Category: 1. What are Smart Contracts?

The use of Smart Contracts is almost certainly going to accelerate. They are fundamental to the promise of delivering what is described as web3.0, an internet experience where users control their data and identity and the value they create online. Their creation will become simplified for an increasing range of tasks that involve digital agreement and…

One of the most significant downsides to the decentralised Smart Contract model is that they will automatically execute whatever logic is coded into them. Given Smart Contract code is developed by humans who are prone to error, this frequently includes unintended vulnerabilities.  Code vulnerabilities are made worse by the common practice of copying Smart Contracts…

Nick Sazbo, one of crypto’s OGs, summed up the function of Smart Contracts “I call these new contracts “smart”, because they are far more functional than their inanimate paper-based ancestors. No use of artificial intelligence is implied. A smart contract is a set of promises, specified in digital form, including protocols within which the parties…

Ethereum’s Turing Complete design means that anyone can write a Smart Contract, there is no submission or vetting process. Smart Contracts can create their own rules and ownership structures. Given that Ethereum also supports token standards, it is a blank canvas for new permissionless methods of generating and exchanging value. Currencies & Token Systems The…

Though inspired by Bitcoin, which functions as a new form of money, Ethereum was designed with much greater ambition. It provides a foundational layer for any digital application that can be reduced to mathematics, programmable money being just one use case, with Ether serving as Ethereum’s native currency.  This capability is known as being ‘Turing…

What you’ll learn Expressed in computer code, Smart Contracts are how blockchains automatically execute an agreement between two parties without any intermediary. When the Smart Contract conditions are met, the supporting blockchain will execute the agreement for a fee, paid in the blockchain’s native cryptocurrency. The resulting transactions are cryptographically recorded on the blockchain and…