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What is Smart contract?

A smart contract is program code deployed to a blockchain and executed according to that network's rules. It can enforce state transitions or token operations, but the name does not imply legal enforceability, correct behavior, upgrade safety, or freedom from vulnerabilities.

Review the deployed address, source correspondence, upgrade authority, and external dependencies before interacting with a contract. A transaction that calls a contract should be simulated and constrained where possible, while recognizing that simulation cannot guarantee the later state will match.

Contract behavior can also depend on oracle inputs, other contracts, and transaction ordering. Independent audits reduce some uncertainty but do not prove that a deployed program is free of defects.

Definitions are educational and general. Nothing here is financial, legal or tax advice, and regulatory descriptions summarise frameworks that change — check the current rules for your jurisdiction before relying on them.