Hello everyone! Today, we will introduce the challenge in the cryptocurrency world, which is "smart contracts." Smart contracts are an important innovation in blockchain technology that allows agreements to be executed automatically without relying on intermediaries or trusting third parties. This functionality has enormous application potential in finance, law, supply chains, and many other fields! Let's take a look at how smart contracts are changing our daily lives!
What are smart contracts?
Smart contracts are self-executing programs written on the blockchain, and they automatically trigger related operations when the conditions in the contract are met. These contracts are stored on the blockchain, transparent and immutable, preventing the fraud and disputes that may exist in traditional contracts. Ethereum was the earliest implementation platform for smart contracts and has promoted the development of decentralized applications (DApps) and DeFi.