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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. 

(JaiChai) DIY NFTs with images rendered ON-CHAIN and a closing random thought...

21 Oct 2021 1 minute read 0 comments JaiChai

  image source   Did you know that any image created in multiple layers can actually be rendered on the blockchain, not like 99.9% of images that are stored off-chain, as an NFT? With a normal raster image (.jpg, .png, etc.) to scalable vector g...

Tron in focus, is it the next big Dapp provider?

19 Oct 2021 3 minute read 9 comments Austras

To build a perfect blockchain you often have to sacrifice something. Security for speed, speed for security, transaction fees for speed & security. Is there a perfect compromise that allows for a stable foundation with strong growth without sacrifici...

Vechain in focus, revolutionizing supply chains

18 Oct 2021 2 minute read 2 comments Austras

Background Vechain's original idea began back in 2007 under a subsidiary named BitsSe in China. Sunny Lu was the main inventor of the blockchain and built it to allow a full view of the supply chain of any company that uses it. However, the project w...

Callisto Network - Mission: Securing the Smart Contracts Ecosystem

14 Oct 2021 3 minute read 1 comment Callisto Network

Context: The Importance of Security We all recognize the importance of security when surfing the Internet or installing applications from unverified sources. We also know how essential it is using anti-virus and firewalls to protect information on ou...

ERC20 Standard Main Issue

13 Oct 2021 1 minute read 0 comments Callisto Network

  The lack of transaction handling mechanism is the main issue of ERC20 token standard. Event handling is a standard practice in programming. It’s obvious that token transactions should be considered as an event and that it should be possible to hand...

Syscoin NEVM - (Network-Enhanced Virtual Machine): The Roadmap to 4M TPS!

11 Oct 2021 8 minute read 0 comments drlove

NEVM brings EVM and scalable smart contracts to the Syscoin ecosystem. This article explains what this means, the advantages of NEVM, and dives into important core changes necessary in order for our developers to implement NEVM on the Syscoin platfor...

Cosmos in focus, the internet of blockchains

11 Oct 2021 2 minute read 2 comments Austras

With time there are an ever growing greater number of blockchains being created and they host various ecosystems of apps on them. With the bigger number growing with time, there is going to be a need for these different to communicate and work togeth...

AGOV: The Realworld to the Metaverse on the Klaytn blockchain

10 Oct 2021 2 minute read 0 comments Tonymillion

INTRODUCTION. NFT avatars exploded in popularity in 2021, fetching up to millions of dollars for individual photos that could be gathered and shared on social media, resulting in billions of dollars in collective trading activity. Non-fungible token...

ERC 223 Token Standard

10 Oct 2021 5 minute read 0 comments Callisto Network

EIP 223 You can read the original discussion and formal description here. Current Implementation Main ERC223 contracts: IERC223.sol: Token interface. The minimal common API ERC223. Tokens and receivers must implement in order to interact with each o...

Design By Contract

2 Oct 2021 3 minute read 0 comments RockHoward

In our last article we referenced the Cadence language. You may have noticed that it supports preconditions and postconditions. Those are major supporting elements for the concept of Design By Contract. In this article we will look at why Design By C...