blockchain networks</strong></a> to verify transaction agreements between buyers and sellers. The contract is then distributed throughout the entire blockchain network.&nbsp;</p>\n<p>The code of the smart contract can only be executed when the conditions stated in the contract are met. This execution is irreversible, and <strong>it&rsquo;s next to impossible to alter the smart contract</strong>.</p>\n<p>Smart contracts allow for <strong>anonymous</strong> <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer <strong>transactions</strong> between two or more parties that may not find each other reliable. The use of smart contracts eliminates the requirement for third-party involvement during a transaction.</p>\n<p>Using a smart contract is a lot like getting a drink from a coffee machine. 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Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main 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Risks?","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":8,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/investing-in-cryptocurrency","featured_image":null,"youtube_video":null},{"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","featured_image_id":6526,"status":"published","chapter_id":7,"language":"en","order":11,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-crypto-taxes","featured_image":{"id":6526,"uuid":"1e44162c-ef1d-4010-81b4-9e8d1809aedf","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","path":"crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","original_path":"crypto/storage/media/how-to-avoid-crypto-taxes.jpg","name":"how-to-avoid-crypto-taxes.o.jpg","original_name":"how-to-avoid-crypto-taxes.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"99.10KB"},"youtube_video":null}]},{"id":8,"title":"Crypto 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":731,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Smart Home?","slug":"what-is-smart-home","section":"S","keyword":"Smart Home","status":"published","definition":"a range of digital appliances used to enhance household systems.","content":"<p>A <strong>smart home</strong> refers to a household that uses a system of appliances connected to the internet to manage chores or maintenance. Owners of smart homes can monitor and utilize the devices in their households remotely, even if they&rsquo;re in a different country. Smart homes are part of the interconnected global network known as the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-internet-of-things/">Internet of Things (IoT)</strong></a>.</p>\n<p>Smart home appliances can help make many chores and household processes automatic. From setting up sprinklers or a robot lawnmower outside to scheduling the coffee machine and putting a timer on the lights &ndash; tedious tasks can be controlled by just opening an app on the phone or a computer and adjusting the settings.</p>\n<p>Smart home technology can be convenient and help <strong>improve the sustainability</strong> of your home. If you have to leave the house for a while, you can adjust the thermostat so you&rsquo;re not wasting heat and then turn it back on again right before you get home. Some smart home devices are even designed to be pet-friendly &ndash; like automatic feeders.</p>\n<p>They can also help save money in the long term. While some smart home devices can be on the pricier end, their utility pays off quite quickly. The ability to automatically control heating or power usage can help cut down the money spent on monthly bills.</p>\n<p>The goal of smart home technology is to simplify many aspects of our everyday lives. These appliances can not only help with household upkeep but also our overall routine, such as maintaining our schedules or preparing shopping lists. New types of smart home appliances seem to pop up on the radar on a near-daily basis.</p>\n<p>The simplicity of smart home devices is especially advantageous for the elderly or people with disabilities who may struggle with household chores and may require some assistance. Smart vacuum cleaners can help ensure that the house is clean while home assistants can be set up with regular reminders to take medications or to order grocery deliveries.</p>\n<h2>Types of Smart Home Appliances</h2>\n<p>There is a wide range of smart home appliances on the market, varying from tools dedicated to home security and garden maintenance to small devices that make life inside the house easier.</p>\n<h3>Home Security</h3>\n<p>Smart home <strong>cameras</strong> are among the most popular digital household appliances. Most smart cameras are &ldquo;sleeping&rdquo; until they detect movement on the radar. They transfer data directly to the phone so there&rsquo;s no need to dig through hours upon hours of tape footage.</p>\n<p>Some smart cameras come with a microphone and speaker options. So, if you have a parcel arriving while you&rsquo;re at work, you can tell the delivery person to leave it in a safe location near the house.</p>\n<h3>Smart Cleaners</h3>\n<p>Smart cleaners can be designed for both indoor and outdoor use. Smart lawn mowers can be programmed to the territory surrounding your household, ensuring every inch of the area is covered. You can schedule the frequency of mowing and save yourself the physical extortion of pushing forward a giant lawnmower.</p>\n<p>However, perhaps the best-known example of smart cleaners is a robot vacuum. They can be used to dry or wet clean your house depending on the surface and can even be scheduled to work while you&rsquo;re out of the house.</p>\n<h3>Smart Speakers</h3>\n<p><strong>Smart speakers</strong> might be the most recognizable example of smart home appliances. Amazon&rsquo;s Alexa and the Google Home Assistant are prime examples of smart speakers. They are devices that connect to the internet and complete tasks personalized to the preferences of the homeowner.</p>\n<p>Smart speakers are perhaps the ultimate tools to help simplify your life at home. Smart speakers can create a network connection with other smart devices at home, extending their functionality to a higher degree. Their utility is near-endless.</p>\n<p>By sending voice commands, you can adjust the lights, lower the thermostat, lock the door, pick your favorite playlist, set up your grocery list for the day, or even set up the order &ndash; just about any household task can be made easy with smart speakers.</p>\n<h2>Blockchain Technology in Smart Homes</h2>\n<p>Although IoT devices are growing increasingly popular, concerns regarding their security&nbsp;cannot be overlooked. There have been recorded instances of hackers gaining access to user data by breaking into the Internet of Things or Internet of Toys (also IoT) devices.</p>\n<p>To mitigate the risks associated with digital household appliances, more and more companies are implementing <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain technology</strong></strong></a>&mdash;particularly <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>&mdash;to reinforce security. Smart contracts are self-executing programs that contain the client command and require certain conditions to be met in order to function.</p>\n<p>Blockchain technology employs a network of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-network/">decentralized nodes, making it next to impossible to compromise the entire system. The anonymity provided by smart contracts means that hackers cannot trace the direction of the client message and are unable to compromise data.</p>","level":"hard","meta_title":"What is Smart Home? Definition & Meaning | Crypto Wiki","meta_description":"Smart Home meaning: Smart Home - a range of digital appliances used to enhance household systems.","meta_keywords":null,"language":"en","created_at":"2022-03-30T14:03:17.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-smart-home"},"prevSection":{"id":729,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Simplified Payment Verification (SPV)?","slug":"what-is-simplified-payment-verification-spv","section":"S","keyword":"Simplified Payment Verification (SPV)","status":"published","definition":"a lightweight client used for blockchain transaction verifications.","content":"<p><strong>Simplified Payment Verification (SPV)</strong> is a lightweight client used to verify crypto transactions on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain. Users can perform <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer (P2P)</strong></a> transactions while the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes form the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-settlement-layer/">settlement layer</strong></strong></a>.</p>\n<p>The concept of simplified payment verification was covered in the Bitcoin <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-whitepaper/">whitepaper, published by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a>. The recipient of a transaction can prove that the sender has the source funds of the transaction without the need to download the entire blockchain history. SPV can be used to prove instances of fraudulent transactions.</p>\n<p>To save the storage required, the SPV only downloads the block headers and sends requests for the proof of inclusion to the blockchain in the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-merkle-tree/">Merkle Tree</strong></a>, the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptography/">cryptographic structure required for data validation.</p>\n<p>Every leaf node of the Merkle Tree contains the hash of a specific data block. Each non-leaf node contains the has of the child node labels. Since running a full node via a Merkle Tree would demand more power and storage to download the entire blockchain, SPV is employed to make the process more efficient.</p>\n<p>SPVs are used to help the light clients&mdash;lightweight wallets that use the SPV mechanism and run on low-end systems&mdash;see if a specific transaction was added to the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a> blockchain.&nbsp;</p>\n<p>There are downsides to using SPV over the full node network, particularly those related to network and data security. SPV proofs are more <strong>susceptible</strong> to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-51-attack/">51% attacks</strong></a> and can be utilized to validate falsified transaction data. While there is no solution to such a scenario yet, strategies to mitigate the misuse of SPV are being worked on.</p>","level":"easy","meta_title":"What is Simplified Payment Verification (SPV)? Definition & Meaning | Crypto Wiki","meta_description":"Simplified Payment Verification (SPV) meaning: Simplified Payment Verification (SPV) - a lightweight client used for blockchain transaction verifications.","meta_keywords":null,"language":"en","created_at":"2022-03-30T13:56:42.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-simplified-payment-verification-spv"},"currentChapter":"S","currentSection":"what-is-smart-contract","chapterTitle":"S","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-smart-contract","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter S

What is Smart Contract?

Smart Contract MEANING:
Smart Contract - a self-executing computer program used to verify transactions on the blockchain.
Easy
1 minute

Let's find out Smart Contract meaning, definition in crypto, what is Smart Contract, and all other detailed facts.

A smart contract is a self-executing computer program used on blockchain networks to verify transaction agreements between buyers and sellers. The contract is then distributed throughout the entire blockchain network. 

The code of the smart contract can only be executed when the conditions stated in the contract are met. This execution is irreversible, and it’s next to impossible to alter the smart contract.

Smart contracts allow for anonymous peer-to-peer transactions between two or more parties that may not find each other reliable. The use of smart contracts eliminates the requirement for third-party involvement during a transaction.

Using a smart contract is a lot like getting a drink from a coffee machine. You select the criteria or choose what drink you want, pay for it, and get a drink in an instant, rather than getting in touch with the distributor of the coffee machine to make a contract for a cup of cappuccino.

Neither you nor the hypothetical machine owner needs to know each other’s identity for the transaction to be deemed valid. The anonymity of smart contracts is particularly favored by proponents of decentralized systems and a free economy.

Smart contracts can also be used by businesses that employ private blockchain systems. A smart contract can act as a guarantee for both the customers and service providers that their assets will be protected if the deal falls out and the risk of financial loss is mitigated.
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