Definition ∞ An Ethereum Smart Contract is a self-executing agreement with the terms directly written into lines of code on the Ethereum blockchain. These contracts automatically execute predefined actions when specific conditions are met, without needing intermediaries. They power decentralized applications, manage digital assets, and enable complex programmatic transactions. Their immutable and transparent nature provides a robust foundation for decentralized finance.
Context ∞ The current discussion around Ethereum smart contracts frequently centers on their security, scalability, and regulatory treatment. News often covers exploits of contract vulnerabilities, updates to the Ethereum network to improve transaction throughput, and legal interpretations of smart contract enforceability. A critical future development involves enhanced formal verification tools to prevent security flaws, layer-2 scaling solutions for greater transaction capacity, and clearer legal frameworks to support their broader adoption in various industries.
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