What is Smart Contract?
Code on a blockchain that automatically executes contract terms.
Details
A smart contract is code deployed on a blockchain that executes automatically when conditions are met; DeFi, NFTs and automated trading all rely on them. Because code is public and immutable, a bug can be exploited once found, and major attacks have occurred. Prefer contracts that are audited and check for risky permissions such as pause or upgrade functions.
Key Points
- Self-executing on-chain code that is public and immutable
- Bugs can be exploited once discovered
- Prefer audited contracts with transparent permissions
FAQ
What is Smart Contract?
Code on a blockchain that automatically executes contract terms.
What are the key points about Smart Contract?
A smart contract is code deployed on a blockchain that executes automatically when conditions are met; DeFi, NFTs and automated trading all rely on them. Because code is public and immutable, a bug can be exploited once found, and major attacks have occurred. Prefer contracts that are audited and check for risky permissions such as pause or upgrade functions.
Is this term related to a specific coin?
ETH
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