Thread by @fabjnr088

WHAT SMART CONTRACTS REALLY ARE!!!

A #Web3 #thread
#finance #DeFi #DEX #blockchain.

If you are noobie or enthusiast in the blockchain and cryptocurrency technology world like me😅 and you'd love to be enlightened.
#21daysofwriting

LIKE, RETWEET AND FOLLOW.

So, what are smart contracts???

Smart contracts are self-executed/automatically executed computer programs that run in a decentralised network such as block chain(allowing them to be stored or distributed across chains of database.

Since they are self-executing, it means they deliver on time and without delays if their codes are properly written.

They are codes written on pre-determined (if/when) condition

For example: "When @ThePaulOla pays 5 #eth to an unknown wallet, he will receive

ownership to a particular #NFT piece.

Here is what makes Smart contracts amazing, @ThePaulOla doesn't need to go to the bank to queue, doesn't need to sign an offline document, doesn't need a middleman.

They are automated process, if you do this, you get that.

Simple as what??

There are several ways in which #SmartContracts have been induced into the Blockchain Technology.

#smartcontracts are readily replacing middlemen already because why would I want to pay a middleman what my computer programs has automatically done for me which makes them reliable

Another way in which smart contracts can be used is in payment of salaries to workers in an organisation.

Knowing already that smart contracts work on predetermined conditions.

We can have a smart contracts that automatically pays employees their salary at the end of the month

In this way, workers are paid on time and I don't know about anybody but if you pay me on time, I will work effectively😆

On the next episode, we talk about the pros and cons of Smart contracts.
What are the advantages, what are the disadvantages!.

Please RT for others to learn

Link to the last thread on #blockchaintechnology

https://twitter.com/fabjnr088/status/1494756059197673479?t=_QqzO03KrtLvWGeqP9pXew&s=19