Understanding Ethereum Smart Contracts

Re:Understanding Ethereum Smart Contracts by workmandan on Wednesday November 29, 2017 @08:40AM (#15806618)

Interesting point on the lack of floating-point support. I've dealt with storing fiat in real world software and using floating point is a big no-no due to the fact it is only an approximation by its very design. We therefore always stored money as integer cents/pennies etc. How is this approached with digital "money" where there is no smallest divisible unit?

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Re:Understanding Ethereum Smart Contracts by jatsign on Wednesday November 29, 2017 @08:46AM (#15806672)

Most of the time by using 18 decimals. One "Ether" is 10^18 "wei", the smallest unit of currency. Most cryptotokens built on ethereum also use that many units...but not all.

Bitcoin is, IIRC, 8 units of precision.

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Re:Understanding Ethereum Smart Contracts by workmandan on Wednesday November 29, 2017 @09:03AM (#15806812)

Ah that makes sense - if Bitcoin keeps going at its present rate could 8 units of precision simply not be enough? Would a hard-fork be the solution to this?

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Re:Understanding Ethereum Smart Contracts by jatsign on Wednesday November 29, 2017 @09:08AM (#15806848)

If one bitcoin were worth $100 million, then one "satoshi" (the smallest unit in bitcoin) would be worth a buck. So, 8 units of precision is probably plenty.

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Re:Understanding Ethereum Smart Contracts by jerrre on Wednesday November 29, 2017 @08:47AM (#15806675)

I'm not sure if there are infinitely divisible currencies? The cryptocurrencies I know (Ethereum, Bitcoin) _do_ have a smallest divisible unit (wei and satoshi respectively).

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