smart contracts
Self-executing digital deals
Smart contracts are self-executing agreements written as computer code, typically on a blockchain.
When predetermined conditions are met, the contract automatically enforces its terms—releasing funds, transferring ownership, or triggering other actions without intermediaries.
The smart contract released payment once the shipment was confirmed.
Despite the name, they're neither smart nor legal contracts in the traditional sense—just automated if-then programs that can't be easily altered once deployed.
Programmable blockchain network
- decentralizedLacking single authority
- DeFiPeer-to-peer blockchain banking
- tokenizationConverting input into discrete units
- oraclesSources of divine guidance
validators · trustless · wallet · proof of stake · deployment · immutability · Polygon · auditing
Legally or morally required
- termsConditions of an agreement
- clausesGrammatical or legal units
- partiesOrganized social gatherings
- obligationsRequired responsibilities
enforceable · conditions · execution · signatories · covenant · stipulation · dispute resolution · escrow
Activates without intervention
- triggerWhat initiates action
- if-thenImplication structure in logic
- event-drivenTriggered by occurrences
- autonomousSelf-directed and free
predefined · logic · parameters · workflow · scripted · conditional · oracle · threshold
Converting data into code
- authenticationConfirming genuine identity
- auditFormal accounts examination
- vulnerabilityOpenness to harm
- access controlRestricting resource availability selectively
hashing · exploit · bug bounty · code review · permissioned · front-running · overflow · time manipulation
Ethereum
Programmable blockchain network
- decentralizedLacking single authority
- DeFiPeer-to-peer blockchain banking
- tokenizationConverting input into discrete units
oracles · validators · trustless · wallet · proof of stake · deployment · immutability · Polygon · auditing
binding
Legally or morally required
obligations · enforceable · conditions · execution · signatories · covenant · stipulation · dispute resolution · escrow · settlement
self-executing
Activates without intervention
- triggerWhat initiates action
- if-thenImplication structure in logic
- event-drivenTriggered by occurrences
autonomous · predefined · logic · parameters · workflow · scripted · conditional · oracle · threshold · state change
encryption
Converting data into code
- authenticationConfirming genuine identity
- auditFormal accounts examination
- vulnerabilityOpenness to harm
access control · hashing · exploit · bug bounty · code review · permissioned · front-running · overflow · time manipulation · private key
bytecode
Compiled platform-neutral instructions
variable · debugging · repository · constructor · modifier · mapping · struct · event · require · revert
- 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
- Ethereumstaking, validators, proof of stake, sharding, nodes
- NFTsNFT, NFTs, minting, mints, tokenization
- RegTechAML, beneficial ownership, identity verification, audit trails, risk management
smart contractshandshake deals
Informal contracts without paperwork
gentleman's agreements · legal agreements · oral contracts · notarized documents · wet signatures
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