Smart Contract Introduction

A smart contract is simply a program that runs on the Ethereum blockchain. It is a collection of code (its functions) and data (its state) that resides at a specific address on the Ethereum blockchain.

Smart contracts are a type of Ethereum account. This means they have a balance and can be the target of transactions. However they are not controlled by a user, instead they are deployed to the network and run as programmed. User accounts can then interact with a smart contract by submitting transactions that execute a function defined on the smart contract. Smart contracts can define rules, like regular contracts, and automatically enforce them via the code. Smart contracts cannot be deleted by default, and interactions with them are irreversible.