The term smart contract was initially coined by Nick Szabo, who is a computer scientist, a legal scholar, and the inventor of Bit Gold, in 1994. He is a living legend in the world of cryptocurrency for his research into digital contracts and digital currency. He is even considered to be Satoshi Nakomoto by some people, although he rejected that claim.
Nick Szabo originally defined smart contracts as follows:
"A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, confidentiality, and even enforcement), minimize exceptions both malicious and accidental, and minimize ...
