Smart contracts are self-executing programs that run on the Ethereum blockchain, allowing developers to set specific triggers or conditions that must be met before the contract is executed.
These contracts enable developers to build apps that leverage blockchain security, reliability, and accessibility while offering sophisticated peer-to-peer functionality for various applications, including loans, insurance, logistics, and gaming.
Smart contracts eradicate the need for a central authority, legal system, or external enforcement mechanism to conduct trustworthy transactions and agreements between distant, anonymous participants. They provide trustless and cost-effective solutions for exchanging funds, such as during Initial Coin Offerings (ICOs) with ERC-20 tokens.
