Bitmover,
Thank you for you reply.
I wish you a good day.
Best,
Big
Topic: Permissioned block chain. Smart contracts execution? (Read 181 times)
In such case I understand that PoW would not be adequate. Especially that rapidity is a key element here. Therefore, would PoS be more adequate? Or is there other process more appropriate for small BC?
Best regards,
Big
Best regards,
Big
A blockchain with a small blocktime Will have fast confirmation, no matter of pow os pos.
Ethereum blocktime os less than 15 seconds, so confirmations are almost instant.
Patentico, Bitmover,
Thank you both for your answers. That is helping a lot.
One more question though, the permissioned BC application I am documenting would be animated by a few people that would not necessarily have a lot of computing power.
In such case I understand that PoW would not be adequate. Especially that rapidity is a key element here. Therefore, would PoS be more adequate? Or is there other process more appropriate for small BC?
Best regards,
Big
Thank you both for your answers. That is helping a lot.
One more question though, the permissioned BC application I am documenting would be animated by a few people that would not necessarily have a lot of computing power.
In such case I understand that PoW would not be adequate. Especially that rapidity is a key element here. Therefore, would PoS be more adequate? Or is there other process more appropriate for small BC?
Best regards,
Big
What I don't understand is:
-do we need miners to validate and "activate" smart contracts once the conditions are met?
Yes.-do we need miners to validate and "activate" smart contracts once the conditions are met?
Smartcontracts are in the blockchain. If the contract condition is "send 1 eth to address", only when that eth reaches the address, and that block is mined, the smartcontract will be validated.
-does smart contract need to passe through a block to be executed? If yes, what king of process work the best (proff of stake?). If no, can I assume that no particular computer power is needed?
Yes, needs a block, as I said earlier. The best and most secure protocol is still PoW, as all decent coins around are using PoW (btc and ethereum). Ethereum is a blockchain designed specifically to run smartcontracts,and they are using PoW.-lastly, under what form the information would go through the block chain? Would it be tokens?
No, smartcontracts are not made of tokens. The information goes through scripts. in ethereum the language used to design smartcontracts is called Solidity.
Smart contracts are self-executing blockchain contracts. The computer code & conditions of the contract are stored and replicated on the ledger. When the events outlined in the contract are triggered the code execute. Say some tokens are transferred into a program, depending on the conditions met, the tokens are transferred further, or if the conditions are not met they are refunded. So the miners would still validate the transactions as they would normally.
Hi everyone,
My question is not about crypto currency but about the way smart contracts work.
I am trying to understand how do we run / validate smart contracts in a permissioned block chain. Knowing that these smart contracts have for only purpose to transmit information from A to B. They do not involve ownership of assets or right of use.
What I don't understand is:
-do we need miners to validate and "activate" smart contracts once the conditions are met?
-does smart contract need to passe through a block to be executed? If yes, what king of process work the best (proff of stake?). If no, can I assume that no particular computer power is needed?
-lastly, under what form the information would go through the block chain? Would it be tokens?
Knowing that in this example no parties are interested in earning rewards or money. The only purpose is to have an automated block chain that moves information around based on certain criteria.
Thanks a lot
Big
My question is not about crypto currency but about the way smart contracts work.
I am trying to understand how do we run / validate smart contracts in a permissioned block chain. Knowing that these smart contracts have for only purpose to transmit information from A to B. They do not involve ownership of assets or right of use.
What I don't understand is:
-do we need miners to validate and "activate" smart contracts once the conditions are met?
-does smart contract need to passe through a block to be executed? If yes, what king of process work the best (proff of stake?). If no, can I assume that no particular computer power is needed?
-lastly, under what form the information would go through the block chain? Would it be tokens?
Knowing that in this example no parties are interested in earning rewards or money. The only purpose is to have an automated block chain that moves information around based on certain criteria.
Thanks a lot
Big
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