smart contract
Self-executing digital agreement
A smart contract is a self-executing program stored on a blockchain that automatically enforces the terms of an agreement when predetermined conditions are met.
Unlike traditional contracts requiring lawyers and courts, smart contracts run without intermediaries: The smart contract released the funds once both parties confirmed delivery.
The technology underlies cryptocurrency transactions, NFT sales, and decentralized finance applications.
Programmable blockchain network
- ledgerFinancial record book
- decentralizedLacking single authority
- gasFormless, expanding substance
- immutableIncapable of being changed
distributed · nodes · transaction · block · hash · oracle · network · trustless
Activates without intervention
- triggerWhat initiates action
- event-drivenTriggered by occurrences
- if-thenImplication structure in logic
- executionCompleting a planned task
autonomous · oracle · condition · escrow · time-lock · state change · callback · settlement
Formal accounts examination
- vulnerabilityOpenness to harm
- exploitNotable act or abuse
- bug bountyReward for finding vulnerabilities
- access controlRestricting resource availability selectively
overflow · underflow · front-running · rug pull · time-lock · code review
Ethereum
Programmable blockchain network
- ledgerFinancial record book
- decentralizedLacking single authority
- gasFormless, expanding substance
immutable · distributed · nodes · transaction · block · hash · oracle · network · trustless · protocol
self-executing
Activates without intervention
- triggerWhat initiates action
- event-drivenTriggered by occurrences
- if-thenImplication structure in logic
execution · autonomous · oracle · condition · escrow · time-lock · state change · callback · settlement · vesting schedule
audit
Formal accounts examination
- vulnerabilityOpenness to harm
- exploitNotable act or abuse
- bug bountyReward for finding vulnerabilities
access control · overflow · underflow · front-running · rug pull · time-lock · code review
tokenization
Converting input into discrete units
- DeFiPeer-to-peer blockchain banking
- walletSmall case for currency
- NFTBlockchain-verified digital ownership
staking · airdrop · minting · burning · whitepaper
- cryptoBitcoin, Ethereum, blockchain, cryptocurrency, tokens
- digital economye-commerce, digital payments, online shopping, digital marketplace, digital markets
- fintechfintech, mobile banking, digital wallet, mobile payment, digital wallets
- digital assetscryptocurrency, websites, Bitcoin, apps, mobile app
- DeFilending, swap, staking, liquidity, borrowing
- NFTsNFT, NFTs, minting, mints, tokenization
smart contractverbal agreement
Spoken mutual commitment
gentleman's agreement · handshake deal · written contract · oral contract · notarized document
smart contracthandshake deal
Unwritten mutual commitment
honor system · personal guarantee · word of honor · social contract
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