What Is So Great About Smart Contracts? | Blockchain Central

The video provides an overview of Ethereum, a decentralized platform for smart contracts and DApps. It explains Ethereum's basic concepts, including its decentralized nature and proof of work mechanism. The video highlights the significance of smart contracts, which automate transactions without intermediaries, and discusses the potential of DApps. It also covers Ethereum's layer structure, miner incentives, and the proposed shift to a proof of stake system. The video concludes with a summary and encourages viewers to follow Ethereum's future developments.

What is a key feature of Ethereum that distinguishes it from other blockchain solutions?

• Smart contracts

• Centralized control

• Limited scalability

• High transaction fees

Who is credited with introducing the concept of smart contracts?

• Nick Szabo

• Satoshi Nakamoto

• Charles Hoskinson

• Vitalik Buterin

What programming language is used to write smart contracts on Ethereum?

• C++

• Solidity

• Java

• Python

What is a primary benefit of decentralized applications (DApps) on Ethereum?

• Higher operational costs

• Increased vulnerability to attacks

• Centralized data storage

• Enhanced security and reliability

What is the term used for the smaller denominations of Ether?

• Finney

• Gwei

• Satoshi

• Wei

What is the proposed change in Ethereum's consensus mechanism?

• Proof of Authority

• Proof of Stake

• Proof of Burn

• Proof of Space

What is the purpose of the gas fee structure in Ethereum?

• To limit the number of transactions

• To increase transaction costs

• To incentivize inefficient coding

• To ensure fair compensation for miners