A smart contract represents the terms and conditions written in codes that automatically transfer funds from one party to another once the contract’s predefined requirements are met. Smart contracts are automated and self-explanatory based on the predetermined conditions set on the contract. The idea of smart contracts was originally introduced by Nick Szabo, a well-known American cryptographer, in 1996. Today, smart contracts remain popular in the crypto industry, primarily for exchanging cryptocurrencies. Many insurance and property companies are adopting this standard protocol for better scalability at a cheaper rate.
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Bybit
@bybit
Bybit, a crypto exchange, offers an ultra-fast matching engine across Spot, F&O, launchpads, earn products, NFTs & more.