What is a smart contract?

A smart contract is code that runs on top of a blockchain and automatically executes when specific conditions are met.

Think of smart contracts as digital "if-then" statements: if a certain condition happens -> then the contract automatically performs a specific action.

For example: if a payment is received, then ownership is transferred.

Smart contracts can make decisions, distribute profits, manage voting, and carry out other business tasks without human intervention. They're transparent, secure, and cannot be altered once deployed on the blockchain.

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