A smart contract is a programming protocol used in blockchain technology. Smart contracts are coded contracts that automate and execute transactions in a blockchain. These contracts allow parties to perform pre-determined actions when specific conditions are met or at a certain time. Smart contracts perform many of the functions of traditional contracts, handling everything from delivery of goods without payment to payment for services. They work by programming actions that are automatically executed when contract conditions are met.

For example, a smart contract could enable one party to purchase a property from another party and ensure payment is made. Payment would be automatically executed when certain conditions are met, such as registration of the property, delivery of the property, or passing of a certain date.

Smart contracts operate in a decentralized structure thanks to blockchain technology. As a result, they can operate securely and transparently and help resolve disputes between parties. Smart contracts also enable the automation of legal contracts and increase efficiency.

In conclusion, a smart contract is a programming protocol used in blockchain technology. Smart contracts are coded contracts that automate and execute transactions in a blockchain and make agreements between parties more secure, transparent, and efficient.

What is an NFT and what is its connection to smart contracts?

Web3 wallets are a type of wallet used to store, receive, and send blockchain-based digital assets such as cryptocurrencies, NFTs, and other tokens. These wallets are specifically designed for Web3 applications and can interact with smart contracts, which distinguishes them from other wallets.

Web3 wallets enable users to access their accounts on the blockchain and verify transactions. They are typically offered as desktop, mobile, or web-based wallets.

Since NFTs are created using blockchain technology, they can be stored in a Web3 wallet. There are many Web3 wallets available that can be used to store, buy, and sell NFTs. Popular Web3 wallets for storing NFTs include MetaMask, MyEtherWallet, Trust Wallet, Ledger Live, and Trezor Wallet.

Web3 wallets facilitate the trading of NFTs and enable users to transact on the blockchain without the need for a central intermediary, while also giving them full control over their assets. Until we create our own Web3 wallet, MetaMask is the most user-friendly Web3 wallet we can use. Let's learn how to create and use MetaMask and load crypto currency onto it. :)