Crypto FAQ: What is a smart contract and how does it work?
- Defn: smart contract
[noun: adjective "smart" + noun "contract"]
A smart contract refers to a computer algorithm program (software code) hosted on a cryptocurrency blockchain (Digital Ledger Technology [DLT]) that executes (enforces) the legal terms of a financial agreement between two or more parties. A smart contract typically uses the cryptocurrency associated with its host blockchain to legally bind and enforce the subject financial agreement. Smart contracts allow cryptocurrency software developers to build applications that take advantage of blockchain accessibility, reliability, and security to automatically execute a wide range of financial applications, ranging from currency trading and loans, to insurance and gaming.
— [Source: FAQ: What is a smart contract and how does it work?]
For a more comprehensive explanation of smart contracts, see the source FAQ: What is a smart contract and how does it work? on fhe CryptoEconWorks.com web.
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