Smart contracts
By CoinGecko | Updated on Mar 03, 2020
Smart contracts are a relatively new concept due to the impossibilty of a decentralized and unsupervised self executing contract prior to the creation of public blockchains. Unlike traditional contracts that relies on its participant's good faith to act on or enforced by a witness or notary, Smart contracts will execute its predetermined function as soon as its contract conditions are met. Just as cryptocurrencies made counterparty risk obsolete, smart contract removes the risk of contract defaults because it will execute autonomously and transparently.
Related Terms
cc0 NFT
A cc0 NFT is a piece of digital content where the IP rights have been relinquished.
Bakkt
Bakkt is a company developed by the Intercontinental Exchange (ICE), owner of the New York Stock Exchange. It specializes in Futures/Options contracts for cryptocurrencies.
Mnemonic Phrase
A mnemonic phrase (also known as mnemonic seed, or seed phrase) is a list of words used in sequence to access or restore your cryptocurrency assets.
Hard cap
The maximum amount that an ICO will be raising.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.