Smart Contracts are executable logic that runs on a blockchain network.

Invention:

The idea of SC date back to papers in the early 1990s published by Nick Szabo.

Key Properties:

Autonomous - The creator does not have to participate in the process after deploying the contract.

Auto-Sufficient - Contracts are able to collect money, realize transactions, distribute resources, issue and spend funds to allow a larger capacity of storage and computation power.

Decentralized - SCs are not focused on one central server but are distributed by various network points so they can be referred to as being decentralized.

Languages of Development:

Mostly developed in network specific languages like Viper, Solidity, Rust, Ivy-Lang.

Advantages of SCs:

Secure, Neutrality, Precision, Saves Time.

Disadvantages:

Maintenance, Difficult to Understand, New Technology.

SC Tools: