… a distributed operating system of the future, then Smart Contracts are its killer app. Very often, Smart contracts are said to be akin to a blockchain based vending machine. Just as a vending machine takes in dollars/cents as inputs and is configured to dispense your choice of snack or drink — Smart contracts are a virtual vending machine of sorts. Instead of dollars and cents , Smart Contracts take cryptocurrency (ether in Ethereum’s case) as inputs and will execute some code based on some pre-configured rules as an output. These rules obviously can be defined by whoever is writing the contract.
…s Public Blockchain, which ensures anonymity in identity but transparency in transactions. However, maintaining both anonymity and transactional transparency comes at a cost — it lowers the bandwidth between nodes and the entire blockchain must be duplicated by all nodes locally to be aware of the current state of the chain. Its replicates into the slow transaction processing that you faced paying for that coffee with bit…