- Define Ethereum smart ...
© Santiago Palladino 2019Santiago PalladinoEthereum for Web Developershttps://doi.org/10.1007/978-1-4842-5278-9_3
3. A Crash Course on Smart Contracts
Ciudad Autónoma de Buenos Aires, Argentina
Smart contracts are the key component in Ethereum. They hold the logic to be executed on the network, keep track of their own state, and can interact with other smart contracts as well. However, they have some limitations, such as restricted computation per transaction and expensive storage costs. They also cannot initiate new transactions – they depend on external accounts to trigger them. And since they run on the Ethereum network, they cannot directly interact with anything outside it. In this chapter, we will