A smart contract application is a program stored and executed on a blockchain that automatically runs predefined actions when certain conditions are met. These applications remove the need for intermediaries by self-executing agreements and managing digital assets according to their coded logic. They form the foundation of decentralized finance (DeFi), non-fungible tokens (NFTs), and various other decentralized services. Their deterministic execution and tamper-resistant nature are core features.
Context
News about smart contract applications frequently covers new decentralized finance protocols, updates to existing dApps, or security incidents related to vulnerabilities in their code. The increasing complexity and adoption of these applications highlight both their transformative potential and the critical need for rigorous security audits. Their development continues to drive innovation within the digital asset ecosystem.
A new digital signature primitive enables a powerful signer to pre-generate all signatures and release constant-size expander keys for resource-constrained devices to verify a growing set of transactions.
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