@bunkedscott

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automatically execute and enforce the terms when predefined conditions are met. For example, a smart contract in a decentralized finance (DeFi) platform can release funds only when certain conditions are satisfied, like the completion of a transaction or a specific price trigger. The advantages of smart contracts include increased efficiency (no need for intermediaries), reduced risk of human error, enhanced security (due to blockchain’s immutability), and transparency (all contract details are visible on the blockchain). However, they are only as reliable as the code they are based on, and coding bugs or vulnerabilities can pose significant risks

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