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Smart contract: Difference between revisions
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CryptoUser (talk | contribs) (Created page with "A '''smart contract''' (also known as a '''crypto contract''') is a computer program that automatically tracks and ensures the execution of contractual obligations. The contract terms are cryptographically encrypted within the program code. The smart contract independently determines whether these terms have been fulfilled and makes a decision to either initiate a transaction and transfer assets to the parties involved or prohibit the transaction, impose penalties on pa...") |
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{{#seo: | |||
|title= Smart contract — Decimal Wiki | |||
|titlemode= append | |||
|keywords= Blockchain | |||
|description= What is the Smart contract and How does it work | |||
}} | |||
[[File:Smart contract 2024-01-24 13-27-01.jpg|400px|thumb|right]] | |||
A '''smart contract''' (also known as a '''crypto contract''') is a computer program that automatically tracks and ensures the execution of contractual obligations. | A '''smart contract''' (also known as a '''crypto contract''') is a computer program that automatically tracks and ensures the execution of contractual obligations. | ||
The contract terms are cryptographically encrypted within the program code. The smart contract independently determines whether these terms have been fulfilled and makes a decision to either initiate a transaction and transfer assets to the parties involved or prohibit the transaction, impose penalties on participants, or freeze assets. | The contract terms are [[cryptography|cryptographically]] encrypted within the program code. The smart contract independently determines whether these terms have been fulfilled and makes a decision to either initiate a [[transaction]] and transfer assets to the parties involved or prohibit the transaction, impose penalties on participants, or freeze assets. | ||
== Features of Smart Contracts == | == Features of Smart Contracts == | ||
Smart contracts were designed for secure and transparent exchange of assets (money, stocks, cryptocurrencies, property rights, etc.) without the need for intermediaries (brokers, courts, arbitrators). They operate within a decentralized network ([[blockchain]]) that stores and ensures their proper functioning. | Smart contracts were designed for secure and transparent exchange of [[digital asset|assets]] (money, stocks, [[cryptocurrency|cryptocurrencies]], property rights, etc.) without the need for intermediaries (brokers, courts, arbitrators). They operate within a decentralized network ([[blockchain]]) that stores and ensures their proper functioning. | ||
== Oracles == | == Oracles == | ||
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[[Category:Commoninfo]] | [[Category:Commoninfo]] | ||
[[Category:Smart contracts]] | |||