Author Topic: What is a Smart Contract, and How Does it Work? (Read 1354 times)

Devendra Sri · « **on:** February 18, 2022, 08:00:10 AM »

Smart Contract, like any other contract, states the terms or guidelines of the contract. The concept of "Smart Contracts" dates back to the early twentieth century, before cryptocurrency was invented. If you're reading this, you're probably already familiar with the term "Ethereum," as it was the second cryptocurrency introduced after Bitcoin. It is the same in both cases. Blockchain technologies are used by Bitcoin and Ethereum.

What is a Smart Contract? [nofollow]
Smart contracts are electronic contracts that can be programmed to include guidelines and agreements between buyers and sellers that are carried out when all requirements are met.
Consider the following scenario: you want to buy a car from a friend or acquaintance. The process appears to be an endless nightmare, with legalities and ownership transfers involving a slew of inconvenient intermediaries. If we incorporate smart contracts into the framework, ownership will be transferred immediately once the funds are transferred. Because it is not dependent on mediators, it can significantly reduce the time required.

Altcoins Talks - Cryptocurrency Forum · « **on:** February 18, 2022, 08:00:10 AM »

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cryptopapa2346 · « **Reply #5 on:** June 11, 2022, 11:57:16 AM »

Basically, a smart contract enforces the terms of a contract with a cryptographic code (a standard contract space that needs to be browsed to find the best terms). The easiest way to explain the difference is to compare it to a vending machine. Smart contract (towards shop assistant) (standard contract).

ahtashamhero · « **Reply #6 on:** June 12, 2022, 10:20:25 AM »

so smart contract is like direct purchase

Altcoins Talks - Cryptocurrency Forum · « **Reply #6 on:** June 12, 2022, 10:20:25 AM »

Aryan0058 · « **Reply #7 on:** June 16, 2022, 11:55:31 PM »

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss.

Aryan0058 · « **Reply #8 on:** August 06, 2022, 09:50:17 PM »

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss.