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Smart contracts

Overview#

Smart contracts are protocols that facilitate, verify, or enforce the negotiation or performance of a contract, or that make a contractual clause unnecessary.

Smart contracts usually also have a user interface and often emulate the logic of contractual clauses.

Proponents of Smart contracts claim that many kinds of contractual clauses may thus be made partially or fully self-executing, self-enforcing, or both.

Smart contracts aim to provide security superior to traditional contract law and to reduce other transaction costs associated with contracting.

One real-world Smart contracts that gained mainstream coverage was The DAO, a Decentralized Autonomous Organization for venture capital funding, running on Ethereum, which was launched with US$250 million in crowdfunding in May 2016 and was hacked and drained of 3,689,577 ETH three weeks later.

Smart contracts typically use Byzantine Fault Tolerance Algorithms through Distributed Ledger Technology to provide Security

More Information#

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