Random Blog on Crypto (Part 86) : Smart Contract and Crypto Relation (Part 01 of 03)
Smart contracts is very useful tool in blockchain world. They are computer program that live in blockchain. This is most commonly discussed topic in the crypto world. They works automatic when some rules are met. They cut the needs of middleman in many deals. They are coded rules that stay in decentralized system. They are safe because once deployed no one can change. They are open because anyone can view them in blockchain. They are quick because they run as soon as condition match. Conditions are preset with coding in the chain. This make them very useful in finance. It can check identity and give access without extra document. It can create trust between strangers. This is why smart contracts are the base of DeFi. If you see the popularity of the DeFi then it will be correlated with smart contract. The foundation of DeFi lies in blockchain. They run lending and trading without banks. They also run stable coins and dapps. Games is also made with this platform. They are cheaper than old contracts because they remove brokers and lawyers. They are more good because they avoid human errors. They are borderless because global networks carry them. They bring fairness because all users see same rules. They are secure by crypto math. They are permanent because blockchain keep all records. They bring innovation as developers build many new apps. They are flexible because they fit into many fields. They support many industry. They cut fraud because the code follow only what is written. They cut disputes because no one need to argue. They cut corruption because no one can change the deal behind. They grow blockchain adoption because people trust the auto system. They give more power to people than to banks. They link direct with crypto to make payments easy. This show smart contracts and crypto are close connected. Crypto is the fuel that smart contracts use. They are used to pay gas fee in network. Without crypto, smart contract will not run. This show they are always linked.


JOIN OUR COMMUNITY DISCORD SERVER
JOIN OUR COMMUNITY DISCORD SERVER

Upvoted! Thank you for supporting witness @jswit.