How Does ‘Offer and Acceptance’ Relate to Smart Contract Deployment?
The deployment of a smart contract can be viewed as a standing offer to the public to interact with its codified terms. A user's transaction or interaction with the contract's specific function constitutes acceptance of those terms.
The key difference is that the offer is machine-readable code, and acceptance is a cryptographic signature on a transaction, automating the mutual assent process.
Glossar
Cryptographic Signature
Authorization ⎊ This mechanism uses the private key to generate a unique, mathematically verifiable tag appended to a transaction or contract instruction.
Smart Contract
Code ⎊ The contract is fundamentally self-executing code deployed on a distributed ledger, embodying the terms of the agreement in an immutable format.
Deployment
Execution ⎊ Deployment within cryptocurrency, options, and derivatives signifies the active allocation of capital to a predetermined trading strategy or investment thesis, often automated through algorithmic interfaces.