Smart contracts are in some ways an ideal medium for pyramid schemes and other scams . Because they run in decentralized, international computer networks, they lack clear jurisdiction and thus cannot easily be dismantled by law enforcement agencies.
Read moreWhat is smart contract in blockchain?
Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met . They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.
Read moreWhich blockchain is best for smart contracts?
Ethereum : Ethereum is known for being one of the best cryptocurrencies that launched smart contracts on its network.
Read moreWhy does a blockchain need a smart contract?
On blockchain, the goal of a smart contract is to simplify business and trade between both anonymous and identified parties, sometimes without the need for a middleman . A smart contract scales down on formality and costs associated with traditional methods, without compromising on authenticity and credibility.
Read moreDoes Bitcoin blockchain have smart contract?
Many think that smart contracts are only executable on overly-complex blockchains, but Bitcoin is a smart contract platform by definition . Many think that smart contracts are only executable on overly-complex blockchains, but Bitcoin is a smart contract platform by definition.
Read moreHow do I create a smart contract in blockchain?
Steps to develop an Ethereum Smart Contract
Read moreIs cryptocurrency a smart contract?
Currently, Ethereum is the most popular smart contract platform, but many other cryptocurrency blockchains (including EOS, Neo, Tezos, Tron, Polkadot, and Algorand) can run them . A smart contract can be created and deployed to a blockchain by anyone.
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