Understanding the Role of Smart Contracts in the Crypto Space

While digital currencies like Bitcoin and Ethereum have introduced attention to the potential of decentralized finance, smart contracts are the unsung heroes which might be driving innovation across industries. These self-executing contracts offer new ways for parties to interact with each other in a trustless, transparent, and automatic manner. However what exactly are smart contracts, and what position do they play in the crypto space?What are Smart Contracts?At their core, smart contracts are self-enforcing agreements the place the terms of the contract are written directly into lines of code on a blockchain. Quite than relying on intermediaries equivalent to banks,…