MAYZ - Whitepaper V2
  • INTRODUCTION
    • What is MAYZ?
    • Why MAYZ?
    • How Does MAYZ Work?
      • Types of Members
      • Fund Creation Process
      • Escrow Service
    • Protocol Path
      • MVP
      • Release 1: Full Cardano
      • Release 2: Cross-Chain Goal
    • Token Types
      • MAYZ Utility & Governance Token
      • Fund Token
    • Tokenomics
      • Total Distribution
      • Vesting Schedule
  • MAYZ PROTOCOL
    • Technical Document
      • General Aspects
        • Mutual Funds
        • Liquidity Pools
      • Purpose of MAYZ Protocol
      • MAYZ Holders Community
      • Protocol Contract
        • Definition
        • Functioning
      • Fund Contract
        • Definition
        • Functioning
      • ADA/LP Swap Contract
        • Definition
        • Operation
      • Escrow Agreement
        • Definition
        • Operation
      • Investment Unit, LP and uLP Token
        • Definition
        • Decimals and fractions
        • Recommendations
        • ADA in the Investment Unit
        • Investment Unit, LP Token and uLP Token Value
      • Deposits in the Fund
      • Withdrawals from the Fund
      • Fund Re-Indexing
      • Commissions
        • Payment of Commissions
        • Charging Commissions
        • Recovering Fees
      • UTxOs of Deposits in the Fund
      • Oracle Contract
  • Cardano Fund
    • What is Cardano Fund?
      • Cardano Fund
      • Passive Investment Strategy
    • Why Cardano Fund?
      • Cardano Fund Vision
    • How Does the Cardano Fund Work?
      • Spects
      • Where to Start
  • MAYZ
    • Development Roadmap
    • Meet the Team
    • Funding Strategy
    • ISPO
    • Knowledge Base
      • Why Cardano?
      • What is a smart contract?
      • What is an Index?
      • What Is a Blockchain Oracle?
      • What is a Cross-Chain Bridge?
  • Links
    • Website
    • Twitter
    • Discord
    • Medium
  • BRAND KIT
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What is a smart contract?

PreviousWhy Cardano?NextWhat is an Index?

Last updated 2 years ago

A smart contract is an automated digital agreement, written in code, that tracks, verifies, and executes the binding transactions of a contract between various parties. The contract transactions are automatically executed by the smart contract code when predetermined conditions are met. Essentially, a smart contract is a short program whose inputs and outputs are transactions on a blockchain.

Smart contracts are self-executing and reliable and do not require the actions or presence of third parties. The smart contract code is stored on, and distributed across, a decentralized blockchain network, making it transparent and irreversible.

In summary, smart contracts are immutable as a contract cannot be changed, they are distributable and tamper-proof, fast and cost effective, as there is no middle man which saves money and time, and is safe due to encryption.

Cardano was introducing Smart Contract support in 2021. As a multi-functional environment, Cardano will support the development and deployment of smart contracts using such programming languages as:

  • Plutus — a purpose-built smart contract development and execution platform. Plutus contracts consist of parts that run on the blockchain (on-chain code) and features that run on a user’s machine (off-chain or client code). Plutus draws from modern language research to provide a safe, full-stack programming environment based on Haskell, the leading functional programming language.

  • Marlowe — a domain-specific language (DSL) for writing and executing financial contracts that allows building contracts visually as well as in more traditional code. For example, financial institutions can use it to develop and deploy custom instruments for their customers and clients. The Marlowe language itself is now embedded in both JavaScript and Haskell, offering a choice of editors depending on developers’ preference and skillset.

Related Topics

Source:

Marlowe explainer
Plutus explainer
Cardano Docs