Smart contracts are digital agreements encoded directly into blockchain networks like Ethereum, Binance Smart Chain, and Solana. Here’s how they function:
Predefined Rules: Smart contracts are programmed with specific terms and conditions.
Trigger Events: Once these conditions are met, the contract automatically executes actions, such as transferring funds or verifying ownership.
Decentralized Execution: Unlike traditional contracts, there is no need for intermediaries, reducing costs and processing times.
Source: helalabs.com
