A smart contract is a small program deployed to a blockchain. It runs deterministically: the same input always produces the same output, and nobody can change the code at runtime. On hashtag.org and #SPACE, #Names, NFTs, and on-chain payments are all governed by smart contracts, so the rules of ownership are public and auditable.
Web3 & crypto basics
Smart contract
Code that lives on a blockchain and runs the same way for everyone.
See also
- Blockchain
A public ledger that records ownership and transactions in tamper-resistant blocks.
- NFT
A Non-Fungible Token; a unique on-chain item like a #Name or a piece of art.
- On-chain / Off-chain
Recorded on a blockchain vs. handled in a private database.
- dApp
A decentralized application (front-end + smart contracts).