Smart Contract

638 Articles 62 Followers

A smart contract is a self-executing digital contract enforced by the terms of an agreement that are written into lines of code. When a smart contract’s predefined rules are met, the agreement is automatically enforced and the contract is executed.

The term “smart contract” was first proposed by Nick Szabo in 1994. Szabo defined smart contracts as computerized transaction protocols that execute terms of a contract. He envisioned smart contracts to revolutionize financial transactions by bringing them to the digital realm. With the advent of cryptocurrencies and blockchain technology, Szabo’s vision is being fulfilled as smart contracts are being implemented on blockchain or distributed ledger technology. 

Smart contracts enable credible transactions to be executed without third parties and are thus superior to traditional contract law and reduces the transaction costs associated with contracting. They allow anything of value to be transacted in a transparent, trustless, and conflict free way without a middleman. Therefore, smart contracts have the potential to disrupt and revolutionize a number of industries with their numerous use cases.

Such use cases include and are not limited to; banking and financial services, prediction markets, insurance, digital identity, real estate and land titles recording, authorship and intellectual property rights, the internet of things (IoT), tax records, and more.  

Smart contract technology is being implemented on a multitude of cryptocurrencies and blockchain protocols that enable developers to write their own programs and smart contracts. Ethereum is the most notable blockchain protocol enabling smart contracts and others include EOS, Cardano, NEO, Hyperledger, NEM, Tron, and the list goes on. 


Decoding Crypto Chaos

23 Mar 2025 2 minute read 1 comment Myxoplixx

Explaining crypto concepts doesn’t have to feel like deciphering hieroglyphs. By using simple analogies, we can make even the most brain-bending blockchain ideas fun and relatable. For instance, imagine blockchain as a neighborhood ledger. Picture a...

Account Abstraction vs Chain Abstraction: Breaking Down the Future of Web3 UX | Etherspot X Space Recap

10 Mar 2025 3 minute read 0 comments Pillar

  Etherspot recently hosted an engaging X Space discussion on the evolving landscape of Account Abstraction (AA) vs. Chain Abstraction (ChA). As both concepts continue to shape the Web3 user experience, there is often confusion about their roles...

Chain Abstraction Design Approaches: Resource Locks vs Escrow Contracts | Etherspot & Arcana X Space

7 Feb 2025 2 minute read 0 comments Pillar

In a recent discussion on X hosted by Etherspot, Mayur, Founder of Arcana Network, and Partha, CTO of Etherspot, delved into the intricacies of chain abstraction design approaches: Resource Locks and Escrow Contracts, and ChA’s potential to reshape t...

One Day, One Token #2: Ethereum (ETH) , The Innovator of Smart Contracts

26 Jan 2025 2 minute read 1 comment kleo69

      Overview   Name: Ethereum Symbol: ETH Launched: July 30, 2015 Creator: Vitalik Buterin    Total Supply: Not capped (approximately 120 million ETH in circulation with deflationary mechanisms in place) Current Circulating Supply: approximately...

Understanding EIP-7702 Impact on Smart Wallets: Recap of the PillarX Round Table Discussion

26 Dec 2024 4 minute read 0 comments Pillar

Last week PillarX hosted an engaging and insightful discussion “Understanding EIP-7702 Impact on Smart Wallets.” The session gathered some of the brightest minds in the Web3 space to unpack the implications of EIP-7702 on the future of smart wallets....

Cardano becomes a layer 2 solution for Bitcoin: New capabilities and potential for the crypto ecosystem

30 Oct 2024 1 minute read 3 comments Albertocrypto

Recently, Charles Hoskinson, founder of Cardano, announced that this blockchain network would guide its development towards becoming a Layer 2 solution for Bitcoin. This change implied that Cardano would bring significant improvements to Bitcoin, add...

My Discussion with The Godfather of DeFi

25 Oct 2024 1 minute read 0 comments KHubbard

  Reggie Middleton is often referred to as the "Godfather of Decentralized Finance" (DeFi) due to several key contributions and pioneering work in the field. In the latest edition of Crypto with Kamal, I speak with Reggie to explore his insights on t...

PURPLE PILLED! Orange BTC Pill + Blue ETH Pill = Purple MYFI Pill?

12 Sep 2024 1 minute read 0 comments Thunderboltkid

Stumbled on to this Botanix Labs Coindesk Post , describing the #Botanix EVM operating on their #SpiderChain L2 "Synth BTC" Blockchain,   pegged 'one for one', to the real L1 BTC Blockchain.   VERY Interesting. Forbes post here circa Aug 13th 2024  ...

The Great Crypto Punk Heist: A Tale of Fractionalization and Opportunity

12 Sep 2024 1 minute read 0 comments Diver_

In the wild world of cryptocurrency and NFTs, a clever investor just pulled off what many are calling "the steal of the century." This tale of digital intrigue involves a rare Crypto Punk, fractionalized ownership, and a contract loophole that led to...

Contemporary Blockchains Are Gearing Up to Usher in the Web3 Era

11 Sep 2024 4 minute read 0 comments Greenchic

  Created using Canva Contemporary Blockchains have evolved with capabilities essential for ushering in the Web3 era Now Blockchain technology is finally getting that base foundation intact, which was necessary all along to attract large-scale adopt...