Crypto Made Easy | Smart Contracts

Website | Twitter | Telegram

Welcome back to our ‘Crypto Made Easy’ series, where we simplify the complex world of crypto so that you can better understand, be informed, and feel good about joining the future of tech, internet, and connectivity.

Smart contracts are self-performing code and protocols that execute a set of instructions. Smart contracts are verified on the blockchain, making them transparent and secure. They are trust-free, meaning they don’t require trust from either party (also known as trust-less in the crypto space), autonomous, and decentralized. Smart contracts cannot be altered after being deployed.

A popular use for smart contracts currently are financial contracts (e.g. loans, derivatives, trading, etc.). Other smart contract protocols could include properly funding projects or individuals, registering ownership of physical items, sending data, or issuing tickets. The blockchain is updated when transactions are executed. Only parties who have been granted permission can see the results. Popular in decentralized finance (DeFi), smart contracts can be bundled into decentralized applications (dApps) to execute more complex functions such as Uniswap and OpenSea.

As blockchain technology continues to grow and scale, people and businesses have been using various contract templates and other online tools to make creating smart contracts more easily accessible.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Geojam

Geojam

172 Followers

Geojam is a web3 social media platform dedicated to the world’s creators, including Mariah Carey, Machine Gun Kelly, 24kGoldn, and more. Not financial advice.