Ethereum
$2,546.36 3.95%
ETH · 209w

Great quote from a comment on HN: "I virtually guarantee you don't really understand how the regular monetary system works either, but you can still use it and have some idea of how it benefits you."

> Smart contracts is probably the key word but I don't understand how it works or how it will benefit me.

I virtually guarantee you don't really understand how the regular monetary system works either, but you can still use it and have some idea of how it benefits you. Ethereum can be used to set up another monetary system whose currency flows are guarded by code-driven contracts that anyone can write.

So imagine the e-bay auction process as a smart contract that's controlled directly by the monetary framework, without involving Paypal or credit card companies, or any other centrally managed financial institutions.

The core idea behind Ethereum is sound and first envisioned a long time ago [1], but the current implementation leaves a lot to be desired. The Ethereum languages are being designed by programmers who try to address the needs one encounters in programming, like delegation patterns and some types of dynamism that makes extension and reuse easier.

Unfortunately, this is often the opposite of what you want for robust contracts, where writing the contract is not the important part, it's understanding all of the possible outcomes and what causes them. The dynamism makes static analysis hard, so understanding the behaviour of the complete system is too difficult, and vulnerabilities proving this point will continue to crop up.

[1] http://erights.org/smart-contracts/index.html

Go to news.ycombinator.com
Recent news
ETH +3.95% · seedswap.medium.com · 10h

What Is the Role of Blockchain in Social Media?

Blockchain is a social technology. It relies on networks of individuals or nodes from around the world to transmit information, which is then recorded on append-only blocks. That is the basic sense…