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What Are Smart Contracts? - ICOHoo.com
What are smart contracts? Although becoming more commonly known, the idea of a smart contract is still relatively unknown by the general public. This concept was originally coined by computer scientist Nick Szabo sometime in the mid-1990s. He used this term to illustrate the potential for corralling highly evolved aspects of contract law and related business applications to the design of electronic commerce transactions between strangers on the internet.
Szabo wrote: A smart contract is a computerized transaction protocol that executes the terms of a contract. More ICO project s are based on Ethereum using Smart Contract, you can learn more on ICOHoo.com.
In 2014, Vitalik Buterin introduced an iteration of this concept with the Ethereum whitepaper, which was later implemented by Gavin Wood in the Ethereum Yellow Paper. In it, Ethereum smart contracts would be executed through the Ethereum Virtual Machine (EVM), an environment designed to calculate arbitrary algorithmic complex instructions. These instructions take the form of function calls or messages, which allow contracts to interact with each other on the network. There are currently over 160 basic function calls that currently exist and they will continue to expand as the Ethereum network switches to proof of stake.
We believe the demand for smart contracts will continue to grow as applications that automate peer interactions or facilitate coordinated group actions become more prevalent in everyday society. To meet this demand, many ICO startups (ICOHoo.com is a good spot) intend to create a platform and value-add services that allow any user to access smart contract and blockchain technology, without requiring specific technical knowledge of either.