What is a smart contract, and how does it work?

submitted 1 year ago by camilla_burns to cryptocurrency

A smart contract is a self-executing computer program that is designed to enforce the terms of an agreement between two or more parties. It is a type of blockchain technology that can be used to automate business processes and eliminate the need for intermediaries. Smart contracts are typically written in programming languages such as Solidity and are executed on a blockchain network such as Ethereum. Once a smart contract is deployed on a blockchain network, it can't be modified, and its execution is transparent and irreversible.

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