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A person named Nick Szabo who was a legal scholar and a cryptographer most probably coined the term Smart Contracts in 1994. He had realized that it was possible to leverage the power of a decentralized ledger for creating smart contracts. But the question in many minds would still be there I guess that “What are smart contracts?”. However, it is terrific if you don’t have the question because that would mean I don’t have to write this post today. Lol. Nevermind moving forward.
So let’s begin with…
Smart contracts are programs or dapps, that function exactly as planned or rather programmed by its creators without any possibility of downtime, censorship, fraud or any third party interference. They are just like your mundane contracts. The only difference between a smart contract and a standard contract is that smart contracts make use of a cryptographic code for digitally facilitating, verifying or enforcing the negotiation or performance of a contract.
Before I begin, it’s imperative for you guys to understand that Bitcoin was the first cryptocurrency to implement the concept of smart contracts, i.e., one can transfer value in the form of digital currency from one person to another. Then after this its network of nodes/miners, etc. will only validate any transaction provided that certain conditions are met. However, bitcoin is just limited to the usage of currency.
On the contrary, Ethereum modifies bitcoins more restrictive language with its own language that is Turing complete ( i.e., it provides a wider scope for ciphering instructions ) known as “Solidity” that allows its developers to code programs a.k.a smart contracts in whatever way they want to.
So now that we have had a brief overview regarding smart contracts let us see how they work.
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