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July 25, 2018, 12:39:00 AM |
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Why do project use smart contract?
A smart contract is a computer progream - a piece of code - on the blockchain designed as a self-executing contract.
The idea of smart contracts was conceived by Nick Szabo more than ten years before Bitcoin. In the white paper Formalizing and Securing Relationships on Public Networks he wrote:
"Smart contracts combine portocols, user interfaces, and promises expressed via those interface, to formalise and secure relationships over public networks. This gives us new ways to formalise the digital relationships which are far more functional that their inanimate paper-based ancestors. Smart contracts reduce mental and computational transaction costs, imposed by either principals, third parties, or their tools."
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