S4B Crypto Contest - Season 25
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It feels good to be here to participate in this all important contest. The contest is all about smart contracts and i have come to make my submissions.
Smart contracts has to do with digital programs developed on a blockchain to enable the automatic execution of digital transactions and agreements. Smart contracts functions to make automation and securing contract terms thereby eliminating third parties. It is geared towards minimizing fraud and fosters transparency.
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The relationship between smart contracts and cryptocurrency is that smart contracts enables the creation of digital tokens. Apps that are powered through smart contracts are known as decentralized apps (Dapps) and an example of it is the (Defi). This Defi apps now allow crypto currency traders to conduct financial transactions.
Crypto traders exchange their crypto assets or those needing funds can put up collateral and to secure loans on the exchange. This is what Smart contracts does as it implements the transactions and then charges transaction fees.
Smart Contracts are accurate, and efficient. immutable Examples of apps powdered through smart contract include the following:
Compound
Uniswap
Etherium
Bitcoin
Steemit
Aave
Raydium
Pancakeswap
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Smart Contracts are programmed in such a way that they would not be compromised or altered. This means that as soon as a smart contract is launched, it can no longer be reversed, changed or modified. It becomes permanent on the blockchain it runs on. The Immutability of smart contracts is ensured by taking the following actions:
Teaching and training the users
Ensuring the control of access
Smart contract surveillance
Conduct code verification
Making smart contracts to be upgradable
The submission I made above are my little understanding about smart contracts as it concerns the questions raised by the host of this contest. I also like to see other contestants coming up to share their thoughts on the contest questions raised.