Common Contracts
1 similar Smart Contract contracts
ContractSmart Contract • May 29th, 2023
A smart contract is a program that lives on a blockchain and is executed when the terms of an agreement established by mutually untrustworthy parties are met. Technically, smart contracts consist of the contractual agreement stated by a computer program, a series of messages that activate the contract, and various actions that are executed because of these messages. Because of the features of blockchain, once the smart contract is placed onto the blockchain, its code is transparent and cannot be altered. Smart contracts, in general, offer multiple use cases that allow them to carry out transactions in a wide range of situations due to their self-operating, flexible, transparent, and falsifiable properties. However, smart contracts also suffer from various issues such as data visibility (lack of confidentiality), challenges related to determinism (decentralized random number generators, for instance), maintainability challenges, and scalability.
