Smart Contracts #1

Question 1

What is a smart contract?

Answer 1

On-chain code that automatically enforces predefined terms without intermediaries.

Question 2

Name two key attributes of smart contracts.

Answer 2

Immutable code; deterministic execution; trust-less enforcement.

Question 3

List the four phases of a smart-contract lifecycle (D-D-I-E).

Answer 3

Development → Deployment → Invocation → Execution.

Question 4

State one advantage of smart contracts.

Answer 4

Automatic execution reduces manual processing and fraud risk.

Question 5

State one drawback of smart contracts.

Answer 5

Immutable code means bugs can’t be easily fixed.

Question 6

Give a simple example of a smart contract application.

Answer 6

Joint-investment: auto-splits interest equally among investors.

Question 7

What is a dApp?

Answer 7

Application whose backend runs on a P2P network/smart contracts instead of a central server.

Question 8

Name three example dApps and their tokens.

Answer 8

Augur (REP); Filecoin (FIL); Brave (BAT).

Question 9

List one advantage of dApps.

Answer 9

No single point of failure; censorship-resistant.

Question 10

List one challenge of dApps.

Answer 10

Scalability limited by blockchain throughput; complex UX and key management.