Cryptocurrency Q&A
How does a smart contract work?
How does a smart contract work?
amelia_martinez_engineer
Tue Feb 11 2025
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answers
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A smart contract is a computerized transaction protocol that executes the terms of a contract. It works by translating contractual clauses into code, embedding them into property that can self-enforce them. Smart contracts are stored on the blockchain, have a unique address, and execute independently and automatically in a prescribed manner on every node in the network.
5 answers
BonsaiBeauty
Thu Feb 13 2025
Smart contracts leverage the blockchain technology for their execution.
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Alessandro
Wed Feb 12 2025
This automated process facilitates seamless payments and interactions between counterparties, minimizing human intervention and potential errors.
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IncheonBeautyBloom
Wed Feb 12 2025
This implies that the conditions and terms of these contracts are embedded within a decentralized and distributed database.
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BonsaiLife
Wed Feb 12 2025
Once these terms are entered into the blockchain, they become immutable, ensuring that no unauthorized alterations can be made.
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CharmedEcho
Wed Feb 12 2025
Transactions associated with smart contracts are similarly handled on the blockchain.
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