Smart contracts
By | Updated on Mar 03, 2020
Smart contracts are a relatively new concept due to the impossibilty of a decentralized and unsupervised self executing contract prior to the creation of public blockchains. Unlike traditional contracts that relies on its participant's good faith to act on or enforced by a witness or notary, Smart contracts will execute its predetermined function as soon as its contract conditions are met. Just as cryptocurrencies made counterparty risk obsolete, smart contract removes the risk of contract defaults because it will execute autonomously and transparently.
Related Terms
Altcoin
Coins althernative to Bitcoin
Salt (cryptography)
In cryptography, a salt is the additional random input that is added to password or passphrase to make the password hash unique. It prevents from the hashed output password to be cracked so easily by the hacker.
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In the context of crypto, oracles refers to services which verify real-world and provide data to blockchains/smart contracts.
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Interoperability refers to the property of product/systems that are able to work with products/systems that are different without any restrictions.
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