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What is smart contract in simple words?

2022-08-15 23:00:03
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What is smart contract in simple words?

Smart contracts defined

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss.

What is a smart contract and how does it work?

A smart contract is an agreement between two people in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that happen in a smart contract are processed by the blockchain, which means they can be sent automatically without a third party.

What are examples of smart contracts?

Examples of smart contract applications include financial purposes like trading, investing, lending, and borrowing. They can be used for applications in gaming, healthcare, and real estate; and they can even be used to configure entire corporate structures.

What is the purpose of smart contract?

On blockchain, the goal of a smart contract is to simplify business and trade between both anonymous and identified parties, sometimes without the need for a middleman. A smart contract scales down on formality and costs associated with traditional methods, without compromising on authenticity and credibility.

Who writes smart contracts?

Smart contracts were first proposed in 1994 by Nick Szabo, an American computer scientist who invented a virtual currency called "Bit Gold" in 1998, fully 10 years before the invention of bitcoin. In fact, Szabo is often rumored to be the real Satoshi Nakamoto, the anonymous inventor of bitcoin, which he has denied.

Are smart contracts legal?

At a glance: Smart contracts are digital agreements that automatically execute transactions between parties, increasing speed, accuracy, and integrity in payment and performance. Smart contracts are legally enforceable if they comply with contract law.

What are the disadvantages of smart contracts?

Limitations of Smart Contracts

  • Difficult to change. Changing smart contract processes is almost impossible, any error in the code can be time-consuming and expensive to correct.
  • Possibility of loopholes. ...
  • Third party. ...
  • Vague terms.

How do smart contracts make money?

The best way to make money through ethereum smart contract is by setting up an ethereum smart contract based MLM platform. You can make millions by setting up such a platform. All you need is expert's guidance and technical assistance.

Is Bitcoin a smart contract?

Many think that smart contracts are only executable on overly-complex blockchains, but Bitcoin is a smart contract platform by definition. Many think that smart contracts are only executable on overly-complex blockchains, but Bitcoin is a smart contract platform by definition.

Which cryptocurrency has smart contracts?

7 Smart Contract Cryptos to Watch in 2022

  • Ethereum (ETH) Ethereum has an important year ahead of it. ...
  • Solana (SOL) Solana is one of the top-performing cryptos of 2021. ...
  • Cardano (ADA) ...
  • Avalanche (AVAX) ...
  • Cosmos (ATOM) ...
  • Algorand (ALGO) ...
  • Elrond (EGLD)

Jan 15, 2022

How do I get my first smart contract?

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23:32

1. And you terminate your statement with a semicolon. Then you start your smart contract with theMore1. And you terminate your statement with a semicolon. Then you start your smart contract with the contract. Keyword then the name of the smart contract that you open curly braces.

Who is controlling Bitcoin?

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use.

Who is the richest person in Bitcoin?

Crypto Riches. Changpeng Zhao is the richest cryptocurrency entrepreneur tracked by the Bloomberg Billionaires Index. * Based on 1.1 million Bitcoins that may be owned by the token's inventor, Satoshi Nakamoto.

Which country owns the most Bitcoin?

Government Holdings. Various governments also hold an extensive amount of Bitcoin. At the moment, governments all over the world collectively own around 260,000 BTC, which is 1.237% of the total supply. Bulgaria alone is believed to hold over 213,000 BTC.

Can you get rich off of Bitcoin?

There are literally thousands of cryptocurrencies you can trade, but many, if not most, of these won't ever amount to anything. Although you may get lucky and make money trading any crypto, if you're looking to build long-term wealth, you'll have to invest in cryptos that have staying power.

Who gets the money when you buy Bitcoin?

Well, the majority of Bitcoin transactions are like any other financial transaction. A buyer and seller agree on a price and a trade is executed over an exchange. So our $50k investor buys that amount of bitcoins and the seller receives the $50k in the form of a cash deposit.

What crypto will make me rich?

  • 5 Altcoins That Can Make You a Millionaire in 2021. Buy these before they skyrocket. ...
  • Ethereum (ETH) ...
  • Cardano (ADA) ...
  • Polkadot (DOT) ...
  • Chainlink (LINK) ...
  • Cosmos (ATOM)

Which crypto will make me a millionaire?

Ethereum. Ethereum is a platform powered by blockchain technology that is best known for its native cryptocurrency, called Ether, or ETH, or simply Ethereum. ETH has been at the forefront of a blockchain smart contract platform. It is one of the top 10 cryptocurrencies with millionaire-maker potential in 2022.

How can I double my money in one day?

7 Ways to Double Your Money (Fast)

  1. Open an account with a trading service such as Robinhood or Webull, which offer free stocks for opening or funding an account or for inviting friends to join.
  2. Buy IPO stock.
  3. Flip sneakers purchased on Stockx on eBay or via the Snkrs app.
  4. Sell freelance services on the Fiverr platform.

Jul 23, 2020

Which is the cheapest cryptocurrency?

If you're ready to invest in some crypto, check out the 10 cheap options that could generate nice returns in 2022.

  • XRP (XRP) Coin price as of March 8: $0.726. ...
  • Dogecoin (DOGE) Coin price as of March 8: $0.1177. ...
  • Chainlink (LINK) ...
  • Uniswap (UNI) ...
  • Cardano (ADA) ...
  • Polygon (MATIC) ...
  • Stellar (XLM) ...
  • The Sandbox (SAND)

Mar 8, 2022

What is the next big cryptocurrency?

The next cryptocurrency to consider buying in 2022 is PancakeSwap. In its most basic form, PancakeSwap is a decentralized exchange that was launched in late 2020. The exchange allows users to buy and sell digital tokens without going through a third party.