Introduction
The term “smart contract” is misleading. These systems are neither intelligent nor flexible.
They are:
Deterministic execution engines
1. What Smart Contracts Actually Do
They:
- execute predefined logic
- operate on blockchain state
- enforce rules automatically
2. Determinism as a Requirement
All nodes must produce:
- identical outputs
- given identical inputs
Therefore:
- no randomness (without oracle)
- no external data (without feeds)
3. Limitations
Smart contracts cannot:
- interpret ambiguity
- adapt dynamically
- correct errors after deployment
4. Implications for Developers
Design must consider:
- edge cases
- failure modes
- economic exploits
Conclusion
Smart contracts are powerful, but rigid. They are best understood as programmable constraints, not intelligent agents.
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