smart contracts
Ethereum is currently the most popular smart contract platform, but it can also be run on many other crypto blockchains (EOS, Neo, Tezos, Tron, Polkadot, and Algorand). Also, anyone can create smart contracts and deploy them on the blockchain. The code is transparent and can be verified by anyone. In other words, the parties can know exactly what logic the smart contract will follow when crypto assets are received.
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Smart contracts are written in a variety of programming languages, including Solidity, Web Assembly, and Michelson. On the Ethereum network, the code for each smart contract is stored on the blockchain, allowing parties to inspect the contract's code and current status to verify functionality.
Each computer (or "node") on the network saves a copy of all existing smart contracts and their current status, along with blockchain and transaction data.
When an asset is received from a user in a smart contract, all nodes in the network execute that code to reach consensus on the outcome and the resulting value flow. This allows users to securely execute smart contracts without central authority, even when conducting complex financial transactions with unknown parties.
To run smart contracts on the Ethereum network, you have to pay a fee commonly referred to as "gas". (It was so named because fees keep the blockchain running).
Once deployed on the blockchain, smart contracts are usually not modifiable by even the author. (There are exceptions to this rule.) This helps prevent censorship and forced suspension of smart contracts.