What is a Smart Contract?

A smart contract is a program with a set of instructions that can be executed without intervention from a third party. The code of a smart contract determines how it responds to input and gives a predetermined output, just like the code of any other computer program.

To put it in simpler terms, smart contracts are computer programs that can hold, receive, and send money based on conditions. Its principle is similar to a vending/soda machine, where you put in money (the input/condition) to get your soda (the output). You expect to receive your soda because it was programmed that way.

Smart contracts are built on blockchain technology, enabling the usage of decentralized infrastructure to ensure that this program can’t be hacked, turned off, or censored. CryptoHelp made use of this feature to create agreements and oversee online transactions between a client and fund managers.