What is a smart contract and how does it work in Web3?
A smart contract is a self-executing contract with the terms of the agreement directly written into code. It runs on a blockchain and automatically executes actions based on predefined conditions and rules. Smart contracts are a foundational component of Web3, enabling trustless and decentralized interactions among participants.
In Web3, smart contracts are typically written in programming languages specifically designed for blockchain platforms, such as Solidity for Ethereum.
Here's how smart contracts work in Web3 :
* Coding the Contract
* Deployment to the Blockchain
* Execution and Validation
* Trustless and Transparent Execution
* Triggering Actions
* Handling Assets and Tokens
* Security and Auditing
