An immutable smart contract is a self-executing agreement stored on a blockchain whose code and logic cannot be altered once deployed. This characteristic ensures that the terms and conditions of the contract will execute exactly as programmed, without interference or modification from any party. Immutability is a core security feature that provides high assurance and predictability.
Context
The state of immutable smart contracts is central to the security model of many decentralized applications, providing a fixed and verifiable operational framework. A key debate concerns the trade-off between immutability and the need for upgradability to fix bugs or adapt to evolving requirements. Future developments include the design of upgradeable smart contract patterns that retain security benefits while allowing for necessary modifications under strict governance rules.
The Cypher Lending model uses MPC and immutable contracts to bypass custodial risk, establishing a truly permissionless primitive for Bitcoin's $1.3T asset base.
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