{"id":439430,"date":"2022-04-29T19:00:00","date_gmt":"2022-04-29T16:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cryptopedia-learn-the-basics-of-smart-contracts-and-how-they-work\/"},"modified":"2022-04-29T19:00:00","modified_gmt":"2022-04-29T16:00:00","slug":"cryptopedia-learn-the-basics-of-smart-contracts-and-how-they-work","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cryptopedia-learn-the-basics-of-smart-contracts-and-how-they-work\/","title":{"rendered":"# Cryptopedia: Learn the basics of smart contracts and how they work"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a30654fa06f6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a30654fa06f6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cryptopedia-learn-the-basics-of-smart-contracts-and-how-they-work\/#%E2%80%9D_Cryptopedia_Learn_the_basics_of_smart_contracts_and_how_they_work_%E2%80%9C\" >&#8221; Cryptopedia: Learn the basics of smart contracts and how they work &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Cryptopedia_Learn_the_basics_of_smart_contracts_and_how_they_work_%E2%80%9C\"><\/span>&#8221; Cryptopedia: Learn the basics of smart contracts and how they work &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvZjIzOTcxN2UtZGMyNi00Y2Q1LTgwNTYtZDNhNzgzYzI5MzczLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Cointelegraph&#8217;s Jackson DuMont tackles smart contracts in the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=TzdgwHX2xTs\">latest episode of Cryptopedia<\/a>. He explains how smart contracts work from the basics and provides examples of how they can be utilized in real-world scenarios.\u00a0<\/p>\n<p>DuMont describes smart contracts as code within the blockchain that &#8220;execute when specific conditions are met.&#8221; They are self-executing contracts built on blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and have the power to complete transactions without middlemen. <\/p>\n<p><iframe loading=\"lazy\" title=\"Smart contracts for beginners, explained (in 6 minutes) | Cryptopedia\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/TzdgwHX2xTs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>As an example, DuMont explained the difference between transacting in a centralized exchange like Binance and doing the same transactions with a decentralized exchange (DEX) like Uniswap, which is powered by smart contracts. <\/p>\n<p>With Binance, a user has to believe that Binance will complete their transaction, and the execution of the transaction relies on the user&#8217;s trust in the third party, which in this case is Binance. On the other hand, DuMont explains that: <\/p>\n<blockquote><p>\u201cSmart contracts eliminate the need for a middleman because instead of being run on a company server, they&#8217;re run on a decentralized blockchain network.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Cryptopedia: Learn about Web3 and how it aims to transform internet services<\/em><\/strong><\/p>\n<p>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. <\/p>\n<blockquote><p>\u201cIf you want to interact with someone else through a smart contract, you don&#8217;t have to know who they are. You don&#8217;t even have to trust them.\u201d<\/p><\/blockquote>\n<p>Simply put, nodes are tiny servers that ping each other constantly to make sure that the data within the blockchain is coherent with each other. This includes smart contracts, which are &#8220;replicated and distributed to all nodes in the network,&#8221; explained DuMont. <\/p>\n<p>Lastly, DuMont explains that there are many use cases for smart contracts within various sectors like investing, gaming, voting, crowdfunding payments, insurance, and more. DuMont notes that <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications for smart contracts are limited only by people&#8217;s creativity. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/cryptopedia-learn-the-basics-of-smart-contracts-and-how-they-work\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Cryptopedia: Learn the basics of smart contracts and how they work &#8220; Cointelegraph&#8217;s Jackson DuMont tackles smart contracts in the 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.\u00a0 DuMont describes smart contracts as code within the blockchain&#8230;<\/p>\n","protected":false},"author":1,"featured_media":439431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvZjIzOTcxN2UtZGMyNi00Y2Q1LTgwNTYtZDNhNzgzYzI5MzczLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74868,75434,57111,70588],"class_list":["post-439430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-defi","tag-smart-contracts","tag-explained","tag-video"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/439430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=439430"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/439430\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/439431"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=439430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=439430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=439430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}