WHAT ARE SMART CONTRACTS?
I have opportunity to work on interesting smart contract project. In that respect I decided that I will write something about this _hot topic on my blog. So, what's smart contract anyways?
In 1994, Nick Szabo, a legal scholar, and cryptographer, realized that the decentralized ledger could be used for smart contracts, otherwise called self-executing contracts, blockchain contracts, or digital contracts. In this format, contracts could be converted to computer code, stored and replicated on the system and supervised by the network of computers that run the blockchain. This would also result in ledger feedback such as transferring money and receiving the product or service.
Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.
Can laws be written on smart contacts. What world would that be? Programmers will become lawyers? Imagine code reviews and testing on that contracts.
HOW ARE THIS CONTRACT EXECUTED
Most smart contracts written today are based on Ethereum blockchain. Ethereum blockchain is world computer that can execute smart contracts. Smart contracts are written in language called Solidity (current version is: 0.4.21). Most popular framework to work with smart contract is called Truffle. Contracts are serving as back-end for application, and front-end is written using web3. Web3 is new way of building web apps called decentralized web. Basically there is no classical back-end, only front-end with decentralized smart contracts.
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