Lesson 8
1. Smart contracts on Ethereum differ from traditional contracts because for a smart contract the computer codes of the contract are in the agreement and they execute themselves. they run on blockchain so they cannot be changed or distributed there is no middle man. With a traditional contract you always have a middle man and those terms can be changed. Smart contracts would be more secure for businesses as well as individuals. The issue would be that they would decrease jobs for individuals who currently write contracts.
2. Ethereum’s transition to proof of stake impacts its adoption and the broader cryptocurrency market by its ability to provide a broad platform to develop applications. the fact that it can operate without centralized control makes it extend beyond normal transactions and can include any kind of decentralized application.
Its ability to run without downtime makes a wide range of applications. They can store more value making it better for individuals. This could change the way we interact with digital services because it shows that we can in turn have contracts with no chance of fraud and no one able to change or intervene in the contract itself. It becomes safer for all.
