What Blockchain Characteristic Enables the Trustless Execution of a Smart Contract?
The immutability and decentralized nature of the blockchain are key. Once deployed, the smart contract code cannot be altered, ensuring the terms are fixed.
The contract's execution is verified and enforced by the distributed network of nodes, removing the need for trust in a single intermediary. This transparency and redundancy ensure reliability.
Glossar
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.
Trustless
Architecture ⎊ The concept of trustlessness, within cryptocurrency, options trading, and financial derivatives, fundamentally redefines reliance on intermediaries.