Understanding the Role of Smart Contracts within the Crypto Space

While digital currencies like Bitcoin and Ethereum have brought attention to the potential of decentralized finance, smart contracts are the unsung heroes that are driving innovation across industries. These self-executing contracts offer new ways for parties to interact with one another 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-imposing agreements the place the terms of the contract are written directly into lines of code on a blockchain. Reasonably than relying on intermediaries reminiscent of banks, lawyers,…