Working on some bugskis. I'm trying to better understand Ethereum.
By the way, I've been doing the 25 pushups each morning before I shower thing. Thanks, it's a good idea. Stupid simple.
kleinbl00 and mk. I've added 25 chair dips each day too. Why not? Takes 2 minutes.
When I first read this, my snap reaction was "because I've been up for 23 hours and have the flu and simply trying to do 6 pushups before a shower made me ache. Also, I'm walking with a limp and haven't even been running in 3 days. Also, there are no flat surfaces in this house capable of supporting a chair dip." But now that I've had like 5 hours of sleep I recognize that the first two problems will sort themselves out and the last isn't entirely true. Fuckin' A, tho. I'm ready for a weekend.
That reminds me ... Hush, by now you ought to be up to near 100 pushups. Have you burst a band yet? I did over 100 pushups in a day for the first time in my life on Sunday, three sets of 34. (Four months ago I started with three sets of 8.) Then on Monday I had my second meeting with the trainer and he eliminated them from my routine.
The very basic idea is that you can create intelligent, multivariate contracts that are secured by a blockchain architecture. The basic idea being that if you want to buy my widgets, we can make an intelligent contract that sets the rate of exchange between widgets and currency. This contract acts as a perfectly neutral third party that holds your money in trust until you confirm that you have received my widgets, upon which point it transfers it into an account of my choosing. You could engineer different rates of exchange at different bulk amounts, or payment schedules that vary based on whatever you want. You could make a competitive contract that automatically contracts with whomever's bid is the best based on your parameters, or whomever meets a certain set of conditions first. Other applications include smart properties that change full or partial ownership based on whose money is placed in trusteeship of the blockchain. Like, you put $2000 into an account online, you walk to a car you've never driven before, wave your phone over the door, when you park the blockchain deducts the cost of the gas/insurance/whatever from your deposit. When you're done with the car you take the remainder out.
The contracts aren't administered or validated by a centralized party. It's trustless. The blockchain creates the shared immutability that enables decentralized trust. While bitcoin is a decentralized asset app, ethereum is a decentralized app app. The ETH token is just one component.
Yeah. What I described is one teeny teeny section of what this thing is theoretically capable of. Some of it is kind of legally questionable, because theoretically you can contract for anything, and it's probably going to be possible to do so anonymously.