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).