A Web3 smart contract is a self-executing computer program that runs on a blockchain network. Smart contracts are encoded in a programming language and can be used to automate the transfer of digital assets, including cryptocurrencies and NFTs, without the need for intermediaries.

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Web3 smart contracts are built on top of the Web3 blockchain network, which is the next generation of the internet that is built on blockchain technology. This allows smart contracts to take advantage of the security, transparency, and decentralization offered by blockchain technology.

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Smart contracts work by enforcing the terms and conditions of an agreement between two or more parties. When certain conditions are met, such as the receipt of payment or the completion of a task, the smart contract executes the agreed-upon transaction automatically, without the need for human intervention.

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Web3 smart contracts have a wide range of applications, including decentralized finance (DeFi), supply chain management, digital identity verification, and more. Smart contracts can help to automate and streamline complex processes, while reducing costs and increasing security and transparency.

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Overall, Web3 smart contracts are an important component of the emerging Web3 ecosystem, and are expected to play a major role in the future of digital commerce and other industries.