The Use of Smart Contracts and Challenges.

Abstract

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% of all 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.