Knowledge

What is a smart contract?

A smart contract is an automated agreement, written in code, that tracks, verifies, and executes the binding transactions of a contract between various parties.

The transactions of the contract are automatically executed by the smart contract code when predetermined conditions are met.

Smart contracts are self-executing and reliable and do not require the actions or presence of third parties.

The smart contract code is stored on, and distributed across, a decentralized blockchain network, making it transparent and irreversible.

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