A smart contract is a piece of code programmed onto a blockchain, which defines the terms of a particular transaction. Upon the receipt of a given trigger or input, the smart contract will execute and perform its assigned tasks.
All smart contracts share some common properties.
· Because they exist on the blockchain, they have a state, like RAM in a computer does, and this state is shared across the entire network. So, each node running this blockchain has a copy of the state of the smart contract.
· They cannot be altered. Although there are ways to extend them or replace parts — if such action has been foreseen by the developers — there is no way to covertly manipulate their content without drawing the attention of the network.
· The logic of a smart contract cannot be distorted, so there is no room for interpretation[1]. That is why they’re referred to as a “contract”. They act like an agreement between parties, but one which needs no judge, because the output is produced from the input deterministically
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