Many of us would have been seeing this word, but what does it really mean, most times to the lay man, it should be a word for the computer scientist, but I believe through learning and keen concentration, we can all understand and know whatever we so desire to know in life
What is it
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives are to satisfy common contractual conditions (such as payment terms, liens, con dentiality, and even enforcement), minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries. Related economic goals include lowering fraud loss, arbitrations and enforcement costs, and other transaction costs1.”
In 2014, Vitalik Buterin introduced an iteration of this concept with the Ethereum whitepaper, which was later implemented by Gavin Wood in the Ethereum Yellow Paper. In it, Ethereum smart contracts would be executed through the Ethereum Virtual Machine (EVM), an environment designed to calculate arbitrary algorithmic complex instructions. These instructions take the form of function calls or messages, which allow contracts to interact with each other on the network. There are currently over 160 basic function calls that currently exist2 and they will continue to expand as the Ethereum network switches to proof of itself
We believe the demand for smart contracts will continue to grow as applications that automate peer interactions or facilitate coordinated group actions4 become more prevalent in everyday society. To meet this demand, Etherparty intends to create a platform and value-add services that allow any user to access smart contract and blockchain technology, without requiring speci c technical knowledge of either.
