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What exactly does it do? Although it is such a buzzword nowadays I still have absolute zero idea about how are these "smart contract" things used and what Ethereum is if not "a better BitCoin" (and if it is - what kind of applications can you build with it? money exchange/ecommerce/gambling?).
If it's on Ethereum, it's not decentralised. Their state is mutable -- as per the DAO.
I think if you have a node running locally, metamask will work with ETC as well, so you could probably use this setup with Ethereum Classic if you wish.
What exactly does it do? Although it is such a buzzword nowadays I still have absolute zero idea about how are these "smart contract" things used and what Ethereum is if not "a better BitCoin" (and if it is - what kind of applications can you build with it? money exchange/ecommerce/gambling?).
You can easily google what smart contracts are. A good starting point is also ethereum.org, which has three easy to understand examples.
So what exactly can these be used for other than for what ordinary paper contracts are used? What does it mean to build an app with this? Is this just about developing digital wallets/baskets or what?
Yes, I am this stupid when it comes to this subject. I would really appreciate if somebody could direct me to an article/video/book that would explain the thing from the practical point of view for a plain old application developer having zero understanding of what's this all about.
This is a nice bundle of things to install, however what is the end result here? It seems to be an app that initializes web3 and saves a contract... a contract to do what? We also have a decentralized tool, and people are building stuff like: - Testing character-by-character realtime updates on a social networking dApp in a P2P mesh-network of devices: https://www.youtube.com/watch?v=C3akdQJs55E - A 3D multiplayer VR…
It's a fun idea, but I really hope we don't have to sit through a multi year cycle of people using the term "Web 3.0"
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You can easily google what smart contracts are. A good starting point is also ethereum.org, which has three easy to understand examples.
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. Smart Contracts are self-executing contractual states, stored on the blockchain, which nobody controls and therefore everyone can trust. Etc... So what exactly can these be used for other than fo…
Earlier quoted context omitted.
I understand this, but good lord people need to stop bringing this up in every damn thread that mentions Ethereum. We all know about the DAO and what happened afterwards.
That's probably because people think decentralised apps should be decentralised.