Every day, lines of code quietly execute agreements worth billions on decentralized networks worldwide.
Origins and Evolution of Smart Contracts
Nick Szabo’s Vision in the 1990s
Long before blockchains became a household term, computer scientist Nick Szabo imagined vending-machine–style “smart” agreements that could verify and enforce the terms of a deal without external enforcement. His essays described pieces of software that would act as trusted intermediaries, reducing both costs and counter-party risk. Although the tech of the era could not yet deliver this dream, Szabo’s blueprint inspired an entire generation of cryptographers and open-source hackers, sowing the seeds for today’s programmable money revolution.
Ethereum and the Birth of Programmable Money
The 2015 launch of Ethereum introduced the first widely adopted execution environment—the Ethereum Virtual Machine (EVM)—designed specifically for autonomous code running on a distributed ledger. Suddenly, devel
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