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What is a Smart Contract?

Smart contracts are automated agreements between two or more parties for something to happen. Essentially, they are blockchain-based lines of code that allow users to perform transactions without a middleman, or some sort of a third-party escrow service provider.

Application options for smart contracts are vast, and the use cases for this piece of blockchain technology are expanding every single day. If you want to learn about the awesome areas where smart contracts can be used, you’ll find all of the relevant information in my video! I will also explain how smart contracts work, in the simplest way possible.

What do you think smart contracts can be used for, as far as daily chores and activities go? Share your opinions in the comments below!

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Video Time Table:

00:00 Introduction to What Are Smart Contracts
1:08 What Are Smart Contracts?
2:51 What is the Core Purpose of Smart Contracts?
5:40 How Do Smart Contracts Work?
8:21 What Are Smart Contracts Used For?
10:10 Wrap-up: What Are Smart Contracts?

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