Everything About Smart Contract - News, Opinion & Analysis

Smart Contract

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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. 

Video Article --> DeFi Explained. Starting from the Basics of Decentralized Finance - 1

28 Jul 2021 1 minute read 0 comments MikeZillo

Decentralized Finance is subverting traditional finance by eliminating middlemen. This gives any person the ability to manage their savings themselves. But beware: this does not mean that everyone can, in a few minutes, think of being a financial adv...

Cardano deploys Alonzo White. Hoskinson reveals Stablecoin.

22 Jul 2021 2 minute read 1 comment mpyllan

The AlonzoWhite hard fork was deployed on Cardano's testnet, marking a new milestone in the Smart Contract journey. Hoskinson introduced a novel stablecoin design.   Cardano deploys Alonzo White. Hoskinson reveals new stablecoin (Photo by @Executium...

The interesting bet on Polymarket on weather Cardano will get smart contracts by October 1st

20 Jul 2021 3 minute read 1 comment Greenchic

Image Source  Crypto Community looks disinclined to take Cardano Blockchain seriously Looks like the crypto community is bored of the Cardano Blockchain that is still in the process of launching it’s smart contract feature, that according to Cardano...

The ever-rising inequality and how crypto might solve it

16 Jul 2021 4 minute read 0 comments BBAMarketPerspectives

Wealth inequality is at the tipping point of undermining the growth that we have experienced during the Industrial Revolution. There are three ways that Ruchir Sharma notes how growth can be undermined. First, mass consumption is discouraged because...

Standardization of Token Contracts in Ethereum and other Smart Contract Systems

16 Jul 2021 3 minute read 1 comment Wonrey

Each of these contracts is subtly or not so subtly different from all the other ones, which means that if you really are paranoid you need to have some programming knowledge in order to be able to audit each of those contracts, and secondly, you need...

What Smart Contracts Aren't Good For?

15 Jul 2021 3 minute read 2 comments Wonrey

How can I use Ethereum Solidity in order to draw graphics? The Ethereum blockchain and the Ethereum programming language Solidity are not designed for graphics. If you want to have a visual representation of something in the blockchain you typically...

Mining and smart contracts

14 Jul 2021 1 minute read 1 comment Marekiaro

⛏ Miners’ Resource Center   Block Interval: ~15 sec. Maximum Supply: 6,500,000,000 CLO. POW Algorithm: Dagger Hashimoto (Ethash). Block Reward Reduction: 40% Every 1.500.000 Blocks (~250 Days). Current Block Reward: 77,76 CLO.   📊 Callisto Network St...

Kucoin Kidnaps Kash 4 KYC

10 Jul 2021 3 minute read 17 comments AlucardLife

Tried to use Kucoin for a purchase I couldn't get anywhere else. Kucoin, I thought, was one of the only legit CEXs left that didn't require KYC. Aaaaaaaand of course my transaction gets stuck for no reason. I checked all of the normal things. Sent to...

Merry's NFT, the Rainbow colored spittle -- P1: Minting

7 Jul 2021 5 minute read 0 comments AlabasterRube

    "NFT, what's that --", I dug at my cousin, "Not For the Thompsons?" "Hardy-har-har", he mocked, measured and sardonic, "Very funny, Vin. But, I'm serious... we could have a little celebrity on our hands. And I know y'all need the money since thi...

Trailblazing Plutus on Cardano

6 Jul 2021 3 minute read 1 comment Lloyd Duhon

I excitedly opened the email from Lars Brünjes inviting me to the second cohort of the Plutus Pioneer Program. The giant red banner across the top reflects the difficulties that lay ahead. The happy welcome text below exclaimed the excitement within...