Smart Contract

A blockchain block that contains executable code. It can practically be defined as an “account” controlled by code.

The code instructs the smart contract on how to behave.

It was first introduced as a concept with the Ethereum network and then it spread to other blockchain networks.

In the Ethereum world, it always contains the following components:

Description

Balance

Storage (where the information generated and used by the contract will be kept)

Code (the raw machine code composing the smart contract)