A smart contract is a digital agreement between 2 or more parties. Smart contracts are governed by code, as opposed to traditional contracts that are governed by people.
A smart contract will run (like a program) only when specific conditions are met. Basic smart contracts run like if this then that. More advanced smart contracts can now incorporate oracles that unlock more data sources like payments, weather data, derivatives, automated market makers, trading bots, marketplaces, etc.
For any additional questions, please view our other knowledge base articles or contact a support team member via the chat button. Examples are for illustrative purposes only.