WEBVTT

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A smart contract is a program stored on a blockchain.

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It responds to transactions according to its code.

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A token swap can use a contract to calculate and execute an exchange.

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The result depends on the rules and current state.

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Code can contain bugs. Some contracts depend on administrators or external data.

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An audit reduces uncertainty but does not guarantee safety.

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Before signing, identify the contract, intended action and any spending permission.

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A familiar interface does not make the underlying operation safe.