Thread by @zignaly

(1/11) 🤔 Wondering what #smart contracts are and how do they work? Don’t worry, we have you covered. 🧵
Read more at:

medium.com/zignaly/llts74…

(2/11) #SmartContracts are computer programs or protocols that automatically execute #transactions stored on a #blockchain when certain conditions are satisfied. 🤓

(3/11) Smart #contracts can be thought of as digital "if-then" statements made by two or more parties. 🤝 When the expectations of one party are met, the #contract is said to be fulfilled. 💼 #SmartContracts #Cryptocurrency

(4/11) Benefits of #SmartContracts include #independence, #reliability, #security, #costsavings, #accuracy, and #sustainability. 🤑 They eliminate the need for middlemen, provide secure transactions, and reduce paper consumption. 🌱

(5/11) Smart contracts are still in their early stages and users have to trust that the #code was written correctly. 🙅‍♂️ This is difficult given the present level of security, as numerous #bug vulnerabilities have been found in the past. 🤦‍♂️

(6/11) Smart contracts offer the promise of #automation and secure #transactions, but there are still some risks associated with their use. 🤔 Developers, researchers, and other professionals should be aware of the potential pitfalls. 🤷‍♂️

(7/11) Smart contracts are becoming increasingly popular in industries such as #insurance, #finance, and #government. 🤝 Over the next five years, it is expected that their use will become even more widespread. 📈

(8/11) Smart contracts are computerized transaction protocols that render transactions #transparent, #traceable, and #irreversible. 🤝 They are the #future of secure and automated transactions. 🤓

(9/11) Smart contracts help to protect both parties in a transaction by eliminating the need for a third party. 🤝 They are also highly #secure and provide cost savings, accuracy, and sustainability. 💰

(10/11) Smart contracts make it possible to execute contracts #automatically and provide all parties with an outcome as soon as is practical. 🤝 This is a major benefit for many industries that require secure and accurate transactions. 🤑

(11/11) Smart contracts offer great potential for secure and automated transactions, but #developers, #researchers, and #users should be aware of the risks associated with their use. 🤔