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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.
For my first article, I thought I should begin with an area which would have helped me when I first came into contact with this space. The Blockchain space has layers and layers of information and as the space grows, the information follows. This art...
This is a follow-up to my original post on DeXter being brought down for revisions to the smart contracts: https://www.publish0x.com/mycryptolife/down-goes-dexter-xjmxeoy I just noticed yesterday that the DeXter Exchange is back online! Glad to se...
Fast than a speeding Bullet. That would be ADA these days in the world of Crypto, as Investors start to wake up to who the next Smart Contract Leaders will be in the next few years in the world of crypto and business. Yesterday CARDANO's ADA was 1/4...
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The imminent release of Syscoin LUX will introduce the world’s first decentralized and native RC (regulatory compliance) token platform. Given the current "Wild West" nature of the blockchain ecosystem, regulatory compliance has become a necessity to...
From Friday's events on 02/26/2021 ✅ Rumors: The SEC will investigate Musk's tweets about Dogecoin ✅ Belarus is investigating the possibility of switching to crypto mining ✅ Crypto leaders support MIT's initiative to strengthen the security of t...
Please, note that any information provided below is for informational purposes only and should not be treated as investment or financial advice of any kind. First ‘Ethereum killer’ is going to launch native assets in a week. And what about smart con...
In the first two articles in the series on smart contracts, we talked about blockchains for smart contracts, real-life applications of smart contracts, and how to use smart contracts. In this third and final article we are going to tell you about cre...
Today I want to share some rather personal stuff with you. I hope you don't mind. Last week we had the CTP Power Up Challenge going on within the @ctpsb project and this was a blast for me. I enjoy to keep rankings and stats. As a kid I tended to org...
Yes, ETH fees are pricing out many users. And far be it from some person on the internet to tell you which blockchain to use BUT it is always important to know the trade-offs involved. So here are a few "ETH killers" and some of the downsides to thei...
