What are Smart Contracts?
Let’s have a look at smart contracts. Smart Contract is basically an agreement between the parties of the same network.
Today, the biggest challenge is the misconception of what the term “smart contract” really means, as it is not a contract in the conventional sense of the word – so the term can be misleading. However, once that gets cleared up, there are many other limitations that will need to be addressed, such as how do you trust them to do what they promise to do, and what recourse do you have if they don’t?