What is a Smart Contract?

[kreslik.news]

What is a Smart Contract?

A smart contract is a computer protocol intended to digitally allow for the application of a transaction, verifying, and enforcing the negotiation or performance of a contract. Smart contracts allow the implementation of transactions without the need for any types of third parties. Once a transaction has been made it can be easily tracked but cannot be reversed.

Smart contracts were first suggested in 1994 by Nick Szabo, an American computer scientist who created a virtual currency called “Bit Gold” in 1998, 10 years before the full of invention of Bitcoin. It is often suggested that Szabo is the ... (read more)