Smart Contracts and Ethereum Flashcards
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Read the first 7 Smart Contracts and Ethereum flashcards as text
Who coined the term 'smart contracts' and first described their concept?
Answer: Nick Szabo in the 1990s
Nick Szabo coined the term 'smart contracts' in the 1990s, describing self-executing agreements with terms directly written into code.
What programming language is most commonly used to write Ethereum smart contracts?
Answer: Solidity
Solidity is the primary high-level, statically typed programming language designed specifically for writing smart contracts on the Ethereum blockchain.
Which best defines a smart contract?
Answer: A self-executing program on a blockchain that runs when predetermined conditions are met
A smart contract is a self-executing program stored on a blockchain that automatically enforces and executes agreed-upon terms when predetermined conditions are met.
What is the Ethereum Virtual Machine (EVM)?
Answer: A runtime environment on Ethereum nodes that executes smart contract bytecode
The EVM is a runtime environment embedded in every Ethereum node that executes smart contract bytecode, ensuring deterministic and consistent execution across the entire network.
What does 'gas' represent in the Ethereum network?
Answer: A unit measuring computational effort required to execute operations
Gas measures the computational effort required to execute specific operations on Ethereum; users pay gas fees (in Ether) to compensate validators for the computation performed.
What does 'immutability' mean in the context of a deployed smart contract?
Answer: Once deployed, the contract's code cannot be changed on the blockchain
Immutability means that once a smart contract is deployed, its code is permanently written to the blockchain and cannot be altered, which enforces trust but makes bugs permanent.
What is the purpose of the ABI (Application Binary Interface) in Ethereum smart contract development?
Answer: It specifies how to interact with a contract by defining its functions and data types
The ABI defines the interface for interacting with a smart contract, specifying function signatures, parameter types, and return values so applications can encode calls and decode responses correctly.