zth3wf2soo
9 days ago  Karma: 43
What stopped centralized smart contracts platforms from being used before Ethereum was invented?

What stopped centralized smart contracts platforms from being used before Ethereum was invented?

en
smart contract
blockchain
ethereum
zth3wf2soo
9 days ago  Karma: 43
What stopped centralized smart contracts platforms from being used before Ethereum was invented?

What stopped centralized smart contracts platforms from being used before Ethereum was invented?

en
smart contract
blockchain
ethereum

3 ANSWERS
paul_musgrave
9 days ago Karma: 335

Smart contracts are pieces of code running on top of the blockchain which is a trustless and distributed platform.
Unlike a blockchain, a database is a trusted and distributed platform. Hence, code running atop a database is the same thing with a “centralized smart contract”
Basically, you can say that every centralized website is relying on a “centralized smart contract”.

Smart contracts are pieces of code running on top of the blockchain which is a trustless and distributed platform.
Unlike a blockchain, a database is a trusted and distributed platform. Hence, code running atop a database is the same thing with a “centralized smart contract”
Basically, you can say that every centralized website is relying on a “centralized smart contract”.

oscar.davis3
9 days ago Karma: 296

It doesn’t make sense to run smart contracts on a centralized platform because the parties interacting with the smart contract will have to trust the organization that provides said platform.
Usually, only governments and banks were able to instill trust between individual but this changed after the 2008 financial crisis.
This is exactly when blockchain was invented, with the aim of providing a trustless and decentralized platform. Several years ago, Ethreum introduced the means to build smart contracts on top of the blockchain. As a result, developers are able to code applications that are independent, always available, and censorship-resistant. These are key features for the use cases that smart contracts generally have to deal with- transfer of assets.

It doesn’t make sense to run smart contracts on a centralized platform because the parties interacting with the smart contract will have to trust the organization that provides said platform.
Usually, only governments and banks were able to instill trust between individual but this changed after the 2008 financial crisis.
This is exactly when blockchain was invented, with the aim of providing a trustless and decentralized platform. Several years ago, Ethreum introduced the means to build smart contracts on top of the blockchain. As a result, developers are able to code applications that are independent, always available, and censorship-resistant. These are key features for the use cases that smart contracts generally have to deal with- transfer of assets.

alain_duclos9952
9 days ago Karma: 106
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