Ethereum Smart Contracts Explained

Smart contracts are software programs that are designed to execute transactions and agreements on the Ethereum blockchain without the need for a third party or intermediary. They are immutable, self-executing pieces of code that are stored on the Ethereum blockchain and can be executed automatically when certain conditions are met.

Smart contracts are self-executing, meaning that they do not require any additional input from either parties. This is because the code within the smart contract has been programmed to execute according to the set conditions.

Smart contracts are also immutable, meaning that they cannot be modified or altered once they have been deployed to the blockchain. This adds an extra layer of security, as the code within the contract cannot be changed by either party.

Smart contracts are also transparent, meaning that all transactions and agreements are visible on the Ethereum blockchain. This ensures that all parties are kept up to date with the progress of the agreement and can view the status at any time.

Smart contracts are a powerful tool that enable users to carry out complex transactions and agreements in a secure and efficient manner. They are designed to reduce the risk of fraud and manipulation, as they are immutable and transparent.