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
Permissioned Blockchain
It is a private blockchain where the nodes must be previously authorized by a central entity.
ERC-721
ERC-721 is one of the most widely used token standards in Ethereum to create non-fungible, exchangeable tokens.
Ticker
A ticker is a stock or asset symbol that abbreviates the asset name and it can be used as an identifier of the asset.
Mining Rig
A dedicated hardware to mine
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.