{"id":1495,"date":"2020-01-27T10:53:28","date_gmt":"2020-01-27T18:53:28","guid":{"rendered":"https:\/\/www.opennode.com\/blog\/?page_id=1495"},"modified":"2020-01-27T10:53:28","modified_gmt":"2020-01-27T18:53:28","slug":"smart-contract","status":"publish","type":"page","link":"https:\/\/blog.opennode.com\/blog\/glossary\/smart-contract\/","title":{"rendered":"Smart Contract"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">minute<\/span><\/span>\n<h1 class=\"wp-block-heading\">Smart Contract<\/h1>\n\n\n\n<p>A smart contract is a contract made with computer code which digitally ensures, enforces, or verifies that the contract executes correctly to the terms of the contract. The code that seals the agreement exists across the <a href=\"https:\/\/www.opennode.com\/blog\/glossary\/blockchain\">blockchain<\/a>, and both parties must agree to the contract before it is made final. Smart contract transactions are traceable, transparent and irreversible.\u00a0<\/p>\n\n\n\n<p>Smart contracts allow for <a href=\"https:\/\/www.opennode.com\/blog\/glossary\/bitcoin\">Bitcoin <\/a>transactions to exist with anonymity. They allow trustless transactions to exist between peers by shifting the trust into the inherent code that makes up the transaction, the smart contract.<\/p>\n\n\n\n<p>Bitcoin <a href=\"https:\/\/www.opennode.com\/blog\/glossary\/on-chain\">on-chain<\/a> transactions, <a href=\"https:\/\/www.opennode.com\/blog\/glossary\/lightning-network\">Lightning Network<\/a>, and <a href=\"https:\/\/www.opennode.com\/blog\/glossary\/second-layer\">layer 2 solutions<\/a>, all run on the premise of smart contracts as a type 2 of 2 <a href=\"https:\/\/www.opennode.com\/blog\/glossary\/multi-sig\">multi-signature<\/a> <a href=\"https:\/\/www.opennode.com\/blog\/glossary\/bitcoin-wallet\">wallet<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Links<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><em>Smart Contract <\/em>&#8211; <a href=\"https:\/\/www.investopedia.com\/terms\/s\/smart-contracts.asp\">Investopedia<\/a><\/li><li><em>Smart contracts &#8211; Simply Explained <\/em>&#8211; <a href=\"https:\/\/www.youtube.com\/watch?v=ZE2HxTmxfrI\">YouTube<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">minute<\/span><\/span>Smart Contract A smart contract is a contract made with computer code which digitally ensures, enforces, or verifies that the contract executes correctly to the terms of the contract. The code that seals the agreement exists across the blockchain, and both parties must agree to the contract before it is made final. Smart contract transactions  &#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":172,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-notitle.php","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1495","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Smart Contract - OpenNode Blog<\/title>\n<meta name=\"description\" content=\"A smart contract is a contract made with computer code which digitally ensures, enforces, or verifies that the contract executes...\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Smart Contract - OpenNode Blog\" \/>\n<meta property=\"og:description\" content=\"A smart contract is a contract made with computer code which digitally ensures, enforces, or verifies that the contract executes...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.opennode.com\/blog\/glossary\/smart-contract\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenNode Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/OpenNodeco\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@opennode\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/blog.opennode.com\\\/blog\\\/glossary\\\/smart-contract\\\/\",\"url\":\"https:\\\/\\\/blog.opennode.com\\\/blog\\\/glossary\\\/smart-contract\\\/\",\"name\":\"Smart Contract - 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