Glossary
Smart Contract
Code deployed to a blockchain that executes on its own terms.
A smart contract is a program stored on-chain that anyone can call and no one can quietly amend. It holds its own balances and enforces its own rules, which is what allows lending, trading and custody to work without an intermediary. It also means a bug is permanent unless the contract was built with an upgrade path.
Related terms
Blockchain, Ethereum, Proof of Stake, Consensus Mechanism, Layer 1