Smart Contracts and the Ethereum Sample Clauses

Smart Contracts and the Ethereum. Virtual Machine Smart contracts are executable programs stored as byte- code in the blockchain. They highly extend the use of a blockchain as they can programmable change its state. For example, with the so-called Ethereum Virtual Ma- chine (EVM), each node participating in the consensus of the blockchain executes the smart contracts on its local EVM and validate the correctness of the created new state. The EVM is a Quasi-Turing complete machine [3] to execute state-transitions in the blockchain. The EVM is a 256-bit stack-based machine executing bytecode statements. Each statement consists of an opcode, with 71 active (dis- crete) opcodes at the time of writing. The machine avoids an infinite execution of the bytecode by charging a fee for each execution statement, the so-called gas. This fee inhibits micro-payments to be affordable, which is why payment channels have been suggested (see below). If a smart contract runs out of gas in the middle of execution, it is aborted. The current design of EVM treats smart contacts as sequential programs with no support for concurrency. More- over, EVM does not allow smart contracts to have access to data outside of the network, limiting their usefulness. For a smart contract to include sensor data, current solutions use services such as Oracles [4]. Oracles act as a third-party information source, and supply verified data from Internet sources. TinyEVM proposes a novel approach to include IoT opcodes inside the EVM, where the smart contract can have access to the sensors and actuators of the device.
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