Blockchain technology offers some unique properties, such as achieving consensus among unknown actors and providing a strong incentive mechanism for honest behavior. However, building real-world applications on blockchain technology can be challenging.
The first challenge of building applications on the blockchain is security. …
If you feel like there is more information in this article than you need, consider reading the advanced level version of it. It conveys the same concepts but in less detail and complexity.
Many people have said it and so do I: smart contracts are neither smart nor contracts. In most general terms they are pieces of software on a blockchain. A smart contract needs to be written in a specific language defined by the protocol of the blockchain it lives on.
A contract can be defined as an agreement between parties that binds them to something happening in the future. The term “smart” comes from the automatic execution of these digital “contracts”. …
If you feel like there is more information in this article than you need, consider reading the beginner or advanced level version of it. They convey the same information, but in less detail and complexity.