Sentences with phrase «contract run the code»

Not exact matches

In Ethereum's most ambitious form, companies could be run completely autonomously on its platform, governed not by executives and legal minders but by a smart contract that enshrines its rules in code.

A developer creates code where a bunch of these contracts run simultaneously and do not require a «head of command».

Assume — for the purpose of this post — that a smart contract is a computer program that automates parts or the entirety of an actual legal agreement and that instead of being deployed on a single computer or server, the code is distributed to, and runs on, a non-hierarchical network of computers (probably via a blockchain).

In general, this ability to run apps or execute code is referred to as «smart contracting» and the apps are called «smart contracts.»

[247] To allow otherwise would be to permit the parties to contract out of the provisions of the Code under the umbrella of a private agreement, [248] and would run counter to the purposes of the Code.

«But what if, we can encode the mission statement into code; that is, create an inviolable contract that generates revenue, pays people to perform some function, and finds hardware for itself to run on, all without any need for top - down human direction?»

The code that was developed for the (confusingly named) The DAO application was called a «smart contract,» and ran as a DAO application on top of the Ethereum blockchain.

However, if the destination is a contract, then the contract in turn activates, and automatically runs its code.

«What initially attracted me to Ethereum was the social contract of having this world computer where the code is basically law — it runs as written,» said Hoskinson.

A contract is «activated» every time someone sends a transaction to it, at which point it runs its code, perhaps modifying its internal state or even sending some transactions, and then shuts down.

However, once an execution of smart contract code is kicked off, it generally runs as fast as the node can process it

Smart contracts are code running on (usually) public blockchains, like Ethereum, and can offer the functionalities of securities more cheaply and more transparently than public securities — or even more privately, when encrypted on the blockchain (Oraclize.it encrypted queries) and able to disclose different information to different types of investors.

TokenGen features a simple step - by - step process that allows the user to generate a smart contract package containing all of the code necessary to deploy a token on the Ethereum network and then run a crowdsale in order to sell it to interested parties.

When you initiate a Smart Contract, the code running is independent and can not be manipulated.

That's because, while Litecoin is an altcoin, Ethereum is a blockchain platform to run smart contracts as they are coded, and not a coin, per se.

The first and foremost concern is that fact that the code of applications and smart contracts running on the Ethereum are written by humans.