Smart Contract
Autonomous program executed on a blockchain.
Beginner-friendly explanation
A smart contract is an automatic program that runs when certain conditions are met. It doesn’t need human intervention. Example: A smart contract can send 1 ETH to someone when a specific date is reached.
Intermediate-level insight
Smart contracts enable the creation of decentralized applications (DApps) without a central authority. They are often written in Solidity (Ethereum) or Rust (Solana). Example: A DeFi protocol uses smart contracts to automate lending and borrowing.
Advanced perspective
Smart contracts must be audited because a flaw can result in million-dollar losses. Formal verification and secure development practices (unit tests, multisignatures) are crucial. Example: The DAO flaw in 2016 on Ethereum led to a hard fork after a smart contract vulnerability.
NFT DeFi Web3
smart contract, program, automation, Solidity, Rust, DApp, audit, security