Smart contracts
By CoinGecko | 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
IPO
Initial Public Offering (IPO) refers to the process where a public company offers newly issued shares to the public and as a result raise capital from public investors.
Mining Contract
Another term for cloud mining, where users can rent or invest in mining capacity online.
Algorithm
Algorithm is a set of rules to follow to solve a problem or conduct a task.
Limit Order / Limit Buy / Limit Sell
Orders placed by traders to buy or sell a cryptocurrency when a certain price is reached
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