Post
Topic
Board Announcements (Altcoins)
Re: [ANN] SATO - Satoshi coin
by
Quisel
on 10/09/2018, 20:54:52 UTC
Hello, all
please tell me what is a smart contract?
I'm confused
Hello,
a smart contract (or crypto contract) is a program that executes a set of conditions defined by the creator of the contract. It is smart, because the software is doing something automatically once the conditions are met. It is “crypto” because a lot of what is happening is based on the principles of cryptography.
What advantage does it have?
The benefit of a smart contract is that technologies like blockchain and cryptography ensure the execution of a peer-to-peer contract without needing to involve lawyers and trust (smart contracts are trustless peer-to-peer contracts).
One could say Bitcoin’s whole system of transactions is composed of blockchain-based smart contracts.
I understand correctly?