Remember Rumpelstiltskin’s magical contract? Now imagine this magical contract being digitalised and stored on codes.

smart contract

A smart contract is a self-executing digital contract where the terms of the agreement is directly on the lines of code. Just like how coding defines a computer algorithm, a smart contract defines the rules around an agreement as like a traditional contract.  

Smart contracts can be encoded on any blockchain, but Ethereum has been the one most widely known and used due to its technical capabilities.

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