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		<title>What Then Is Smart Contract?</title>
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		<dc:creator><![CDATA[Rahul]]></dc:creator>
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					<description><![CDATA[<p>Smart contract is a a term that may sound very difficult to understand to people who are just learning about blockchain, but really it’s not. It &#8230;</p>
<p>The post <a href="https://usamagazine.net/what-then-is-smart-contract/">What Then Is Smart Contract?</a> appeared first on <a href="https://usamagazine.net">USA Magazine</a>.</p>
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<p class="wp-block-paragraph">Smart contract is a a term that may sound very difficult to understand to people who are just learning about blockchain, but really it’s not. It has also become a popular term in the software development space because of the high demand for skilled engineers in that space.</p>



<h2 class="wp-block-heading"><strong>What Then Is Smart Contract?</strong></h2>



<p class="wp-block-paragraph">It is a type of contract execution that is done autonomously with terms and agreement of the contract between buyer and seller plainly encrypted. The encryption of agreement is lives across a decentralized, distributed blockchain network. The execution is controlled by the encryption while transactions are trackable and irreversible.</p>



<p class="wp-block-paragraph">Smart contract allows transaction to be carried out anonymously between parties without the required traditional authorities (legal).</p>



<h2 class="wp-block-heading"><strong>According to </strong><a href="https://www.investopedia.com/terms/s/smart-contracts.asp"><strong>Investopedia</strong></a><strong>, this is what you need to know:</strong></h2>



<ul class="wp-block-list"><li>Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.</li><li>Nick Szabo, an American computer scientist who invented a virtual currency called &#8220;Bit Gold&#8221; in 1998, defined smart contracts as computerized transaction protocols that execute terms of a contract.</li><li>Smart contracts render transactions traceable, transparent, and irreversible.</li></ul>



<h2 class="wp-block-heading"><strong>Is Nick Szabo the real </strong><a href="https://www.investopedia.com/terms/s/satoshi.asp#:~:text=The%20satoshi%20is%20the%20smallest,million%20satoshis%20to%20one%20bitcoin."><strong>Satoshi Nakamoto?</strong></a></h2>



<p class="wp-block-paragraph">This is a rumor that he himself has denied. But haven proposed the term “smart contract’ in 1994 and as a computer scientist invented a virtual currency called “Bit Gold” (fully 10&nbsp; years before bitcoin), his plan where vivid. Which amount to digitization of the functionality of the electronic transaction methods, such as our traditional POS (point of sale).</p>
<p>The post <a href="https://usamagazine.net/what-then-is-smart-contract/">What Then Is Smart Contract?</a> appeared first on <a href="https://usamagazine.net">USA Magazine</a>.</p>
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