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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.
18 Oct 2021 2 minute read 2 comments Austras $0.13
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...
14 Oct 2021 3 minute read 1 comment Fushuma $0.02
Note: This article was originally published under the Callisto Network blog. We are now evolving into Fushuma, a community-driven blockchain leveraging advanced ZK-Rollup technology for low fees and high throughput. In Fushuma, FUMA token holders d...
11 Oct 2021 8 minute read 3 comments drluv $0.92
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...
11 Oct 2021 2 minute read 2 comments Austras $1.35
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...
10 Oct 2021 2 minute read 0 comments Tonymillion $0.05
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...
10 Oct 2021 5 minute read 0 comments Fushuma $0.04
Note: This article was originally published under the Callisto Network blog. We are now evolving into Fushuma, a community-driven blockchain leveraging advanced ZK-Rollup technology for low fees and high throughput. In Fushuma, FUMA token holders d...
2 Oct 2021 3 minute read 0 comments RockHoward $0.07
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...
30 Sep 2021 3 minute read 3 comments Michael @ CryptoEQ $1.03
Simon Erickson, 7Investing: “Ethereum has a lot of competitors. Do you think there is interoperability between blockchains? Or do you think that these are those “fat protocols”, where we’re using Ethereum as the go-to for smart contracts and usi...
29 Sep 2021 3 minute read 1 comment Lucasgaio $0.45
Knowing how to connect a wallet to a De-Fi application is very simple and sometimes even intuitive. The wallet applications we use to interface with the world of decentralized finance are increasingly simple to use and manage complicated smart contra...
27 Sep 2021 2 minute read 8 comments RockHoward $1.01
When programmable blockchain in the form of smart contracts first appeared on the scene it was not clear how they would be used. Accordingly the protocols and languages were designed to be general purpose and familiar. It wasn't yet clear that token...
