Are you still not clear on what a smart contract is? Learn how they work explained in our latest episode of Cryptopedia.
. He explains how smart contracts work from the basics and provides examples of how they can be utilized in real-world scenarios.
As an example, DuMont explained the difference between transacting in a centralized exchange like Binance and doing the same transactions with a decentralized exchange like Uniswap, which is powered by smart contracts. “Smart contracts eliminate the need for a middleman because instead of being run on a company server, they're run on a decentralized blockchain network.”This means that the chances of a smart contract being executed are higher, as the network is not controlled by a single company. Instead, a blockchain network is run by various anonymous nodes distributed throughout the world.
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