Smart Contracts explained in 100 words or less.

A smart contract as the name implies is a self-executing contract. Usually, contracts, which are agreements to perform a certain task at a certain time need to be manually executed. Say you are on the payroll of a company. Your money must be manually sent to you every month based on your fulfilment of the contract.
A smart contract takes the manual aspect out of this and automatically sends you your funds when they're due. So there is no need for human intervention at all during the process.
Therefore, smart contracts are self executing contracts that run on proof of stake blockchains.

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