Smart contracts: what they are and their main types
In 1994, Nick Szabo, a cryptographer and lawyer, first introduced the smart contract concept. In 2008, the world saw the emergence of Bitcoin and the further development of blockchain. Smart contract technology, being computer code, makes it possible to implement any type of transaction in the crypto industry. Smart contracts can be used on various blockchain platforms. Meanwhile, as the popularity and use of crypto assets grow, smart contracts are being used more often to conduct transactions and exchanges.a