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What are smart contracts, what problems do they solve, and what do they have to do with blockchains and cryptocurrencies? - Check out the simple explanation in the video.
A smart contract is an agreement between two people, in the form of computer code - they run on the blockchain, are stored on a public database, and cannot be changed.
Processed by the blockchain, Smart Contracts can be sent automatically without a third party being involved. This means there is no one to rely on.
A Smart Contract transaction only happens when the conditions in the agreement are met — there is no third party involved, therefore, there are no issues with trust.
Video produced and simply explained by Xavier Decuyper - Check out more Simply Explained videos on YouTube.
Disclaimer: This video and article are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
