Takeaways from the CFTC’s Guide to Smart Contracts

[kreslik.news]

LabCFTC, the techology research arm of the Commodity and Futures Trading Commission, one of the US’ two main financial regulators, has published a guide to smart contracts.

What is a smart contract?

A smart contract is a contract written in computer code. This has many advantages over contracts that exist in the meat-based world – because the adjudicator and executor of terms is a computer, it theoretically neutralises the threat of cheating. Smart contracts were popularised by the success of Ethereum, which is a base upon which they can be programmed.

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