3 ms·
> Note: Ethereum smart contract is the code that is deployed over Ethereum blockchain. It is written as a transaction on the block so no one can alter the logic
by pezzana 5y ago
> Note: Ethereum smart contract is the code that is deployed over Ethereum blockchain. It is written as a transaction on the block so no one can alter the logic. This is also known as Code is Law.
By bringing up Ethereum smart contracts and not Bitcoin smart contracts, the article implies that Bitcoin does not support smart contracts. But it has done so since its launch in 2009. The term "smart contract" was coined by Nick Szabo. From Wikipedia:
> Smart contracts were first proposed in the early 1990s by Nick Szabo, who coined the term, using it to refer to "a set of promises, specified in digital form, including protocols within which the parties perform on these promises".
https://en.wikipedia.org/wiki/Smart_contract https://en.wikipedia.org/wiki/Smart_contract
Bitcoin implements smart contracts in part through "Script," the custom Forth-like language:
https://en.bitcoin.it/wiki/Script https://en.bitcoin.it/wiki/Script
No doubt for marketing purposes, the myth that "Bitcoin doesn't do smart contracts" continues to be propagated. Reading the two Wikipedia articles clearly demonstrates the fallacy of this idea.
- adfgaertyqer 5y agoHow did we let people get away with the term "smart contract" in the first place? They are automated, but they sure as Hell aren't smart compared to an ordinary contract. They are simplistic, limited, and fragile.