Cryptocurrency Q&A
How do Ethereum smart contracts work?
How do Ethereum smart contracts work?
emma_anderson_scientist
Thu Feb 13 2025
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5
answers
1673
Ethereum smart contracts are digital contracts stored on the blockchain. They automatically execute when predefined conditions are met, without needing intermediaries. This works through simple 'if/when...then...' statements, ensuring transactions are completed as agreed upon, cutting costs, speeding up processes, and reducing human error.
5 answers
Chiara
Sat Feb 15 2025
ETH, or Ethereum, is the native cryptocurrency of the Ethereum blockchain and is used to pay for gas fees.
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SumoStrength
Sat Feb 15 2025
Smart contract transactions on the Ethereum blockchain necessitate computational power for validation across the network.
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Andrea
Sat Feb 15 2025
This validation process is crucial to ensure the integrity and security of the transactions within the blockchain.
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ShintoSanctum
Sat Feb 15 2025
To incentivize validators and compensate for the time and energy expended in performing these computations, a fee is required.
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Martina
Sat Feb 15 2025
This fee is paid in the form of “gas,” which is a unit of measurement used to determine the amount of computational power required to execute a transaction.
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