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The application scenarios of smart contracts will be very extensive, such as rent and lease, gaming issuance, financial lending, crop insurance, establishment of wills, securities registration and clearing, etc.
01. What is a smart contract？
Smart contract refers to a copy that can automatically execute this need
The agreement to complete the task manually. The benefits of smart contracts are: manual intervention during the execution of the protocol will be reduced, with the automatic execution of transaction party commitments, exemption from third-party intervention, precise execution conditions, and predictable execution results. Contract conversion refers to the process of converting a set of commitments of the transaction party, that is, the rights and obligations agreed by the contract participants, into digital codes that can be recognized and executed by the computer.
The reason why it is called “smart” is because the terms of the contract are written in the form of code and stored on the immutable blockchain. Once a certain clause of the contract is triggered, the code will automatically execute the contract, because the code is in execution It will not be affected by anyone, and effectively avoid cheating caused by people.
02. Are smart contracts really smart?
