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
PFP
It means both 'profile pic' and 'picture for proof'.
Liquidity
The ease of which cryptocurrency can be bought and sold without impacting the overall market price.
Consensus
Consensus is achieved in a blockchain system when all participants agree on the content of the next block that will be added onto the blockchain.
Mainnet
It is the main network of Bitcoin, where the transactions of this cryptocurrency are registered and take place.
Interested to stay up-to-date with cryptocurrencies?
Get the latest crypto news, updates, and reports by subscribing to our free newsletter.
Or check it out in the app stores
Arbitrum
Avalanche
Fantom
Flare
Gnosis
Linea
Optimism
Polygon
Polygon zkEVM
Scroll
Stellar
Story
Syscoin
Telos
X Layer
Xai
