Homework on Ethereum Intro

Ethereum 101
#1005

  1. Web 1.0 is the first version of the websites where there was no programming language. Things that you could put on a web site includes static, text, link, and images. There is no interaction.

  2. A Smart contract is small pieces of code in the Eth blockchain that can hold and manage money.

  3. Because the SC lives on the Eth blockchain, everyone can see all the tx and interactions recorded on the Eth blockchain.

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#1006

  1. Web 1.0 refers to the early websites, those before JavaScript was added to the browser. These were static, they could only show text, images and provide links. One could only read/see the content, i.e. there was no interaction with the user.

  2. A Smart Contract is a piece of code/a protocol that run on the Ethereum network. This protocol is created and deployed with Solidity, a programming language. With Ethereum’s financial applications we can program money, assets and more, to behave as we want. To have the TX protocol execute according to our defined rules, in a trustless way. After deployed on the network, a Smart Contract is unstoppable and immutable.

  3. Ethereum is a public blockchain, meaning its content is available to read/audit. Once a Smart Contract is deployed on the network it is unstoppable and immutable. One can see the TXs, the participants, the protocol and follow its execution. With a Smart Contract the ‘middleman’ is out of the equation, leaving more room for transparency in the deal.

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#1007

  1. Static websites consisting mainly of text and images.

  2. Code written on the blockshain, written in Solididty, that can enforce commands written into it.

  3. It is all open source. Don’t trust, verify.

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#1008

1- Web 1.0 was not interactive. All you could do was look at information on a site. There were no social media platforms, video, podcasts, or ad sales being generated.
2- A smart contract is a small piece of code that runs on the Ethereum blockchain using a programming language called solidity. It is unstoppable. These contracts can own/keep and decide what to do with money. They allow users to program money, for example, to be distributed for certain life events, milestones, behavior (good grades), etc. No one can go back and change how a smart contract behaves.
3- Everyone can see what’s happening with the transactions. Everyone can see who is sending and receiving money.

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#1009

  1. The first internet version which was static till JavaScript language was invented.

  2. It’s a piece of code that allows to execute an agreement between parties. What makes it smart is that it is recorded in the Etherium Blockchain and can not be removed. Also, it has the power to lock, send and receive Ethers and/or compatible tokens to the Etherium Blockchain.

  3. The agreement can be executed either without the need of third parties ( Financial Institutions or other ) nor trust the party you are making business with because the smart contract can be verified on the Etherium public blockchain.

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#1010
  1. It was static, did only text, images and links
  2. The “agreement” can be programmed into the tx and all conditions will happen.The ability of the contract makes it dynamic.
  3. Because it only does what is in the contract, nobody can cheat the system.
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#1011
  1. What was Web 1.0?

Web 1.0 was the earliest version of internet which mainly consisted of websites that had only text, static images and links. There was no chat or dynamic / personalised information until JavaScript was introduced, leading to Web 2.0, which enabled more dynamic functions and personalisation, as well social media, online video and other features such as those we are used to on today’s popular websites.

  1. What is a smart contract?

A smart contract is a piece of code that is programmable - using a language called Solidity - and can be inserted into the Ethereum blockchain. It enables dynamic and programmable money and as such is a similar transformation from Blockchain 1.0 to Blockchain 2.0 as the transformation was from Web 1.0 to Web 2.0. It enables dynamic and programmable money to be created by anyone who can right a smart contract and enables users to program specific rules into how value transfer is handled. It is also unstoppable. For example, if I program a smart contract to hold my money on the blockchain until my daughter turns 18 - let’s say for her university tuition and living expenses while studying - and only then can they receive it, then I can program the exact date at which the money will be released to her. No one else can interfere with this as it is programmed into the code (along with any exceptions etc that I might wish to add when I create the smart contract itself). Also there is no need for third parties, escrow services or middlemen of any kind and the process is trustless, meaning that I could similarly have value transfer and business with a stranger.

  1. How is transparency achieved with ethereum code?

Transparency is created with the Ethereum code because of the way smart codes operate, in that there is no way to go back and interfere with or change a smart contract (it is unstoppable) and this is largely to do with the way it is coded into the blockchain and how transaction blocks are connected to one another, meaning that the rules set in the code are also immutably stored in the blockchain and verifiable by concensus algorithms. If you try to go back and change the way a smart contract operates after it is deployed you will encounter the same problems as with Bitcoin when trying to go back and change a transaction - it is infeasible to do this. As mentioned above this enables trustlessness and the ability for strangers to do business with one another without any need for third parties, escrow services or middlemen.

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#1012

  1. What was Web 1.0?
    Web 1.0 only had text/image/links
    No java script

  2. What is a smart contract?
    It is a program (a small piece of code) written in solidity that runs on the ethereum blockchain.
    That program owns money and decides what to do with it.
    Smart contracts are unstoppable (nobody can shut them down)
    TX are public (can see who is sending/receiving money from a smart contract)

  3. How is transparency achieved with ethereum code?
    Smart contracts are

  • on the blockchain so are visible to any one
  • eliminate the need to use an intermediary/middlemen
  • decentralized
  • trustless (don’t trust, verify)
    Because of PoW mining, no one can go back and change how a smart contract behaves
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#1013

Excellent answers miss, well documented! Please keep them like that :muscle:

Carlos Z.

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#1014

Excellent answers sir, well documented! Please keep them like that :muscle:

Carlos Z.

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#1015

  1. Web 1.0 was the internet of information.

  2. A smart contract is a piece of code that can be programmed into the blockchain that will execute a specific task when programmed conditions are met. Once the contract is entered onto the blockchain it becomes immutable.

  3. Transparency is achieved by the smart contracts public nature. Anyone can view the conditions set out in the smart contract. It cannot be changed after it is created.

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#1016

It was mainly static text, images and links! So boring! :grin:

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#1017

Thanks for the feedback, much appreciated - sure, will do :+1:

#1018

Thanks @thecil :sweat_smile:

A lady :wink:

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#1019

  1. What was Web 1.0?

    Original internet where information was mostly viewable and static by nature

  2. What is a smart contract?

Small pieces of code that execute when conditions are met or not met
3. How is transparency achieved with ethereum code?

The trustless chain allows all transactions to be visible therefore can be verified by anyone

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#1020

  1. Web 1.0 was the first stage of the world wide web, a list of static websites not yet providing interactive content.

  2. Smart contracts are small pieces of code that run on the ETH blockchain, immutable computer programs that run deterministically.

  3. Transparency is achieved through provenance, immutability and finality.

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#1021

What was Web 1.0?
It is a static system, that is very limited and can only do for instance text images etc

  1. What is a smart contract?
    Is a program that runs on the ethereum block chain. that is programmed to only execute under programmed parameters

  2. How is transparency achieved with ethereum code?
    everyone can see the transactions.

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#1022

  1. What was Web 1.0?
    Web 1.0 was minimally interactive, allowing only for posting and reading. It wasn’t until Web 2.0 (with the help of JavaScript) that allowed for dynamic web interaction and programming of websites.

  2. What is a smart contract?
    It’s a programmed transaction that is transparent and unstoppable. It allows for the execution of a transaction if specified conditions are met.

  3. How is transparency achieved with ethereum code?
    The data of a smart contract are specified in the transaction itself which is established on the blockchain, and just like the bitcoin blockchain, the blocks and the data they contain are immutable and also publicly viewable by anyone who wants to audit or verify the data.

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#1023

  1. Web 1.0 was essentially un-programmable internet before the introduction of Javascript (mainly text; no live chats, platforms or videos for example). Similar to how Ethereum birthed blockchain 2.0 (programmable smart contracts).

  2. A smart contract is an unstoppable and transparent piece of code that runs on the (Ethereum) blockchain. For instance, you can create a form of programmable money (contract) to successfully execute (transact) under your own logic and rule-set. This eliminates third parties and intermediaries.

  3. Transparency is achieved with a viewable transaction history by everyone with access to the blockchain (distributed ledger). This is a shared and trust-less ledger, there are not different individual copies. It is based on consensus.

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#1024

Sorry! I correct the message! :grin:

Hope you are having a great day!

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

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