SmartContracts

This is an edutainment post.

@markizano.draconus

Let's talk about ##SmartContracts ! ##bitcoin ##CryptoTalk ##Blockchain ##ethereum ##Cryptocurrency

♬ original sound - Markizano Draconus

So let's talk about SmartContracts!

The What

Smart Contracts are programs stored on Blockchain technology that are executed when certain conditions are met.

You can think of SmartContracts programmable money! Imagine if/then statements embedded in your monetary transactions!

Application

SmartContracts can be written in a few languages like Solidity and Rust. You can write these programs to do things like detect changes in other Blockchains using ChainLink, automatically distribute money when certain conditions are met and so much more!

Example

A common example of a SmartContract could be an insurance policy. Let's say we have an oracle, like ChainLink recording temperature and weather data and writing that on its Blockchain. A SmartContract could be written to do a few things:

• When you pay into this contract, start up a policy.
• This policy will begin to monitor the temperature and the weather.
• If it doesn't rain for a consecutive 90 days || or || if the average 90 day temperature is above 95F, then...
• Pay out the farmer the investment on the policy to ensure he's compensated for the loss.
• IF not: pay the shareholders back their investment.

Summary

SmartContracts have a lot of potential to do a lot of things including creating entire organizations. but those are DAO's and that's for another video worth a subscription ;)