Ethereum Smart Contracts explained in 1 minute or less

 

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The term Smart contract is used to describe a computer code that can facilitate the exchange of money, content, property, shares, or anything of value. When running on the blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met. Because smart contracts run on the blockchain, they run exactly as programmed without any possibility of censorship, downtime, fraud or third-party interference. Ethereum allows developers to create whatever operations they want (turing complete). This means developers can build thousands of different applications that go way beyond anything we have seen before.

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