Blockchain provides the general public with a useful mechanism for reaching consensus. It combines the world’s leading technologies and theories, namely, theoretical computer science, mathematics, algorithms, cryptography, game theory, and economics. Blockchain brings to the world a promising decentralized internet, new ideas, and business opportunities.
To protect the decentralized communities and keep them running, we need a highly secure and trustable system. Smart contracts generally remove the barrier of trust between users. They reduce the intermediary costs that may exist in the transaction process. With unsupervised, self-executing “contracts,” individuals can do business and collaborate without ever meeting or knowing each other.
The design and concept of smart contracts applies to many different scenarios, such as e-commerce, insurance, home rental, banking, fnancial services, import and export, and many others. Smart contracts, however, have been neither widely accepted nor utiliɿed due to several limitationsي diffculties in contract preparation, inability to verify off-chain information, functional limitations, lack of on-chain governance and dispute resolution, and pseudonymityOATH protocol whitepaper