What is Smart Contract?
🤖 LARRY'S TAKE
" Ah, smart contracts, the modern way to realize that getting robots to do your legal work still doesn’t mean they’ll follow the rules—or common sense, for that matter. "
BORING DEFINITION
A smart contract is a self-executing contract with the terms of the agreement directly written into code on a blockchain.
REAL WORLD EXAMPLE
> Alice and Bob create a smart contract to automatically release payment once a shipment confirmation is recorded on the blockchain. Unfortunately, a rogue code glitch messes things up, and Bob is left wondering why he's contractually obligated to send Alice an endless supply of rubber ducks.
🔥 Today's Candidates for this Term (Top Losers)
Data delayed. Financial advice? No way.