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There is no need for an employee to give you what you paid for everything is already coded into the machine, following an extremely simple logic. Computer scientist and cryptographer Nick Szabo has called traditional vending machines a rudimentary form of smart contract: you put in the required amount of money, press the button, and get the snack.
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This removes the need for trust between parties, as anyone can verify the terms of the agreement, and there is no way to secretly write a caveat into the code without it being visible to all participants.
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A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code, executed on the blockchain and irreversible. It also has its own programming language called Solidity, and is Turing-complete, which means you can write a program to complete virtually any reasonable task given enough instructions, time, and resources.Įthereum introduced a novel concept into the still very young world of cryptocurrencies: smart contracts. The platform is powered by its own cryptocurrency called Ether and shortened to ETH. Ethereum is an open-source blockchain-based platform that is used to create various applications, ranging from business and finance (notably decentralized finance or DeFi), to games and entertainment.