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20245278 No.20245278 [Reply] [Original]

Can you explain to me what a smart contract is?
Please use a simple language I'm a double digit iq retard

>> No.20245319

>>20245278
Bump

t. room temprature iq

>> No.20245321

>>20245278
Its like lego

>> No.20245348

Even Chainlink fags don’t even know

>> No.20245381

I own chainlink but i never signed any contract

>> No.20245393

>>20245278
Buy Chainlink (LINK)

Your smart contracts connected to
real world data, events and payments

>> No.20245398

>>20245321
>>20245319
>>20245278
it's some code but on the blockchain. because its on the blockchain, the code can't be changed.

thats the tl;dr.

>> No.20245406

>>20245278
No one knows just buy and shut up

>> No.20245429

>>20245393

Kek

>> No.20245442

>>20245278
its an automated deal that completes as soon as both party's parameters are met and has no human influence on it

>> No.20245482

>>20245442
this is wrong. thanks to the "smart contract is new legal contract" marketing 50% of normies believe this is what a smart contract is.

>> No.20245486

>>20245278
You want to do chores for mommy in exchange for good boy points. If you wipe yourself after going number two, without mommy's help, you get 10 good boy points. You enter a smart contract agreement with her. Each side agrees to terms. When you fulfill your side of the agreement, 10 good boy points are automatically deposited into your piggy bank.

>> No.20245524

>>20245278
Imagine getting rear ended by a tesla, the back camera will make a picture of the license plate of the car that drove into you and will automatically file a police report using the police API. This request is tamperproof signed by the private key of the car. then it will automatically will file a insurance claim sending over all kinds of gps data, video data etc. the payment to fix your car will automatically be billed in your bank account. because the damage is minor - fenderbender. you can continue to drive whereever you want. the car senses which parts are damaged and automatically orders them to the next tesla garage. once you are home and sleeping, the car will drive itself to the garage. and robots will change parts and fix it. it will detuct some of the money from the insureance payout automatically. the next day you wake up and the car is fixed, it drove itself to your garage again...
thats smart contracts

>> No.20245525

>>20245486
So I get chainlink tokens everytime I wipe Sergeys ass?

>> No.20245560

A smart contract is a code where you do something and then you automatically, for example, get paid money for completing that activity. This is just code. You don't need crypto for this code to work.

>> No.20245561

>>20245524
*imagine getting rear ended in a tesla

>> No.20245592

Put simply,

Smart contracts are Turing complete programs which are immutably stored on blockchains. These programs can be executed via transactions occuring on the blockchain. They take some input and this input can cause some form of change or provide some form of output.

An example of a trivial contract could be
function double (int a):
return a * 2

And you could call this function at the contract address, providing some input, say 5 and it will return 10 in the resulting transaction

>> No.20245658

>>20245592
Firstly, that's not "simply". Secondly, a smart contract isn't by definition stored on a blockchain, it just benefits from being so.

>> No.20245686

>>20245398
so what is the oracle problem?

>> No.20245726
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20245726

dumb contract: do pee pee poo poo in designated shitting street, then wait for street cleaner or weather to manually clean
smart contract: do pee pee poo poo in toilet (digitally), sewerage pipe network (blockchain) automatically filters and cleans pee and poo via a treatment plant (chainlink) without having to trust or rely on a street cleaner (trustlessness)

>> No.20245736

>>20245686
how to trigger smart contract functions in an honest manner

>> No.20245771

>>20245686
How do you onboard real world information - such as who won a sporting event, in a trustful way. A computer has no capacity to discern what is true and what is false, it simply knows what you tell it. This, in essence, is the Oracle problem.

>> No.20245788

>>20245686
When this code is run, many different computers have to be able to run the code and get exactly the same output - If they get different outputs then that breaks the blockchain and there is a disagreement on what blockchain is the correct one.

This means that the code can't use data from outside the blockchain; It can't guarantee that the data from outside the blockchain will be the same each time the code is run.

This is the oracle problem - "How can we get data from outside the blockchain and ensure that data is always the same each time the code is run?"

>> No.20245790

Oracles and Smart Contracts are all ready outdated, smart contracts have limited potential, Applications will replace them. The world wants tech that can scale, not limiting slow old tech...sorry

an example

https://cointelegraph.com/news/smart-contracts-have-limited-potential-without-iot-sensors

>> No.20245826

>>20245278
Let's say I make a bet with you for $100 that it will rain tomorrow. Normally, this requires trust that either both parties will not back out and will give the money they owe, or for there to be a trusted 3rd party to arbitrate and enforce the bet. Basically a smart contract is something like this that executes on its own. In this example, chainlink would be a trustless oracle that can take the weather data and put it into the smart contract

>> No.20245869
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20245869

>>20245486
But how does the blockchins know when I have indeed wiped my ass? That would still require manual input on behalf of the user, correct?

>> No.20245872

>>20245278

They're programmable contracts and much simpler than you might think in most cases. Say you have 1 BTC and you want to exchange it for ETH. You send your 1 BTC to an address provided to you by the software that created the contract. It then goes through price oracles to see what markets offer ETH at what prices. Having seen the best prices, it aggregates those buys into enough ETH to equal 1 BTC. Once it finds the right amount of buys, it executes and the ETH is sent to your provided output address.

Brainlet version, one asset goes in and another comes out unless the contract can't be completed.

>> No.20245911

Im thinking of Holochain Apps where nodes have built in oracle support no need for a 3rd party, this is were we are headed

>> No.20246210

>>20245736
you dont get it

>> No.20246252

It's basically a wire transfer with more middle men

>> No.20246391

so is chainlink at the top?