When people talk about ETH and ETC they are actually talking about the value of the Ether in their respective blockchain. Ether is the currency with which everything runs in the ethereum. The price of this gas is paid by the requester in “Ether”. EtherĮvery single step in a smart contract is a transaction or a complex computation and would have a cost that is measured in “gas”. But, having said that, w hat mainly incentivizes these people to fulfill their end of the bargain anyway? What are they getting by helping out the requestors? This is where Ether comes in. It takes away human malice by making every action taken visible to the entire network. What this does is that it keeps everyone involved with the contract accountable for their actions. Step 3: The item comes out and you collect it and this gets recorded by all the nodes and the ledger.Įvery transaction that you do through the smart contracts will get recorded and updated by the network. Step 2: You punch in the button corresponding to the item that you want and record of that gets updated in the ethereum network and ledger. Step 1: You give the vending machine some money and this gets recorded by all the nodes in the ethereum network and the transaction gets updated in the ledger. So, now how would this transaction have looked like if it happened in the ethereum network? Suppose you just bought something from a vending machine in the ethereum network, how will the steps look like then? There were absolutely no third parties involved. ![]() Y ou see, in your entire interaction with the vending machine, you (the requestor) were solely working with the machine (the provider). There is one more factor to think about, and it is an integral part of smart contracts. Will any of the steps work if the previous one wasn’t executed? Each and every one of those steps is directly related to the previous step. Now look at all those steps and think about it. Step 3: The item comes out and you collect it. Step 2: You punch in the button corresponding to the item that you want. Step 1: You give the vending machine some money. So, let’s examine the steps that you will take while interacting with the vending machine: Each and every step that you take acts like a trigger for the next step to execute itself.
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