Basics of Smart Contracts

Basics of Smart Contracts#

Throughout this book, we will be taking a look at and writing several examples of smart contracts. A smart contract is a computer protocol that is used to digitally facilitate, verify, or enforce the negotiation or performance of a set business rules. Smart contracts are called "smart" because the code / contract is automatically run when specific sets of requirements are met.

Smart contracts allow credible transactions to take place without a third party being involved. Furthermore, the transactions are traceable and irreversible (Source).


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