum doesn’t have such a functionality, but a blockchain running on top of Ethereum, called ChainLink allows to code smart contract interacting with external data via oracles.

  1. What are some popular platforms for running decentralized applications and smart contracts?

Ethereum, Tron, EOS, ChainLink, NEO, Vechain, Cardano…