Definition

What is Smart contract?

A smart contract is a program stored on a blockchain that runs exactly as written whenever someone sends it a transaction, with no company or server in the middle.

Smart contracts hold their own state and funds, expose functions that anyone (or only permitted addresses) can call, and emit events that applications listen to. On EVM chains such as Ethereum and Monad they are written mostly in Solidity, compiled to EVM bytecode, and deployed to an address. Once deployed, the code cannot be quietly changed, which is why auditing before deployment matters so much.

Definition by Adwait Keshari, founder of Monsmith.