6 Characteristic of Smart contract:
👉 A program that runs on the Ethereum blockchain (mainly developed by friendly languages: Solidity or Vyper). Cannot be deleted, irreversible. Deploying into main net need pay gas (must be compiled before).
👉 Have a Balance + can send transactions over the network (as a type of Ethereum account).
👉 Define rules (like a regular contract) and automatically enforce them via the code.
👉 Can call other smart contracts in your own smart contract. Can't send HTTP requests to get information about "real-world".
👉Maximum of 24KB (refer diamond pattern: https://eips.ethereum.org/EIPS/eip-2535 Standard for creating modular smart contract systems).
👉 Could be require multiple valid signatures to execute a transaction (Avoiding single points of failure for contracts holding substantial amounts of ether or other token). It requires N signatures out of M possible acceptable signatures (where N ≤ M, and M > 1). Example: With N = 3, M = 5 and N = 4, M = 7, mean majority of key-holders must agree and sign in order for the contract to execute.
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