Programs that can't be stopped
Smart contracts are like vending machines: you put in coins, and they automatically give you what you paid for. No human needed, no one can interfere, and it works exactly the same every time.
“You put in $2, press 'Coca-Cola', and the machine automatically gives you a Coke. Smart contracts work the same way - you send cryptocurrency, and the contract automatically executes the programmed action.”
The difference is that smart contracts can handle much more complex logic than a vending machine. They can manage financial transactions, ownership transfers, voting systems, and much more.
Smart contracts follow the principle of “Code is Law” - they execute exactly as programmed, without any possibility of:
Smart contracts power many of the applications you might have heard about:
Smart contracts automatically manage loans, interest rates, and collateral without banks or intermediaries.
Smart contracts handle the buying, selling, and ownership transfers of digital collectibles and art.
Smart contracts are the building blocks of the decentralized web. They enable applications that can run without any central authority, making the internet more open, fair, and resilient.
What are smart contracts?