Smart Contract
- Formal
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A computer protocol that facilitates, verifies and/or enforces the negotiation or performance of a contract. Smart contracts allow the performance of transactions without the need for 3rd parties.
- Practical
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Smart contracts allow the performance of transactions without the need for 3rd parties. Many contracts can be partially, or fully self-executing and self-performing. A digital smart contract reduces the transaction costs of traditional contracting. Smart contracts gained widespread popularity with the rise of cryptocurrencies like Bitcoin, and platforms like Ethereum.
