<ul data-eligibleForWebStory="true"><li>Nick Szabo envisioned smart contracts as self-executing agreements in the 90s.</li><li>Ethereum's launch in 2015 birthed programmable money, allowing global contract deployment.</li><li>Current landscape includes multi-chain execution environments and security-focused VMs.</li><li>Smart contracts work via deterministic execution, VMs processing opcodes with gas fees.</li><li>Key components include ownership control, upgradeability strategies, and security considerations with audits.</li></ul>

What are Smart Contracts?

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