Ethereum and Smart Contracts

Emre Camlilar

February 21, 2018

How Digital Assets brought smart contracts to life

While the emergence of digital assets are generally linked to forming a medium of exchange which could replace paper cash through higher pace and ease of transaction, they paved the way for administering an earlier concept called smart contracts.

A smart contract, term coined by Nick Szabo in 1996, can be defined as a self-executing code under pre-defined conditions. The self-execution property eliminates an intermediary overseeing the transaction and reduces transaction costs.

Compared to Bitcoin, Ethereum allows developers to create own smart contracts, a significant step for users to control their own data.