Let's learn something new shall we.
What is a smart contract?
- A snippet of code which lives on the blockchain.
- They can be centralized or decentralized in nature, by having upgradability or not.
- A contract that is not upgradable makes it fully trustless and relies purely on the public code viewable on chain.
- In order for a contract's code to run, it must be interacted with by a user.
- Wallet drains typically involve a contract call transaction which upon user signature runs the malicious code intended.
- Contracts enable functionality such as DEXes, NFT marketplaces, lending protocols, farms, staking, auctions, and a myriad of others. They are limitless.
#BoostYourKnowledge #WhatDidIMiss?