@renik

1/ I’m unpacking SMART CONTRACT. What they are, how they work...... #web3 #SmartContracts #Bitcoin #DeFi WHAT IS A SMART CONTRACT? A smart contract is a self-executing, programmable agreement with the terms of the agreement written directly into lines of code, deployed on a blockchain. It automatically executes actions when specific conditions are met, without intermediaries. Just like a digital vending machine: you put payment (required condition), and it delivers a product or service. The concept was introduced by NICK SZABO in 1994, but it gained prominence with Ethereum in 2015, which provided a platform to create and execute smart contracts. CHARACTERISTICS: SELF-EXECUTING: Once deployed, it runs autonomously. IMMUTABLE: Code cannot be altered after deployment (unless designed otherwise). TRANSPARENT: All transactions are recorded on the blockchain, ensuring transparency and accountability. No need to trust a middleman; the blockchain ensures transparency and execution.

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