Self-executing snippets of code on a blockchain that operate as designed without the need for intermediaries or manual intervention.
Smart contracts, popularized by the Ethereum network are applications or snippets of code that are designed to follow preset instructions and execute them without the need for any manual intervention.
These contracts have truly enabled trustless, decentralized transactions, allowing room for new innovations in the cryptocurrency and blockchain space.
An example smart contract would work as a lender, where it only lends out a requested amount after receiving sufficient collateral, and only releases said collateral at a later date upon receiving the principal amount as agreed upon.
