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WebApr 12, 2024 · Smart contracts are self-executing programs that automatically enforce the terms of a contract. They are built on blockchain technology, which enables them to operate in a secure and decentralized manner. Smart contracts allow for the automation of a wide range of transactions, from simple payments to complex financial instruments. WebMar 16, 2024 · Smart contracts are a natural extension of blockchain technology, enabling the execution of complex business logic in a trustless and decentralized environment. They offer numerous benefits, including automation, increased efficiency, and reduced costs. However, smart contracts are not infallible and are vulnerable to bugs, errors, and security ... WebA "smart contract" is simply a program that runs on the Ethereum blockchain. It's a collection of code (its functions) and data (its state) that resides at a specific address on the Ethereum blockchain. Smart contracts are a type of Ethereum account. This means they have a balance and can be the target of transactions. fitenomics