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Smart Contracts Explained: From Vending Machines to DeFi
Smart contracts are self-executing agreements with the terms directly written into code. They run on blockchain, ensuring transparency and eliminating the need for intermediaries. Imagine a vending machine: you insert money, select an item, and the machine dispenses it. Smart contracts work similarly, but for digital assets and transactions.
In the world of DeFi, smart contracts power decentralized finance applications. They enable lending, borrowing, trading, and more, all without traditional financial institutions. These contracts are automatic and secure, making transactions faster and more efficient.
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