Micro lecture: applied Web3 Flashcards
Is interaction with smart contracts easy?
No
Do smart contract provide a GUI?
no
What can we do to make interaction with smart contracts easier?
Build UIs on top of smart contracts.
What is a dApp?
based on one or more smart contracts and accessible via a decentralized web-based user interface.
Which properties must hold for a dApp?
- core data records of the application must be stored on the blockchain
- functions that change the core data records must be executed on the Blockchain via a smart contract.
4 general properties of dApps?
- Trust (source code can be checked by anyone)
- Payment (implemented by default)
- Accounts (build on top of Ethereum’s account system)
- Storage (dApps can leverage the Blockchain as common (expensive) data storage
4 Drawbacks of dApps?
Costs (any state change and computation costs money)
Time (current block time is 14 seconds; so it takes around 14 seconds from the function call to define the results of it)
Availability (in high transaction scenarios the network can throttle and not process function calls anymore)
Transparency (without a third party it is impossible to access and verify a Smart Contract source code)
4 properties of each token
- unique
- can be transferred
- can be delegated
- has its own metadata
Mint meaning
- you can create a token yourself and you receive it
- each attribute has a different weight and this makes some NFTs rare and others common
Is the metadata immutable of NFTs?
Yes
Metaverse
- like a video game but you own everything you have in it
- everything is a NFT
- not necessarily virtual
Decentralized Metaverses
- offer the user the possibility to take assets with them and to trade outside of the Metaverse
Centralized Metaverses
do not offer transferable assets –> functionality is limited
