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Vitalik: Ethereum, Part 1
Naval
Understanding Ethereum Contracts
Ethereum functions as a general-purpose blockchain where any application can be built by creating and publishing a piece of code through a transaction. This published transaction becomes a contract, which is a virtual object maintained by the Ethereum blockchain. Users can then interact with this application by sending transactions, specifying the contract and providing data for the application to process. This concept can be illustrated with an example of issuing shares on a blockchain, where transactions can be used to transfer shares between users while ensuring that all interactions with the application adhere to the specified rules. The benefit of using Ethereum for such applications lies in the creation of transparent, public records and the assurance that all interactions follow the established rules, without any backdoor access, thus creating a trusted, verifiable system.
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