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
Bagholder
A person who is holding a large quantity of cryptocurrency which is declining in value or becoming worthless
Validator
A block-signing participant of a Proof of Stake blockchain network, whom have significant tokens staked on the network.
Wallet Address
The address in which cryptocurrency can be stored, sent to and receive.
Sharding
A form of database partitioning which breaks up data into smaller segments.
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