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The idea of Ethereum

Etherium smart contracts appeared relatively recently, three years ago. Vitalik Buterin is a person who is directly related with the creation of a unique technology. He was born in Russia, but moved to Canada with his parents when he was six years old. Etherium smart contract developer offered his ideas related to the development of innovations when he was 19.

What are the main Vitalik Buterin's ideas? Users believe that Bitcoin is simple and clear. There are special wallets, which allow receiving and transferring money to other users. This network is built in the way that people don't have to use a single center to solve the main classical problems. Payment system involves people, money and transfers. Nothing more in it.

However, you can go much further, creating a payment system, which you can use to write special programs. They give the opportunity to work with wallets in the automatic mode, taking finance and sending them to the necessary users. No one will be able to change the transparent functioning of the program, because everything in it is set at baseline levels.

That is why it was decided to make Etherium smart contract, which was complemented by the ability to create innovative programs. In this system, the wallets are divided into two types. The first one is managed by people and the second - the automatic programs.

Vitalik managed to figure out how to create smart contract by all the rules. This program has the information which is recorded in Blockchain. Then, it is remembered for a long time. Each participant receives a copy of it, and then a person gets access to all basic functionality.

Creating of smart contract allowed applying Blockchain currency in various spheres of activity.

Programs' features that you can write

You can order Etherium smart contract to create any programs. It might even be a pyramid. To cope with this task, you will need to write smart contracts in accordance with these steps:

  • from the address of wallet A came the amount X (remembered in the table of debts);
  • then from the wallet B came the amount Y>2* X. It is necessary to send 2*X amount to the wallet A (remembered the debt of B party);
  • procedure is repeated again for each individual participant.

Therefore you need to send 5% from incoming finance to smart contract author. It is possible to arrange an auction by creating program. If it is not completed, you must remember the addresses of senders and the amounts on which they made bets. After completion of the auction, you need to select the largest bet, announce the winner and send bets to other participants.

This smart contract which cost is available can be used for other purposes. For example, this is financial transactions casino, elections, notary services, and so on.

This option has a significant advantage. Blockchain enables all parties to make sure no one cheats. Everyone will be able to see the text of the program and ensure that its operating conditions are not violated. The program will not be able to escape with the money or go bankrupt, as a person.
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