https://zmnscpxj.github.io/bitcoin/unchained.html

Smart contracts have traditionally been implemented as part of the consensus 
rules of some blokchain.  Often this means creating a new blockchain, or at 
least a sidechain to an existing blockchain.  This writeup proposes an 
alternative method without launching a separate blockchain or sidechain, while 
achieving security similar to federated sidechains and additional benefits to 
privacy and smart-contract-patching.
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