How Do Crypto Smart Contracts Work ✨ (Animated)
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2 سال پیش
-
What is a smart contract
What is a smart contract cryptocurrency? How does a smart contract work in blockchain?
▶️Please subscribe: @cryptocastle9313
Hey Guys! Welcome and in today’s video, I am going to discuss what a smart contract is, and how does it work in crypto.
Smart contracts are tools or programs that can automatically carry out transactions without the assistance of a middleman business or institution. The purpose of a cryptocurrency's smart contract is to transmit and receive money, or more precisely, tokens. In this way, smart contracts are a generalization of cryptocurrencies that allow for more applications than merely exchanging tokens.
Smart contract use a network of computers and blockchain technology. Cryptocurrency-related smart contracts are more effective than traditional contracts in several instances. Although, it can be use in many different situations. When the criteria of the contract are satisfied, the smart contract executes, for instance by making a payment to one of the deal's parties.
Every smart contract can be boiled down to an if-then statement. If one or more conditions are met to fulfill the terms of the contract, then the contract executes.
Anyone can interact with a deployed smart contract by sending that network’s native token to the contract address. In the case of the Ethereum network, you would use ETH. This triggers the code in the contract to be executed according to its logic. The code is executed automatically along the 'if this, then that' model just like any other programming language.
▶️ Some advantages of smart contracts:
• Speed, efficiency and accuracy: The contract is promptly carried out if a condition is satisfied. Smart contracts are digital and automated, so there is no paperwork to complete or time spent fixing mistakes that frequently occur when documents are filled out manually.
• Trust and transparency: There is no need to wonder whether information has been changed for one participant's personal gain because there is no third party engaged and participants share encrypted records of transactions.
• Security: Because the blockchain transaction records are encrypted, they are incredibly difficult to hack. Additionally, hackers would need to alter the entire chain in order to change a single record on a distributed ledger because each record is linked to the records that came before and after it.
• Savings: Smart contracts do away with the need for middlemen to conduct transactions, along with the costs and wait times that go along with them.
So, watch the video till the end and let us know your thoughts in the comments.
If you like my video, Please SUBSCRIBE and don’t forget to press the bell🔔, like, comment and share the video.
-------------------
▶️ Please subscribe: @cryptocastle9313
-------------------
▶️ For business inquiries: [email protected]
-------------------
▶️ My other videos:
• Crypto Technology in the long run: Crypto Technology in the long run #sh...
• Crypto Mass Adoption: Crypto Mass Adoption - The Shocking R...
• The Dark Reality Behind NFT Craze: The Dark Reality Behind NFT Craze | F...
• Why Ethereum Will Beat Bitcoin | Is it better to hold BTC or ETH?: Why Ethereum Will Beat Bitcoin | Is i...
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#howdocryptosmartcontractswork #CryptoCastle #smartcontractexplained #smartcontractsincrypto #whatissmartcontract #smartcontracts #cryptocurrency #blockchain #ethereum #crypto
▶️Please subscribe: @cryptocastle9313
Hey Guys! Welcome and in today’s video, I am going to discuss what a smart contract is, and how does it work in crypto.
Smart contracts are tools or programs that can automatically carry out transactions without the assistance of a middleman business or institution. The purpose of a cryptocurrency's smart contract is to transmit and receive money, or more precisely, tokens. In this way, smart contracts are a generalization of cryptocurrencies that allow for more applications than merely exchanging tokens.
Smart contract use a network of computers and blockchain technology. Cryptocurrency-related smart contracts are more effective than traditional contracts in several instances. Although, it can be use in many different situations. When the criteria of the contract are satisfied, the smart contract executes, for instance by making a payment to one of the deal's parties.
Every smart contract can be boiled down to an if-then statement. If one or more conditions are met to fulfill the terms of the contract, then the contract executes.
Anyone can interact with a deployed smart contract by sending that network’s native token to the contract address. In the case of the Ethereum network, you would use ETH. This triggers the code in the contract to be executed according to its logic. The code is executed automatically along the 'if this, then that' model just like any other programming language.
▶️ Some advantages of smart contracts:
• Speed, efficiency and accuracy: The contract is promptly carried out if a condition is satisfied. Smart contracts are digital and automated, so there is no paperwork to complete or time spent fixing mistakes that frequently occur when documents are filled out manually.
• Trust and transparency: There is no need to wonder whether information has been changed for one participant's personal gain because there is no third party engaged and participants share encrypted records of transactions.
• Security: Because the blockchain transaction records are encrypted, they are incredibly difficult to hack. Additionally, hackers would need to alter the entire chain in order to change a single record on a distributed ledger because each record is linked to the records that came before and after it.
• Savings: Smart contracts do away with the need for middlemen to conduct transactions, along with the costs and wait times that go along with them.
So, watch the video till the end and let us know your thoughts in the comments.
If you like my video, Please SUBSCRIBE and don’t forget to press the bell🔔, like, comment and share the video.
-------------------
▶️ Please subscribe: @cryptocastle9313
-------------------
▶️ For business inquiries: [email protected]
-------------------
▶️ My other videos:
• Crypto Technology in the long run: Crypto Technology in the long run #sh...
• Crypto Mass Adoption: Crypto Mass Adoption - The Shocking R...
• The Dark Reality Behind NFT Craze: The Dark Reality Behind NFT Craze | F...
• Why Ethereum Will Beat Bitcoin | Is it better to hold BTC or ETH?: Why Ethereum Will Beat Bitcoin | Is i...
-------------------
#howdocryptosmartcontractswork #CryptoCastle #smartcontractexplained #smartcontractsincrypto #whatissmartcontract #smartcontracts #cryptocurrency #blockchain #ethereum #crypto
2 سال پیش
در تاریخ 1401/05/20 منتشر شده
است.
25
بـار بازدید شده