Ethereum & Smart Contracts

they do not depend on third parties

transactions done through smart contracts are irreversible

execution and enforcement is done through carefully designed algorithms, not through law

to fund computation and align incentives

as the primary purpose of the Ethereum blockchain, like digital cash

for online price speculations

it is UTXO-based

it is simple and robust

its scripting language is quasi-Turing complete

Proof of Work, the same as Bitcoin

Proof of Work, but different than Bitcoin's version

Proof of Stake

because it cannot solve all problems fed to it

because it was not designed by Alan Turing

because it is bound by gas, imposing limitations on the number of calculations that can be done

the price of contract execution

the mining reward of the network

Ethereum's native currency

smart assets

multisig

prediction markets

Ethereum is about optimising computation efficiency

Ethereum is enabling distributed and trustless computation

Ethereum is incentivizing people to use blockchain for computation that can be done off chain

Casper the Friendly Finality Gadget

Casper the Friendly GHOST

Tendermint