Oky Gunawan

Smart contracts are essential to the Web3 ecosystem, functioning as digital agreements that execute automatically on the blockchain when specific conditions are met, eliminating the need for intermediaries. They provide automated, secure, and trustless transactions, ensuring that rules are coded and cannot be altered. Smart contracts are used in various sectors, including decentralized finance (DeFi), NFTs, decentralized autonomous organizations (DAOs), and Web3 games. They enable trustless transactions, community governance, and fair systems, embodying the principle of "if X happens, then Y will automatically occur." Overall, smart contracts represent a transformative approach to trust and automation on the internet.