What are smart contracts in cryptocurrency?
An example of an AI chatbot conversation about smart contracts in cryptocurrency.
What are smart contracts in cryptocurrency?
Smart contracts are self-executing contracts with the terms of the agreement directly written into code.
How do they work in the blockchain?
They run on blockchain networks, automatically executing transactions when predefined conditions are met.
What are the benefits of using smart contracts?
Benefits include increased transparency, reduced costs, and faster execution of agreements.
Can you give me an example of a smart contract?
Sure! An example is a real estate transaction where payment is released automatically once ownership is verified.
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