What is a Liquidity Pool? A liquidity pool in crypto and DeFi is a group of assets tied up in a smart contract, which allows traders to trade certain coins and tokens back in forth using an algorithm to determine current pricing.
CODE IS LAW? Smart Contracts Explained (Ethereum, DeFi)
Have you ever heard the expression “code is law” where technology is used to enforce rules? In that case, do we even need lawyers? Or maybe we can live in a fully automated world where code dictates what we can and cannot do. With the current development of smart contracts, this futuristic scenario may be closer than we think.
A smart contract is a piece of code that can be executed automatically and in a deterministic way. The smart contract code is usually stored and executed on the blockchain to make it trustless and secure. Smart contracts also have capabilities of receiving, storing and sending funds and even calling other smart contracts. They follow if-then semantics which makes them fairly easy to program.
Smart contracts aim at removing the human factor from decision making. The human factor is often proven to be the most error-prone and unreliable element of the standard, traditional contracts.
Ethereum is a good example of a blockchain that supports smart contracts and make it possible for a programmer to implement their own smart contracts. A smart contract can be written in a programming language called Solidity which was created specifically for that purpose. In Ethereum, all the deployed smart contracts are immutable. This means that once deployed they cannot be modified which creates certain risks that we’re going to discuss later. Smart contracts on Ethereum are also decentralized which means there is no single machine controlling the contract. In fact, all the nodes of the Ethereum network store the same contract with exactly the same state.
An Introduction To DApps & Blockchain Technology
Welcome back to another video! In this video, we’ll be going over blockchain technology and DApps, a.k.a decentralized applications. This is going to be more of a high-level introduction to DApps and using blockchain technology to create DApps. This topic will focus on the development side of cryptocurrency rather than the investment side.
What is a Blockchain Oracle? What is the Oracle Problem? | Chainlink Engineering Tutorials
Understand what Blockchain Oracles are, and the challenges that they face in the Oracle Problem. Understand why your smart contracts and blockchain platforms can’t themselves make API calls as part of their consensus. Then, understand how Chainlink solves each one of these.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is critical to connecting the blockchain ecosystem to the rest of the world.
Blockchain Smart Contracts, Explained
Smart Contracts are an important part of blockchain technology. In this video, we will explain what do we mean by contracts and how they can be complete and incomplete, and why the blockchain is a fantastic technology to accomplish a reduction of transaction costs, in conjunction with oracles.
Copyright Protection, Smart Contracts, Digital Scarcity, And NFTs. Blockchain For Publishing
Blockchain technology offers exciting opportunities for authors and the publishing industry.
In this interview, Simon-Pierre Marion and I discuss copyright protection, smart contracts, estate management and faster, more transparent payments, as well as how digital scarcity could expand the revenue potential in the digital supply chain. Plus, I add some extra commentary on NFTs since they are in the news a lot at the moment.
Simon-Pierre Marion is the CEO and founder of Scenarex, a Canadian company that builds blockchain publishing solutions. Their site, bookchain.ca, enables authors and publishers to publish on the Ethereum blockchain.
What is an NFT? Explained in 4 minutes!
NFT’s are an innovation in the blockchain/cryptocurrency space that allows you to track who owns a particular item. Something tricky with digital files because they can easily be copied. NFT’s are essentially smart contracts that live on blockchains like Ethereum, Flow, or Tezos. They can also be programmed to give the creator a royalty of every sale of his NFT.
What Are NFTs and How Can They Be Used in Decentralized Finance? DEFI Explained
NFTs stand for non-fungible tokens and they are one of the types of cryptographic tokens that can represent ownership of digitally scarce goods such as pieces of art or collectibles.
“Non-fungible” is not a very popular word so let’s see what it really means.
In economics, fungibility is the characteristic of goods or commodities where each individual unit is interchangeable and indistinguishable from each other.
Although NFTs can be implemented on any blockchain that supports smart contract programming, the most noticeable examples are ERC-721 and ERC-1155 standards on Ethereum.
When it comes to DeFi, NFTs can unlock even more potential for decentralized finance. Currently in DeFi, the vast majority of DeFi lending protocols are collateralized. One of the most interesting ideas is to use NFTs as collateral. This means that now you’d be able to supply an NFT representing a piece of art, digital land or even a tokenised real estate, as collateral and borrow money against it.
GaryVee and Mark Cuban on How History Has Already Proven That NFTs Are Here To Stay
During a recent episode of “Marketing For The Now”, Gary Vaynerchuk and Mark Cuban sat down to talk about their long history with innovative technology, how they remember it is initially received by the public and the similar patterns they are seeing with the introduction of NFTs (non-fungible tokens) and Web 3.0.
What are Smart Contracts in Blockchain, Importance & How Smart Contracts Work
Whenever someone buys a house, begins a new job, or purchases a candy bar, a contract is created between the two (or more) parties involved in the exchange. This contract defines and records the terms of the transaction, denoting the required actions of each participant.
Alone, a standard contract has no power to enforce the terms that it defines. Instead, a legal or governmental third party oversees the execution of a standard contract, ensuring that each party faithfully carries out their end of the bargain. If the terms are violated, the transacting parties must rely on this intermediary to rectify the broken contract.
However, thanks to recent advancements in distributed ledger technology, lawyers or other intermediaries are no longer required to oversee contracts. Using smart contracts, people can, for the first time, execute and enforce contracts without involving middlemen.
This video will give you a brief introduction to smart contracts along with how they actually work, empowering you to understand their fundamental concepts and how smart contracts will change the world.