What is a smart contract

A smart contract refers to a piece of code deployed on a shareable and replicable ledger; a smart contract can maintain its own state, control its own assets and respond to received external information or assets. It can process information, receive, store and send value.

A smart contract program is not just a computer program that can be executed automatically. It is more like a participant in the system. You can think of it as an absolutely trustworthy person. It is responsible for the temporary custody of your assets and performs operations strictly in accordance with the pre-agreed rules. Once a smart contract is established, it can be executed automatically without the participation of an intermediary, and no one can prevent its operation.