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Coin Xiaobao blockchain open class 16

Time : 24/02/2022 Author : zoys6c Click : + -
        Smart contract is one of the core technologies of blockchain. This concept was first introduced by Nick middot in 1995; Proposed by nickszabo. Smart contract,. Nick · Smart contract proposed by Saab is a very broad concept. For example, the vending machine is a smart contract system. After the user selects the goods and completes the payment, the vending machine automatically spits out the goods; Another example is that the automatic repayment of credit card is also a smart contract. After setting the automatic repayment method, the payment will be deducted automatically when it expires. In 2008, Nakamoto used smart contracts for bitcoin for the first time, but due to its simple function, it did not attract the attention of the market, which is also known as the era of blockchain 1.0.
 
        Back at the end of 2013, Ethereum founder V God released a white paper: "Ethereum: the next generation of smart contracts and decentralized application platform", officially opening the chapter of blockchain 2.0 represented by smart contracts. Under the leadership of V God, the Ethereum team officially released the Ethereum public chain in 2015, which is an open source public chain platform with the function of creating smart contracts. Using the Ethereum public chain platform, technology developers can quickly draft a smart contract. Since then, smart contracts have become an integral part of Ethereum's ecosystem, and various smart contracts have sprung up, laying the groundwork for the outbreak of decentralized Finance (defi) in 2020.
 
        Compared with traditional contracts, smart contracts solve the problem of "trust". Traditional contracts rely on the law for endorsement. When there is a breach of contract, it needs to rely on the court and other administrative forces to deal with it. The smart contract is not only the electronization of the traditional contract, but also its real meaning is to change the endorsement and execution of the traditional contract from law to code. Once the external conditions are met, the smart contract will be automatically executed without legal person intervention, which is mandatory. Tamper proof: once the smart contract is deployed, all contents cannot be modified, and neither party can interfere with the implementation of the contract. This is a bit like a contract in the traditional world. Once it is signed, it cannot be modified.
 
        Low cost: because smart contracts do not need the supervision of third-party intermediaries, once the contract is broken, the code will be enforced, which has a lower cost than traditional contracts. Smart contracts are not without shortcomings. Once deployed, the smart contract code cannot be modified, which means that once there is a bug in the code, it is likely to be used, so the fault tolerance rate of the smart contract is very low. In fact, the smart contract of blockchain has been attacked by hackers many times since its birth, and the once blockbuster thedao incident is one of them. In 2016, thedao opened crowdfunding and raised $150million worth of ether coins in just one month. However, just when everyone was celebrating, hackers discovered the vulnerability of thedao's smart contract and launched an attack on it, and a large number of ether coins were stolen by hackers.
 
        Because once the smart contract is deployed, it can't be modified, and the team can't do anything, watching huge assets gradually lose. Subsequently, the founder of Ethereum proposed a scheme to roll back the transaction, which is also the first time in the history of blockchain to roll back the transaction time. Some users in the community did not agree with rollback, which led to Ethereum's hard bifurcation event. Coincidentally, the loan agreement BZX has also been attacked by hackers for many times due to smart contract code vulnerabilities. On February 15, 2020, the BZX team issued an announcement on the official telegram group, saying that hackers had carried out vulnerability attacks on the BZX protocol, resulting in the theft of eth worth 350000 dollars; On September 14, the defi loan agreement BZX was attacked again, and the attack caused a total loss of about $8million.
 
        The above events show that the development of smart contracts is still in its early stage, and there are many problems. Coin Xiaobao also reminds you that you need to be rational to participate in blockchain investment. Smart contracts have many applications, such as decentralized lending through smart contracts. Users first deposit Ethereum into the designated fund pool as collateral, and then users can lend a certain amount of stable currency Dai. Due to the existence of collateral, the lender is also not worried about the situation of not paying back the money. When the collateral value is insufficient, the system will automatically trigger liquidation to ensure the rights and interests of the lender. In addition, smart contracts can also be used for crowdfunding. The project party first initiates a crowdfunding through the contract, and the user sends a certain Eth and other tokens to the contract. After the crowdfunding is completed, the smart contract will automatically send the project token to the wallet.
 
        In 2017, a large number of projects were financed in this way, including many excellent projects, such as Luyin technology, Boca and so on. In this way, the project party has completed the financing and provided stable funds for the expansion and strengthening of the project; Investors have achieved rich returns. For example, Ethereum crowdfunding launched in 2014 has a return rate of more than 1000 times, and BNB crowdfunding also achieved a return rate of hundreds of times in 2017. The third scenario of smart contracts is decentralized Finance (defi). In 2020, decentralized financial applications are in full swing, which has something to do with the popularity of smart contracts. Decentralized finance can be further subdivided into lending, trading, stable currency exchange, derivative assets, etc. taking uniswap as an example, users who become liquidity providers in uniswap can obtain LP tokens, and then users can pledge LP tokens to obtain Uni. This process is also called mining.
 
        Since the introduction of mobile mining, the trading volume of uniswap has exploded, becoming the largest decentralized exchange in the world, and the trading volume has surpassed coinbase, the largest centralized exchange in the United States. In short, despite many shortcomings, smart contracts still have broad application prospects. Coin Xiaobao believes that with the development of the industry, the technology related to smart contracts will gradually mature, and at that time, hacker attacks may become history. "Coin Xiaobao blockchain open class" is an introduction to blockchain popular science content launched by coin Xiaobao. For more blockchain knowledge, please pay attention to the coin Xiaobao column. Author: coin Xiaobao; From the content open platform "get number" of chain get, this article only represents the author's point of view, not the official position of chain get. For "get number" articles, the originality and authenticity of the content are guaranteed by the contributor. If the manuscript is caused by plagiarism, fraud and other acts, the contributor himself is responsible for publishing the article on the get number platform. If there is infringement, violation and other inappropriate speech content, please supervise the readers. Once confirmed, The platform will be offline immediately.
 
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