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Smart Contracts - Coggle Diagram
Smart Contracts
structure
events
functions
data storage
function modifiers
state variables
Benefits
secured
trust
fast speed
digital and automated
Limitations
Can't send HTTP queries so they can't acquire information about "real-world" events.
Difficult to change
Vague terms
types
Decentralized Autonomous Organizations
communities existing on blockchain
Application Logic Contracts
communicating with and validating communication between devices (in IOT)
Smart Legal Contract
strict legal recourses
definition
permit trusted transactions and agreements to be carried out, no third-party
collection of code (functions) and data (its state)