Notitia
Code that runs itself, with no middleman.
A smart contract is a program stored on the blockchain that runs automatically when its conditions are met.
They enable decentralised apps (dApps): exchanges, lending, insurance - without a trusted intermediary.
A buyer and a seller agree: 10,000 USDC are locked in a contract and released on delivery, confirmed by the buyer or an arbiter.
The contract does exactly what is written, bugs included. A pro checks the audit, whether the code is upgradeable and who holds the admin keys.
Test your understanding with a quick interactive quiz.