First theorized by computer scientist and cryptographer Nick Szabo in 1994, smart contracts are computers protocols used to facilitate, validate or enforce contracts between two or more parties. Smart contracts execute based on programmed terms, allowing for the transfer of digital assets without a requirement for trust, assuming the contract is executing on a decentralized network. This prevents the terms of the contract from being modified prior to execution.
Smarts contracts aim to reduce the cost of contracting and remove the need for a trusted intermediary. Once executed, smart contracts on blockchain are irreversible due to the transaction data being applied to the decentralized ledger.
NEO Smart Contracts
Smart Contracts on NEO can be coded in a variety of programming languages, then run through the appropriate compiler for conversion to NeoVM bytecode. This bytecode can then be executed by the consensus nodes operating the NEO blockchain.
|Compiler||Programming Language||GitHub Link|
- "Smart Contracts". University of Amsterdam.