Web3 Knowledge Point: Smart Contract
1. Definition
A smart contract is a self-executing program deployed on a blockchain (e.g., Ethereum) that automatically enforces contract terms when predefined conditions are met, eliminating the need for intermediaries.
2. Key Features
Decentralized: Runs on a blockchain and is verified by network nodes.
Immutable: Code cannot be altered after deployment (unless designed with upgradeability).
Autonomous: Executes automatically upon triggering conditions (e.g., time, payment).