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As cryptocurrency continues to grow in popularity, so too does the need for secure and transparent ways to conduct transactions within this digital ecosystem. This is where smart contracts come into play.
Smart contracts are self-executing programs that automatically enforce the terms of a contract between two or more parties. In the context of cryptocurrency, they offer a number of benefits, including increased security, improved efficiency, and enhanced transparency.
What are Smart Contracts?
To understand what smart contracts are and how they work, it’s important to first define the term. A smart contract is a self-executing program that automatically enforces the terms of an agreement between two or more parties. This means that once a smart contract is created, it can automatically execute its predefined functions without any need for human intervention.
Smart contracts are written in a programming language that is specifically designed to be executed on a blockchain network, such as Solidity for the Ethereum blockchain. They consist of a series of interconnected “functions” that are triggered by specific events or conditions, such as the transfer of funds or the completion of a task.
How Smart Contracts Work
Smart contracts operate on a decentralized network, meaning that they are not governed by any central authority or intermediary. Instead, they are executed directly by the blockchain network itself, which ensures their integrity and transparency.
When a smart contract is created, it is stored on the blockchain as a series of data structures and code files. These data structures and code files contain all of the information necessary for the smart contract to function, including its rules and conditions, the parties involved, and any relevant funds or assets.
As transactions occur within the smart contract, the blockchain network automatically executes the predefined functions and checks to ensure that the rules and conditions have been met. If all of the conditions are satisfied, the transaction is executed and the funds or assets are transferred accordingly. If any of the conditions are not met, the transaction is automatically terminated, and no funds are transferred.
Key Features of Smart Contracts
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