Smart inventors, automated inventions
Mr. Nick Szabo, in the late nineties, referred to the concept of “smart contract”. You can read his conclusions on this subject in his 1997 article. Meanwhile, smart contract developers could not begin their work until 2014 (till the Ethereum network began working in 2014). Because these contracts work with blockchain technology. Of course, after Ethereum, other blockchains were also launched to develop smart contracts.
Smart contracts are computer programs that simulate conventional or classical contract. They can exchange their own cryptocurrency or a special token. In addition, for each contract, an account or wallet is defined which called “contract wallet”. Parts of its coding are the conditions and how to exchange between the contract wallet and users (or between the contract wallet and the other contracts wallet).
Smart contracts can be registered on some blockchain networks. These contracts will be immortal after launch. It means, as long as that blockchain works, the original smart contract, as well as all transactions and exchanges in full details, continuously and permanently are stored and maintained on the blockchain network. These contracts work for all time, just according to the original contract code, and no human, even owner or developer can make the slightest change in the code of the program.
People like Nick Szabo or Vitalik Buterin are surely smart people! But their research and study achievement, which is an automated contract on the blockchain platform, is not always smart. For this reason, the title of “smart contract” is not proportional to the reality of these contracts. However, if we can not or do not want to change the name of these contracts, at least we gain the right insight into these contracts.
In many cases, decentralized networks are more restricted than centralized networks. For example, the random function does not exist in Solidity language, because the EVM Ethereum virtual machine requires total determinism within the smart contracts But all these technical reasons do not stop the efforts to make intelligence these contracts in necessary cases. Even developers are working on blockchain and Artificial Intelligence technology to serve each other and have some achievements, or …… However, it should be noted that today and ever, many of the contracts that have been registered on blockchain networks and deployed, they are not smart or intelligent and may not need to be either! That’s why the title of “smart contract” should not make developers and users mistaken.