What is a smart contract?

1. The term "smart contract" was first proposed by the famous cryptographer Nick Szabo in 1994. It uses programming to accurately and efficiently execute preset contract terms.

2. A detailed explanation is: A smart contract is actually a computer protocol that uses a computer instruction to achieve self-verification, automatic execution, and generate verifiable evidence to prove the validity of the contract operation.

3. When both parties to a smart contract generate an asset transaction on the blockchain, a piece of code will be automatically triggered to automatically complete the specific transaction process. This string of computer code is the smart contract.

4. To put it simply, a smart contract is a contract that is executed on the public chain. The project party and the user write out the contract (agreement) in advance. After completing the coding and deployment of the contract, the contract will be executed on the public chain.