A Beginner’s Guide to Understanding Smart Contracts

Smart contracts

What is a smart contract?

Benefits of Smart contracts.

  1. Smart contracts remove third parties in a given transaction giving room for more trust between individuals.
  2. They reduce transaction costs and save time.
  3. Smart contracts can be tracked as they are written in code and mostly open source, which enables other developers to check through the code for corrections and bugs in order to make necessary adjustments.
  4. Security and immutability: There’s no room for manipulation of contracts, whatever has been agreed on by individuals or an organization is what will be executed. In that way no one can go behind and make corrections to the smart contract.

Smart contracts relevance in DeFi

Conclusion

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