Bitcoin and chains · 09 / 86
Ethereum and smart contracts
A smart contract is a program on a chain. People send it transactions. It follows its code. Code is not the same thing as fairness, and someone may still be able to change it.
What you are calling
When you use a decentralised app, your wallet sends a transaction to a program. The program can move tokens if its rules, and your approval, allow it.
Who can change it
Some programs are fixed. Some have an admin key, a proxy, or a vote that can swap the code after you have deposited. Code is the rules only if nobody can replace the code.
Read the upgrade. If you cannot find who can upgrade it, assume someone can until you learn otherwise.
Check yourself
Does code is the rules mean nobody can change the app?
No. Many contracts can be upgraded by an admin or a vote.
After this you can ask whether a contract can be changed after you deposit, and by whom.
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