From the course: Build an Ethereum Smart Contract with Go and Solidity

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What is a smart contract on Ethereum?

What is a smart contract on Ethereum? - Go Tutorial

From the course: Build an Ethereum Smart Contract with Go and Solidity

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What is a smart contract on Ethereum?

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- [Instructor] Smart contracts, DApps, DAOs. What are these terms that developers in Web3 are talking about? Simply put, as Ethereum is programmable, smart contracts are computer programs that lives on the blockchain. Traditionally, a contract is an agreement. By definition, it contains terms and conditions that specify certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties. These agreements is usually enforced by law. The rights and obligations are conducted by each party of the agreement manually. Smart contract, on the other hand, digitizes these agreements into computer code and automatically executes when the contract's terms and conditions are met. Because of this, smart contracts share many of the characteristics of a traditional contract while comes with its unique differences. First of all, it can be executed when certain conditions are met, such as a payment being made or date being reached. But unlike traditional contracts…

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