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| Warning |
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As of 2016-05-13, The Mist wallet is still a beta software and shall be used at your own risk. A bug can leave you with a broken wallet and a potential lost of your wallet content. |
Smart contract
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From Vitalik Buterin in ethereum blog: a smart contract is a mechanism involving digital assets and two or more parties, where some or all of the parties put assets in and assets are automatically redistributed among those parties according to a formula based on certain data that is not known at the time the contract is initiated.
A contract is a collection of code (its functions) and data (its state) that resides at a specific address on the Ethereum blockchain. Contract accounts are able to pass messages between themselves as well as doing practically Turing complete computation.
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