What is Programmability?
Let's find out Programmability meaning, definition in crypto, what is Programmability, and all other detailed facts.
Programmability defines something, usually a computing device, that’s able to understand, accept, and carry out instructions. An example of this would be a computer or a smartphone.
The above-mentioned instructions are usually just lines of code that are input to a computing device, or a software program that’s within the said computing device. Let’s take computer mice and keyboards for example. They both have the capability to be programmed to do specific tasks such as muting the sound of a computer at the click of a button.
When it comes to cryptocurrencies, programmability was first studied in order to figure out how to create digital money that has the capability to follow instructions.
Let’s look at our regular, fiat money first. Most of us have cash in our wallets which, without the assigned value by the central bank, would be considered worthless since it’s just a piece of paper. By using any fiat currency, you agree to the regulations that govern it.
This is where programmability comes into play. Programmable money stands out since it does not follow any jurisdiction rules. The only rules that are established within virtual, programmable money are the time, the participants, and the means for exchanging value.
Programmable money changes the traditional method of completing transactions. However, it doesn’t just change it between individuals but also takes into account transactions between programs and computing devices.
There’s great potential for implementing automation and new functionalities. For instance, enabling smart contracts to manage payments in specific situations.