Binance Academy
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What are smart contracts?
Introduction
In the 1990s, Nick Szabo first proposed the concept of smart contracts. At that time, he defined smart contracts as tools that standardize and ensure the security of computer networks by combining protocols and user interfaces.
Szabo discussed the potential use of smart contracts in various areas related to contractual agreements, such as credit systems, payment processes and content rights management.
In the field of cryptocurrency, smart contracts can be defined as applications or programs running on the blockchain. Typically, they function as a digital protocol enforced by specific rules. These rules are predefined by computer code and are replicated and executed by all network nodes.
In the 1990s, Nick Szabo first proposed the concept of smart contracts. At that time, he defined smart contracts as tools that standardize and ensure the security of computer networks by combining protocols and user interfaces.
Szabo discussed the potential use of smart contracts in various areas related to contractual agreements, such as credit systems, payment processes and content rights management.
In the field of cryptocurrency, smart contracts can be defined as applications or programs running on the blockchain. Typically, they function as a digital protocol enforced by specific rules. These rules are predefined by computer code and are replicated and executed by all network nodes.
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