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In this video tutorial, a quick recap of what a smart contract is explained. Smart contracts are agreements written in code and usually run on a blockchain. Transactions on a blockchain cannot be changed, as it would require changing all the computers in the network. Smart contracts are agreements shared with millions of people. They can be as simple as a basic payment agreement or more complex transactions involving different cryptocurrencies. Smart contracts automate the verification process and ensure that both parties have the required tokens for the trade.