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Smart Contracts are like castles of math, freely trading with each other.
They play an integral role in building a trustless network where users can perform transactions and make agreements without a third party involved.
The idea of smart contracts was first proposed in 1994 by Nick Szabo who later went on to invent Bit Gold -- a virtual currency, in 1998. Since then the adoption of smart contracts has evolved to the point that they have various use cases across several industries across the world.
According to Investopedia, “A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.”
Bitcoin was the first product to adopt smart contracts in 2009. However, designing smart contracts on Bitcoin was often cumbersome and costly to execute.
Such issues led to the rise of other Blockchains like Ethereum, Algorand, Polkadot, Solana that make it easier and cheaper to design and execute smart contracts on Bitcoin.