Smart contracts
By CoinGecko | Updated on Mar 03, 2020
Smart contracts are a relatively new concept due to the impossibilty of a decentralized and unsupervised self executing contract prior to the creation of public blockchains. Unlike traditional contracts that relies on its participant's good faith to act on or enforced by a witness or notary, Smart contracts will execute its predetermined function as soon as its contract conditions are met. Just as cryptocurrencies made counterparty risk obsolete, smart contract removes the risk of contract defaults because it will execute autonomously and transparently.
Related Terms
Address Delegation
Delegation of a wallet's stake to a Super Staker
Proof of Stake (PoS)
A consensus algorthm that assigns block validation queue based on the coins/token locked in by the validator.
Stop-loss Order
Conditional market order to sell at the next available price, excuted if the price of an asset falls below set-upon limit
Ethereum Virtual Machine (EVM)
Ethereum Virtual Machine (EVM) is the environment in which all smart contracts are executed.
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