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Warchant / smcts.md
Last active April 10, 2018 07:57
Smart Contracts

Smart contract analysis

Introduction

A smart contract is a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts were first proposed by Nick Szabo in 1996 [5].

A smart contract is a set of promises, specified in digital form, including protocols within which the parties perform on these promises, -- Nick Szabo [1].

Good analogy to understand smart contracts better:

\*/
*|* *O*
*\*/* /*\
-*O*- ..|.. |
*/*\* ..*|*.. | ..|..
*|* .>*\*/*<. | ..*|*..
| .--*O*--. | .>*\*/*<.
| .>*/*\*<. | .--*O*--.
| /.*|*.\ | .>*/*\*<.