Topic: What does "Decentralized Smart Contract Platform" mean? (Read 124 times)
Thank you for explaining about Smart contract and Decentralized. I thought it is a single word "Decentralized Smart Contract Platform". Thanks for making me understand.
it consists of two parts:
1. decentralized: which is a bit complicated to define these days, for example what other poster said, ethereum is not decentralized because of many reasons. but basically a decentralized system is where decision making is put to the network and requires majority's agreement on everything and no one entity should control anything including the code, the forks, and the supply. in ethereum case they control 80% of the supply with premine, the code and also the network is becoming centralized every day as people can no longer run its full node
2. smart contracts, which means any cryptocurrency that has a scripting language that allows you to create contracts with it. so any coin that has forked from bitcoin or copied its technology has the smart contract ability inherited from bitcoin. some of them like ethereum added more functionality to it because they wanted to not be a currency (like bitcoin is) and only be a platform focusing on smart contracts.
1. decentralized: which is a bit complicated to define these days, for example what other poster said, ethereum is not decentralized because of many reasons. but basically a decentralized system is where decision making is put to the network and requires majority's agreement on everything and no one entity should control anything including the code, the forks, and the supply. in ethereum case they control 80% of the supply with premine, the code and also the network is becoming centralized every day as people can no longer run its full node
2. smart contracts, which means any cryptocurrency that has a scripting language that allows you to create contracts with it. so any coin that has forked from bitcoin or copied its technology has the smart contract ability inherited from bitcoin. some of them like ethereum added more functionality to it because they wanted to not be a currency (like bitcoin is) and only be a platform focusing on smart contracts.
It's basically the definition of Ethereum. Ethereum (and EOS, TRON, Cardano, etc.) was built to be a dApps platform.
It has two important phrases:
(1) Smart contract platform: a software to deploy and execute smart contracts.
(2) Decentralized: not controlled by a single entity (e.g., centralized server).
It has two important phrases:
(1) Smart contract platform: a software to deploy and execute smart contracts.
(2) Decentralized: not controlled by a single entity (e.g., centralized server).
What is decentralized smart contract platform? How it is related to Ethereum? Please explain
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