A smart contract is a computer algorithm designed to conclude and maintain self-executing contracts executed in the blockchain environment.Such contracts are written as code that exists in a distributed ledger \u2014 a blockchain that is maintained and managed by a network of computers. In simple terms, smart contracts allow the exchange of assets without resorting to intermediaries.What is the trick of smart contracts?Smart contracts make it possible to carry out reliable and confidential transactions without the involvement of external intermediaries such as banks or government agencies. Moreover, such transactions are traceable, transparent, and irreversible.Smart contracts not only contain information about the obligations of the parties and sanctions for their violation, but they themselves automatically ensure the fulfillment of all the terms of the contract.How did smart contracts come about?The first smart contract idea was proposed in 1994 by Nick Szabo. He described a smart contract as a computer protocol that, based on mathematical algorithms, independently conducts transactions with full control over their execution.For the first time, Szabo\u2019s ideas were put into practice with the emergence of the first cryptocurrency bitcoin and the blockchain technology underlying it. Some of the principles of smart contracts were laid down in the Bitcoin protocol. However, most modern blockchains, including Bitcoin, are not Turing complete, so their \u201ccontracts\u201d are relatively simple constructs such as multisignature or deferred transactions.Smart contracts were widely used in practice with the emergence and development of the Ethereum project. In 2013, its future founder, Vitalik Buterin, concluded that bitcoin is poorly suited as a basic protocol for smart contracts since it was not originally designed for this task. Subsequently, Buterin decided to create the most suitable protocol for smart contracts from scratch.How do smart contracts work and what are its mandatory elements?Usually, a smart contract is written to the blockchain, where\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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