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What are Smart Contracts and How do they Work?
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What are Smart Contracts and How do they Work?
What is a Smart Contract? A smart contract is a piece of code that lives on the blockchain and controls the transfer of digital assets between parties. They work as a written agreement between multiple parties where the code controls the funds, event, or execution of a certain transaction. Smart contracts are self-executing, meaning they can automatically execute the contract terms without needing third-party intervention. For example, suppose t…
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