Smart Contract
A self-executing contract with the terms of the agreement directly written into code on a blockchain.
✦ Key Insight
Smart contracts automatically enforce rules and execute actions when predefined conditions are met, without the need for intermediaries. They are primarily used on blockchains like Ethereum to facilitate decentralized applications (dApps), token issuance, and DeFi protocols. Smart contracts are immu
✕ Common Misconceptions
It is often mistaken for similar sounding terms, but the technical implementation is distinct.
Detailed Explanation
In Practice
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Blockchain
A decentralized digital ledger that records transactions across a network of computers in a secure and transparent way.
DeFi
Short for “Decentralized Finance,” it refers to financial applications built on blockchain networks that operate without traditional intermediaries.
Token
A token is a digital asset built on top of an existing blockchain rather than having its own independent blockchain.
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