Smart Contract Explained by Demonstration
Ethereum, Bitcoin and many other cryptocurrencies have fallen to new lows in September 2018. Vitalik Buterin, the creator of Ethereum said that Blockchain is now at the stage where we are “Go(ing) from just people being interested to real applications of real economic activity”.
Indeed even if you asked folks who have bought into cryptocurrency during its height early this year what a Blockchain really does, many wouldn’t be able to tell you. There just isn’t enough real economic activities happening in Blockchain today.
In writing this step-by-step guide, I wish to reach out to explain what Smart Contracts are and I believe that the best way to do so is to walk through an example that you can try.
Let’s begin.
In Preparation
Read “Escrow Service as a Smart Contract” to understand how a seller and a buyer can trade securely without a trusted middleman between them.
Then visit MetaMask to install a digital wallet on your Chrome browser. A digital wallet is where you keep your cryptocurrency.
On MetaMask, change the network to “Ropsten Test Network” so that you don’t need to spend real ETH to try this demonstration.
