In today's lecture Harkirat taught a Understanding what ETH and SOL, Programs/Smart contract and Jargon specific to solana and Solana token program with a focus on commonly used methods in Ethereum (ETH) and Solana (SOL) blockchains.

• Slides Link : https://petal-estimate-4e9.notion.site/Solana-Jargon-Programming-model-Tokens-45937002d4c24cda9d02fc02a6dedc1c

Why Solana?

Until now, we’ve gone through the following -

1. What are blockchains, how do they work under the hood
2. Public and Private keys, how you can use them to sign transactions that miners use to verify and credit/debit balances

In today’s class, we’ll understand about one of the biggest use-case that blockchains like Solana/ETH solve for - Programs/Smart contracts.

Programs/Smart contracts

ETH was one of the first blockchains to introduce the concept of decentralized state / programs. These are popularly known as smart contracts on the ETH blockchain.

• Here is a simple ETH smart contract
• Here is a simple Node.js HTTP server that does something similar

HTTP Servers are deployed on cloud providers like GCP, Azure

Smart contracts/programs are deployed on the blockchain

Traditional Process vs. Smart Contracts

Traditional Process:

1. Buyer and Seller Agreement: The buyer and seller agree on the terms of the house purchase.
2. Middlemen: A real estate agent, lawyer, and sometimes a bank are involved to ensure everything is legal and funds are handled properly.
3. Payment and Ownership Transfer: The buyer pays the agreed amount, and the ownership of the house is transferred to them through legal documentation.