A smart contract is not smart, and it is barely a contract. It is a small program that lives on a blockchain and runs itself when its conditions are met, with no person to enforce it and no way to undo it. Understanding this one idea unlocks almost everything in crypto.
Summary
- Smart contracts are self executing programs on a blockchain that carry out predefined actions without requiring a middleman or central authority.
- Ethereum turned the concept into a practical technology, enabling applications such as DeFi platforms, NFTs, tokens, and decentralized apps.
- While smart contracts offer automation, transparency, and reliability, coding flaws or faulty external data can lead to…
