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How Do Ethereum Smart Contracts Work?

Like many ideas in the blockchain industry, a general confusion shrouds so called 'smart contracts'. A new technology made possible by public blockchains, smart contracts are difficult to understand because the term partly confuses the core interaction described. While a standard contract outlines the terms of a relationship (usually one enforceable by law), a smart contract …

How Ethereum Works

Now that we've covered what ethereum is, let's dive deeper into how the platform functions under the hood. Consider the online notebook application described in "What is Ethereum?" Using ethereum, the app doesn't require one entity to store and control its data. To accomplish this, ethereum borrows heavily from bitcoin's protocol and its blockchain design, but tweaks …