The Use of Smart Contracts and Challenges

09/26/2018

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by   Yining Hu, et al.

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In December 2017, "CryptoKitties", a game on the Ethereum blockchain became an instant success shortly after its launch. It attracted 180,000 users with over 20 million of spend in Ether, and was at one point taking up 12 Ethereum transactions. Technically speaking, "CryptoKitties" is a smart contract - a piece of code with storage capability that resides on a blockchain. Smart contracts are gaining increasing popularity in recent years. We present a comprehensive review of smart contracts with a focus on existing applications and challenges they face. We have covered the smart contract mechanisms, promising use cases, as well as relevant research work and the open issues.