Chapter
Understanding Hybrid Smart Contracts in Blockchain
38:01 - 46:17 (08:16)
Hybrid smart contracts combine the benefits of on-chain and off-chain processing to create automated agreements that can validate external information sources. They enable a more sophisticated level of automation and speed up transactions while preserving the trust advantage that blockchain provides.
Clips
Hybrid smart contracts define an agreement, take in value and return value based on codified conditions on a blockchain.
38:01 - 40:58 (02:57)
Summary
Hybrid smart contracts define an agreement, take in value and return value based on codified conditions on a blockchain. They are called smart contracts despite their inability to communicate with other systems on-chain, with the hybrid aspect being both on-chain and off-chain contracts.
ChapterUnderstanding Hybrid Smart Contracts in Blockchain
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The combination of tamper-proof on-chain representation of a contract and mutually agreed-upon definition of a trigger or proof system results in a hybrid smart contract which can achieve new levels of automation.
40:58 - 46:17 (05:18)
Summary
The combination of tamper-proof on-chain representation of a contract and mutually agreed-upon definition of a trigger or proof system results in a hybrid smart contract which can achieve new levels of automation. The decentralized Oracle network acts as a mechanism to prove what happened definitively and achieve trust in integrating data from the outside world with smart contracts.