Classification of smart contracts
At the moment, smart contracts are classified according to the following key indicators:
- Smart contracts can differ by a runtime environment that can be centralized or decentralized.
- They can differ in the process of setting and meeting the conditions: they can be randomly programmable, limited or pre-installed, that is, strongly typed.
- By the way of initiation, there are automated smart contracts, that is, when certain conditions occur, the code is self-executing, and there are smart contracts in which conditions are set, but the platform does not automatically check them, they must be initiated separately .
In addition, smart contracts differ in terms of privacy. They can be either completely open, either partially or completely confidential. The latter means that third-party observers do not see the conditions and data in the code of smart contracts.