What is Smart Contract: The Ecosystem of Smart Contracts
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Smart contracts are digital contracts integrated into the blockchain code. For example, let’s take the simplest operation – the process of buying and selling cryptocurrency between users. This transaction takes place under the requirements of anonymity and is not regulated by intermediary organizations that control its implementation. This model became possible thanks to smart contracts, which contain a detailed algorithm for conducting an operation between two users. This helps to exclude the possibility of fraud on both sides and conduct a transaction according to a specific algorithm of consecutive actions.
