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24 January 2021

What Are Smart Contracts? | The Beginner’s Guide - Decrypt

What Are Smart Contracts? | The Beginner’s Guide - Decrypt

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The only difference is, with smart contracts there’s no middleman.

The exciting bit about smart contracts is it means anyone can enter into an agreement with anyone else with the blockchain keeping a record of the whole thing.

Like the blockchain technology used to power most cryptocurrencies, smart contracts were derived from earlier technologies that weren’t quite complete.

In the case of smart contracts, they are derived from earlier electronic instruction execution programs that used if/else statements other conditional logic to automatically produce an outcome based on the information it is presented with. .

Ethereum implemented a Turing-complete language on its blockchain, allowing for complex and sophisticated logic in its smart contracts.

Although smart contracts are generally considered to be a “trustless” way of enforcing agreements and logic, they aren’t without their fair share of problems. .

This means that once launched, they cannot be changed or upgraded, which can lead to disastrous consequences if there are underlying issues with the code.

Nowadays, most blockchains have smart contract functions, with active communities of developers creating dapps using smart contracts on blockchains such as Cosmos, NEO and Hyperledger

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