Smart Contract

Program that automatically runs on a blockchain to fulfill agreements without intermediaries.

What is it? - Dummies

It's like a machine that enforces the rules you set for it, without anyone having to intervene.

What is it? - PRO

A smart contract is a self-executing code hosted on a blockchain that allows the automation and execution of agreements between parties in a secure, transparent and immutable way, without the need for third parties.

Key points

Autonomy and automation.

Immutability after deployment.

Transparency in execution.

Based on programming language (Solidity, Vyper, etc.).

Sales and disadvantages

Advantages:

It reduces costs and brokerage times.
Minimizes fraud risks.
Execute actions in a transparent and predictable way.

Disadvantages:

Immutable code, so errors can be costly.
It requires rigorous audits.
Limitations on external interaction (required oracles).

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