WHAT IS SMART CONTRACT?

When participating in cryptocurrency research or ICO projects, you may see Smart Contracts mentioned a lot. So what is Smart Contract?

Smart contracts are electronic contracts programmed to implement the terms agreed between the parties. Smart Contract is a term describing the ability to make its own terms and enforce computer systems’ agreements using Blockchain technology. The entire process of Smart Contract is executed automatically without external interference. The terms of the Smart Contract are equivalent to a legal contract and recorded in the computer language.

The main goal of Smart Contract is to allow the two non-identified parties to be able to trade or work together on the Internet without intermediaries.

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