Bitcoin introduced the very first decentralized contract system. Deep inside Bitcoin there’s a tiny embedded programming language that allows developers to set preconditions for payments to be authorized. Despite the immense potential, security and other technical concerns never allowed the Bitcoin language to become a complete contracts system.
Second generation cryptocurrencies expanded upon the initial Bitcoin programming concept by introducing Touring-complete programming languages that allow developers to implement complex contracts on the blockchain.
In this section we take a look at smart contracts, their technology and how they sparked a whole new crowdfunding revolution within the crypto movement started by Bitcoin.
About Ethereum EVM’s high GAS cost
As cryptocurrencies mature, the promise of a worldwide distributed ledger and computing platform is now taken for granted by businesses around the world.
Billions of dollars we...
What is a Dapp (Decentralized Application)?
Dapp is a portmanteau of Decentralized Application and refers to computer programs which run on the blockchain and which have self-enforcing business logic implemented via smart c...
Who is Spencer Dinwiddie? [SD8 Token]
Spencer Dinwiddie is a pro basketball player who describes himself as "a tech guy with a jumper".
SD8 Tokenized Sports Contract
Dinwiddie is the first pro athlete in the maj...
What are CryptoDepository Receipts?
A CryptoDepository Receipt is a smart contract that is meant to represent something. It is a cryptographic note that can represent anything, any asset, any rights, currency or any...
What is a DAO?
DAO stands for Decentralized Autonomous Organization. It is a concept that arises from self enforcing smart contracts.
If an organization is able to encode all of its business ...
Understand the basics of smart contracts
What's a smart contract? What makes it smart? How can I deploy my own contracts on the Ethereum blockchain? In this article we explore these questions and give you an overview abo...
What is Turing completeness and how does it relate to cryptocurrencies?
Turing-completeness refers to a characteristic of computing platforms where a computer that is deemed Turing-complete can execute all programs that a Turing Machine would be able to execute. Turing machines are also known as “universal machines” because they are able to solve any problem that humans are able to solve by any known means. Programs […]
Bitcoin Blockchain to Database Sync Process (blocks_updater) [cypto.bi Toolbox]
After performing the initial database insert using toolbox/db/blocks_inserter, new blocks will be received from the network. To keep the database in sync after the initial bulk insertion, toolbox/db/blocks_updater should be kept running on its own terminal. Difference From blocks_inserter Although similar in structure, blocks_updater works differently from blocks_inserter (go here for details on blocks_inserter). For […]
Why the “fast” Ethereum sync is so slow
Why is the geth sync so slow? I keep hearing this question again and again from Ethereum node operators. Why is it still so difficult to fully sync an Ethereum full node? Slow Geth Users have been complaining forever now about the notoriously slow geth sync on the official Ethereum wallet. Some even question the […]
ELI5: Blockchain explained in simple terms
A blockchain is a database formed by a sequence of entries called (you guessed it) blocks. Blockchains have a special characteristic by which any attempt to modify one of its entries would modify the entire chain. It is, therefore, an immutable data structure, which stores blocks in chronological order of insertion. This makes blockchain a […]
Concepts In This Page
Ethereum is a second generation cryptocurrency, best known for making Smart Contracts available to the masses.
EVM is an acronym for Ethereum Virtual Machine, the decentralized virtual machine which runs smart contract applications stored on the Ethereum blockchain.
Smart Contracts is self-enforcing business logic hosted on blockchains. Smart contracts are trustless, in that they carry out their specified instructions unconditionally.
Solidity is a smart contract programming language. It gained widespread adoption via the Ethereum Virtual Machine.
Portmanteau of Decentralied Apps. Applications stored on the blockchain and which run on decentralized virtual machines.
A token standard which establishes basic operations for cryptocurrencies implemented on the Ethereum Virtual Machine (EVM). Based on Ethereum Improvement Proposal 20 (EIP-20) from November 2015.
Tokens are cryptocurrencies implemented using smart contracts as an additional layer on top of existing blockchains. For example, the ERC20 smart contracts standard enables tokens implemented on the Ethereum blockchain.