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. 

IOTA in focus, is it blockchain 3.0 or a failed experiment?

25 Nov 2021 3 minute read 10 comments Austras

How good a blockchain is, doesn't always result in it being a good investment. Popularity, community and the crypto's history is very important. IOTA was built to bring about the next big blockchain revolution, but the road has been all but steady. H...

Decentraland in focus, is the metaverse already here?

22 Nov 2021 3 minute read 3 comments Austras

There's a big buzz that's been stirring lately around the idea of a digital universe, or "metaverse". This recent spark in popularity has given some older projects some light as this idea isn't old. How has one of the projects that been in developmen...

Get Paid in Radix $XRD for Coding with Scrypto - Complete Step by Step Instructions

21 Nov 2021 2 minute read 0 comments RockHoward

The Radix team announced a developer incentive program that pays you in XRD for trying Scrypto. You can make up to $100 in XRD for making any non-trivial example and up to $1000 in XRD for each example that you submit that is judged as good enough to...

League of Ancients ( $LOA ) smart contract security audit.

21 Nov 2021 2 minute read 0 comments Callisto Network

  League of Ancients Security Audit Report   Are Your Funds Safe?   Audit Request League of Ancients smart contract security audit report performed by Callisto Security Audit Department. Smart Contract info : https://docs.google.com/document/d/1Obi...

Radix Programmer's Guild Updates

19 Nov 2021 1 minute read 0 comments RockHoward

The soft launch of the Radix Programmer's Guild (aka RadGuild) is underway. Here are some news items. RadGuild Organizing Activities RadGuild discord reorganized. Roles added. Initial projects outlined. Forty members invited and onboarded. Scored ac...

Stacks STX: A Blockchain That Connects Smart Contracts With Bitcoin

18 Nov 2021 4 minute read 0 comments 2sats

*obligatory not financial advice*     What is Stacks? Stacks, formerly known as Blockstack, is a blockchain that is connecting smart contracts with the Bitcoin blockchain. It works fairly simple, Stacks is its own smart contract chain that is connect...

Solana Inspired Radix Vending Machine

17 Nov 2021 2 minute read 1 comment RockHoward

Not too long ago I tuned into a twitch session hosted by the two main developers in charge of Solana's smart contract compiler. While extolling the virtues of the Solana compiler they mentioned their latest creation: a smart contract that implemented...

Holding Buckets of Radix Tokens in Scrypto

16 Nov 2021 2 minute read 0 comments RockHoward

The most compelling part of Radix from a developer's perspective is the introduction of Asset Oriented Programming. You can read my recent blog post on this subject of you need a primer on the concepts, but the short form is that the compiler and run...

FLOW in focus, Fixing Dapp gaming for Ethereum

16 Nov 2021 3 minute read 0 comments Austras

All blockchains aim to solve one or several issues they have encountered on web3 or on Dapps running there, well most of them. Flow aims to be the go-to standard for Dapp gaming and doing what Ethereum is failing to do for that space. Where did it st...

Secret Network and The SCRT Coin: A Blockchain for Private Smart Contracts

14 Nov 2021 4 minute read 2 comments 2sats

*obligatory not financial advice*   What is Secret Network? Imagine a smart contract blockchain that is not only fast and scalable but it also has Monero’s level of privacy and can easily connect to other blockchains. It sounds too good to be true, b...