@rachelandthecity: Replying to @Raphael Smart contracts are self-executing programs stored on a #blockchain that automatically run when predetermined conditions are met. Think of them like digital vending machines - you put in money and make a selection, and the machine automatically gives you what you chose, no human intermediary needed. Here's a simple example using JavaScript-like code to illustrate how a basic smart contract works: ```javascript // A simple escrow smart contract contract Escrow { address buyer; address seller; uint amount; bool sellerApproved; bool buyerApproved; // When contract is created: constructor(address _seller) { buyer = msg.sender; // Person creating contract seller = _seller; // Specified seller address amount = msg.value; // Money sent with contract } // Called when each party approves the transaction function approve() public { if (msg.sender == buyer) { buyerApproved = true; } if (msg.sender == seller) { sellerApproved = true; } // If both approve, send money to seller if (buyerApproved && sellerApproved) { seller.transfer(amount); } } } ``` Key features: 1. Automation - Once deployed, they execute automatically when conditions are met 2. Transparency - All parties can see the contract's code and state 3. Immutability - Can't be changed once deployed 4. Deterministic - Same input always produces same output Common applications: 1. Financial services: - Automated lending and borrowing - Insurance claim processing - Decentralized exchanges 2. Business operations: - Supply chain tracking - Automatic payments - Digital identity verification 3. Gaming/Digital Assets: - NFT minting and trading - In-game item ownership - Digital collectibles #cryptok #cryptotok #crypto #cryptonews #cryptotrading ​​​​​​​​​​​​​​​​

Rachel Hurley

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Saturday 25 January 2025 02:07:54 GMT