What exactly does the phrase “Code is law” mean?
Definition: Once a contract is deployed, its code generally can’t be changed. However, many projects use proxy contracts to retain the ability to upgrade.
How it works: “Smart” doesn’t mean the contract can think. It means that once the terms are written as code, they can execute automatically without a third party having to enforce them.
Deploying a contract on Ethereum costs $ETH in Gas.
It’s best to invest only money you can afford to lose without affecting your life.
Definition: Once a contract is deployed, its code generally can’t be changed. However, many projects use proxy contracts to retain the ability to upgrade.
How it works: “Smart” doesn’t mean the contract can think. It means that once the terms are written as code, they can execute automatically without a third party having to enforce them.
Deploying a contract on Ethereum costs $ETH in Gas.
It’s best to invest only money you can afford to lose without affecting your life.