Smart contracts are computer programs that serve as private contracts and that instead of registering in a notary, they settle in the records of a decentralized network (Generally a blockchain).
Unlike traditional contracts, smart contracts are written in the form of code using programming languages that can be interpreted by the participants of the consensus network on which they depend and are capable of executing scheduled actions automatically according to certain conditions. that have been encoded in them.
The use of this type of contract frequently implies the existence of 2 or more parties that agree to a series of conditions, obligations and benefits which interact through cryptographic signatures.
The growing use of smart contracts reflects a growing interest in people for an intermediation based on impartial rules (Consensus rules) as an alternative to trusting third parties.
One of the main P2P networks associated with the use of smart contracts is Ethereum, which has a powerful system to execute codes of this type through the use of the Ether token (ETH) and the unit of measurement “GAS”. Its platform also serves as an infrastructure for the use of an infinity of tokens, such as the Dai (DAI) stablecoin, created through them.
Bitcoin (BTC) and Bitcoin Cash (BCH) also allow the creation and execution of simple smart contracts through their “scripting” system. However, the capacity of these contracts in terms of complexity is a little more limited since the protocols of these Cryptocurrencies are more focused in their design to serve as “digital gold” and “P2P electronic cash” respectively.
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Many things, from creating apps that can run on a smartphone or PC, to being used as a compliance document, it should be noted that this is done in a decentralized way.
There are currently multiple currencies and blockchains that have this feature, such as Solana or Cardano, among others.
This is because thanks to them the Cryptocurrency ecosystem was able to evolve significantly, with the appearance of decentralized applications and the execution of complex contract systems to enforce an objective.