A smart contract is a way to set and confirm agreements using computer protocols and blockchain technologies. Smart contracts are created without the involvement of third parties and are irreversible.
In simple terms, a smart contract executes a task when and if certain conditions are met. For example, if someone spends their computer power to validate transactions, they might get a certain number of tokens in return. Use cases of smart contracts include the creation of new tokens, voting systems, and crypto wallets.