Smart contracts are self-executing programs that run on a blockchain network. In Web3, smart contracts are created using programming languages such as Solidity, which is designed specifically for Ethereum. They are stored on the blockchain and executed automatically when certain conditions are met.
The key features of smart contracts in Web3 are:
1. Decentralization: Smart contracts in Web3 operate on a decentralized network, which means they are not controlled by any single entity.
1. Immutability: Once a smart contract is deployed on a blockchain, it cannot be altered or deleted. This ensures that the terms of the contract stay fixed and enforceable.
1. Transparency: All transactions and data related to smart contracts in Web3 are publicly visible on the blockchain, ensuring transparency and auditability.
1. Trust: Smart contracts in Web3 are trusted because they are executed automatically based on pre-defined conditions, removing the need for intermediaries and reducing the possibility of fraud or errors.
Overall, smart contracts in Web3 enable the creation of complex applications and systems that operate autonomously without the need for human intervention. They provide a secure and transparent way to manage digital assets, enforce agreements and execute transactions.
