Quote:
Originally Posted by RustyBrooks
www.etherium.org has nothing on it ("Welcome to etherium")
I read some of these blog posts. I literally have no idea what the **** is going on, what this is for, why you'd want to use it, etc.
20 Years ago Nick Szabo wrote of a concept he called "smart contracts"
http://***********.********/smart_contracts_idea.html
Quote:
Smart contracts go beyond the vending machine in proposing to embed contracts in all sorts of property that is valuable and controlled by digital means. Smart contracts reference that property in a dynamic, often proactively enforced form, and provide much better observation and verification where proactive measures must fall short.
Smart contracts are an extension of the trustworthy computing network that bitcoin provides. Because the network is secured the protocol proposed the bitcoin.pdf/whitepaper there is the possibility to create a turning complete virtual computer on the infrastructure.
In other words transactions with money was just a first layer, with that comes the ability to use the transactions like switches (complex switches). This gives the possibility for a whole new programing paradigm Szabo created with the concept of a formalized language that is metaphorically comparable to law:
A Formal Language for Analyzing Contracts:
http://***********.********/contractlanguage.html
A 19 year kid picked up Szabo's works and writing an begin putting together a team that turned Szabo's design in reality.
Ethereum is the implementation, solidity is the language. So you create a smart contract, which runs as a(n) decentralized application on the ethereum network (dapp).
So now basically any system we have can be translated into this code and run on an ultra-robust, ultra-secure, ultra-reliable network of distributed computing power.
A world computer!