Smart contracts - Simply Explained

At the beginning, you said: "Smart contract (also called distributed apps)..." => I think this is not correct: smart contracts aren't dApps?

You just said a great new creation has arrived that eliminates the need for Kickstarter then immediately went on to explain exactly how Kickstarter works to describe it. If you just called the person responsible for the smart contract Kickstarter I would just say ya that's how Kickstarter works, make sure you let me know the next time you unveil a definition of a commonly understood something....but when you realize they are using 200 gallons of diesel fule to charge one electric vehicle and attaching parachute type sails to ships as a new way to reduce plants ability to breath, they call it sailing boats, its the next big thing

who pays for the execution of the smart contract (gas) if the money was to go back

Theory is good! But , I have seen, creators of the contract sometimes they might be able to change it! So please update your video if you know about it!

Great video, trading come with a lot of benefits And I have just bought my first house through it. As a beginner I was scared of loosing my savings but I’m glad I took the bold step that is now favoring me.

this video is not getting played

Yes it is pretty cool, I just understood 😂

This is gold 🔥🔥🔥🔥

if he couldn't implement it, then he's not the father, not the inventor, he just coined the word. The creator is Vitalik Buterin

But is everything legal? Are Blockchain and Smart Contracts legal? Is using Cryptocurrency legal? I've heard a lot of people say Crypto is not trustworthy, as it is not backed by FDIC and is very volatile. Thus it's not dependable and most probably not legal. Is that true?

So what if people on the blockchain don't agree, some people think the transaction is valid and some don't? A couple people are trying to screw over a couple others? It seems like this distributed ledger doesn't necessarily solve these issues. This isn't trustless, the people involved need to agree considering they understand what is going on. Is there a third party arbitrator if people don't agree?

Simple and Clear!

Great explanation. Thank you!

nice and easy, thanks a lot

Who determines if the 'project' has failed the goals? And why are they justified in doing so?

clear as ice 😊

Love your videos!!! Keep up the great work!

perfect ! now i know whqt is a smart contract

This is misleading. If you want a contract triggered by real world events, like delivery or an insurance claim, you still need to validate those in a traditional way. All the "smart contract" does is automate your accounting.

Good work

Thank you so much for explanation

"stored on the blockchain"
what exactly does that mean?
how is the smart contract work?
are the bytes of the contract being distributed and processed individually?

It doesn’t explain anything. How is the money handle back? How can be used in banking or insurance? That’s BS. Smart contracts doesn’t solve any problem and are being hacked constantly.

It won't work
1. how to report on the milestone?
2. If just one person doesn't agree on the the reported milestone, the developer will not get the money

Thanks for the overview Simply Explained. I love how easily you were able to simplify the concept for someone who had no idea about smart contracts and their value proposition. Your effort is greatly appreciated.

What if the money given to the project no longer exists? As in, those working on the project used the funds to invest in their project, but the project failed. How are they going to pay their investors back if there is no money left?

I have a quesetion, If smart contract transfer the money to project creator when the project gets fully funded, but the project creator use the money to something, if the project failing, the smart contract how transfer the money back?

Solid explanation 👍

This is the best video I have ever seen explaining smart contracts. Perfectly clear, concise and to the point no bs

Thank you so much, subscribed!

thank you for the simple explanation. it's succinct and straight to the point with no extra nonsense

This explanations are lovely thank you

How would the "kickstarter" smart contract know WHEN to make a decision to refund the money back to supporters? It's not like smart contracts have access to functions that give time and date

Just saw a video Great explanation ....750X growth projected in defi....mustwatch video i should say....to see video search for .......bullbrezza defi.......they magically told the figures...great analysis

After few hours of searching and watching videos, this was the first I've really get it right and easy to digest from A to Z. Still need to learn,but it's a good start. Thank you !

谢谢你

The term smart contract was used at first by Nick Szabo in 1997

ty

Question - in this kick starter example, who actually builds the smart contract?

"smart contracts are just like contracts in the real world"

I am relieved , I think I'm going to understand this "smart contracts" stuff.




"the only difference is that they are completely digital"

er.., oh..., um...




"in fact a smart contract is a tiny programme that is stored inside of a blockchain"

Oh, so it's not like any contract in the real world then...

Just wondering, could smart contracts serve as an alternate for website certification authorities (CA)...

This was a great explanation. Thanks for the video!

Great information. Where can I go to have a smart contract drawn up?

Great video, though crowdfunding is a bad example here. If majority of the people/tokens is required to decide if goal is met or not, then one could create majority by fake accounts and actually funding majority of the project. Yes, that requries some capital, but executed successful, can double that amount and risk free. So, there are places where decentrelized entities are best and centralized and trustworthy entities are best. This is case for the latter, unfortunately.

2022 best coin is METAWAR"

Can you get a job making smart contracts if you don't have a degree but know how to code?

Never thought that this expertise would expand. I learned a lot by watching this video, thank you.

Gold, Silver Good. Digital Crypto - junk. Not trustworthy.

Even more valuable now than 4 years ago!

Nice video. I'm investing in $NNT too. They've been getting listed in a lot of exchanges lately.