OP 15 January, 2024 - 07:36 PM
The technology has already outgrown its basic functions like transferring cryptocurrency from one address to another. Smart contracts are being actively studied and gradually implemented by companies from various industries. Because of this, they can be categorized.
Types of smart contracts:
?Payment - provide transfer of funds between parties under pre-determined terms and conditions;
?Escrow - act as intermediaries in the transaction. A smart contract holds assets until certain conditions are met;
?Governance contracts - provide decentralized decision-making on the blockchain or DAO;
?Multi-signature contract - multiple parties' approval is required to execute a transaction.
In addition, smart contracts fall into several categories based on the following characteristics:
?By execution environment - centralized or decentralized;
?Degree of anonymity - confidential, partially confidential or open;
?By execution mechanism - automated or manual.
Types of smart contracts:
?Payment - provide transfer of funds between parties under pre-determined terms and conditions;
?Escrow - act as intermediaries in the transaction. A smart contract holds assets until certain conditions are met;
?Governance contracts - provide decentralized decision-making on the blockchain or DAO;
?Multi-signature contract - multiple parties' approval is required to execute a transaction.
In addition, smart contracts fall into several categories based on the following characteristics:
?By execution environment - centralized or decentralized;
?Degree of anonymity - confidential, partially confidential or open;
?By execution mechanism - automated or manual.