Beyond Bitcoin: The Economics of Cryptocurrencies and Blockchain Technologies (Chapter 6: Smart Contracts and Blockchain)

Abstract

In this chapter we discuss smart contracts and functionalities they afford, especially in combination with blockchain. 6.1. The rise of Ethereum. 6.1.1. History. 6.1.2. Ethereum is “different”. 6.2. Smart contracts. 6.2.1. Smart contracts on Ethereum. 6.2.2. What do smart contracts need a blockchain for? 6.3. Tokens. 6.3.1. What are tokens? 6.3.2. Use of tokens. 6.4. Initial coin offering. 6.5 Non-fungible tokens. 6.5.1 NFTs and Smart contracts do not solve digital art ownership problems. 6.5.2. New markets enabled by NFTs. 6.6. DAPPS. 6.7 Blockchain governance, DAPPS and smart contracts. For Chapter 1 (Introduction), see https://ssrn.com/abstract=3135021. For Chapter 2 (Means of Exchange: Ever-present Competition), see https://ssrn.com/abstract=3135028. For Chapter 3 (Platform-based Currencies), see https://ssrn.com/abstract=3135030. For Chapter 4 (Bitcoin and Emergence of Cryptocurrencies), see https://ssrn.com/abstract=3135043. For Chapter 5 (The Rich Land of Crypto), see https://ssrn.com/abstract=3135057. For Chapter 6 (Smart Contracts and Blockchain), see https://ssrn.com/abstract=3894110. For Chapter 7 (Enterprise Blockchains), see https://ssrn.com/abstract=3894117. For Chapter 8 (Conclusions: Future Full of Possibilities), see https://ssrn.com/abstract=3894118.