Smart contracts

• In 1996, a man named Nick Szabo coined the

term 'smart contract'.
• computer protocols used to facilitate, verify, or
enforce the negotiation of a legal contract. A smart
contract is a phrase to describe computer code.
• Ethereum smart contracts are designed to run
on all nodes of the Ethereum network.
• Those smart contracts facilitate the exchange of value,
including money, content, property, or shares
between a fixed number of parties.
• With the invention of the peer-to-peer (P2P)
cash system known as Bitcoin in 2008, we have
an example of a global decentralized payment
network with a distributed and publicly-owned
infrastructure, operating as a 'permissionless'
system.