Smart Contracts in Ethereum Sample Clauses

Smart Contracts in Ethereum. Ethereum is a cryptocurrency with the third largest market capitalization (CoinMarketCap, 2018). Xx- xxxx at realizing a “world computer”, Ethereum al- lows users to program smart contracts with a Turing- complete language and guarantees the correct execu- tion of these contracts and the integrity of the system with its underlying blockchain (Buterin, 2014). Smart contracts are special accounts on Ethereum blockchain, that contain code and persistant storage along with an address and balance like normal ac- counts (Xxx et al., 2017). They are computerized pro- tocols, that, without relying on any intermediaries, sa- tisfy contractual conditions and minimize attacks by adversaries. As in any other computer program, the code of smart contracts also manipulates variables, and it can be invoked by sending a transaction to its address along with the required payment for its exe- cution and parameters. Miners, entities who embed transactions into the blockchain, are compensated by transaction fees in ether, the native currency of Ethereum, from the xxxx- saction initiators. The transaction fee is calculated as the total amount of gas consumed by the transaction execution, multiplied by the gasPrice, while the gas- ether exchange rate is specified in the transaction. The total gas is calculated by accumulating the gas con- sumption of all instructions of the execution. Each owner Consumer Smart Contract Car Public Ledger
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