Smart contract are automated contracts that occur on top of a blockchain system where the rules go directly to the computer code line, and are agreed upon by the nodes on the entire blockchain network.
Now, with this innovation, every transaction with blockchain technology will have high accuracy and be controlled in a transparent, autonomous, and eternal manner. What’s more, the code is decentralized and distributed on the network. This allows you to easily track every transaction and get maximum security! All parties to a transaction, including the sender and receiver, can exchange without requiring a central authority.
The most famous blockchain project for smart contracts is Ethereum. One of the most mainstream smart contracts on Ethereum is ERC20.
ERC20 is the implementation standard for all Ethereum blockchain technologies. ERC20 lists the conditions you need to get or make transactions involving all types of tokens in Ethereum!
By using ERC20, a blockchain project developer can simplify the process of creating and implementing their product. They don’t even need to double-check when a new token appears, as long as the product meets all ERC20 standards.
Don’t forget to check any crypto assets on Indodax that fall into the ERC20 category, OK!
Did you know? Smart contracts were first introduced in 1994 by Nick Szabo. He introduced a system that formalizes and secures computer networks by combining user interface protocols. Nick Szabo is also a computer scientist who introduced Bit Gold in 1998, which is 10 years before the launch of Bitcoin.
Now, this innovation is part of the transaction tool. All transactions in the smart contract will be recorded, cannot be deleted, and can be accessed by the public.