Smart contracts are basically programs that are recorded on a blockchain and run when specific requirements are satisfied.
A smart contract represents a digitally coded agreement stored on a blockchain, executing automatically without intermediaries.
The applications of smart contracts surpass mere buying and selling, expanding blockchain's potential by introducing new functionalities impossible.
The operation of smart contracts relies on a fusion of blockchain technology, code execution, and decentralized consensus.
Despite their numerous advantages, smart contracts also present several drawbacks. Reliance on External Data Code Vulnerabilities Scalability Immutability
The cryptocurrency community is highly conscious of the limitations and hurdles linked to smart contracts and is actively engaged in resolving them.
Bitcoin's scripting language enables the formulation of basic smart contracts, yet its capabilities remain more constrained.
Smart contracts are self-executing digital contracts that enforce contract obligations without the use of middlemen.