What is Smart Contract in Cryptocurrency: Woxdefi

The beauty of blockchain and cryptocurrency is that there is nothing like the success of it is base on just one entity. No, it is never like that. I will gladly say that when it comes to cryptocurrency and blockchain in particular the success of it lingers on so many factors. Looking from all angles I will say that this is just the primary reason why I so much love cryptocurrency and blockchain, and that is the main reason why I decided to give it a try. I must admit that ever since I took that step things has been happening differently, isn't that amazing? Yes, that is definitely amazing. Cryptocurrency and blockchain is just too sweet.

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Before I digresses on this topic I will like to revisit some important topic and for your information I will be making this series of post i.e I will keep talking about it from different post. Just like what I said, I will like us to revisit some certain things while talking about what is Smart contract. What we will be discussing about at first should be what is Cryptocurrency/Blockchain, who invented it and what year did that happened. These are all the things I will be discussing about first.

Before we moved fast to what we have at hand we need to first of all talk about Cryptocurrency and Blockchain. There is no way we can start this series of publication without talking about what Cryptocurrency and Blockchain is. For that sole reason, let us begin;

Blockchain in the simplest medium or means can be defined or seen as the place or unit where series of cryptocurrency transactions are being carried out and recorded. There is every tendency that without Blockchain, cryptocurrency won't be possible. Cryptocurrency on the other hand can be seen or defined as any form of money which exist digitally. Cryptocurrency is simply or rather still the currency while Blockchain can be seen as the place the money is being kept or used to run transactions. These is simply the best way to understand what cryptocurrency and blockchain is all about.

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In the year 2008 cryptocurrency and blockchain was invented but it started running in the year 2009. According to history it was said to be invented by an unknown person or group of unknown people with the name Satoshi Nakamoto. With that being discussed we can now discussed what is Smart Contract and it's History.

From research it was gathered that a cryptographer who is called Nick Szabo came up with the idea of this smart contract in the year 1994. That alone should tell you that this burning desire has been running for long before the birth of even blockchain/cryptocurrency. This is interesting I must say. It was gathered that he put this idea into the book he published since there was no way for him to execute and express his plan since there is nothing like cryptocurrency then.

What smart contract does is that it enables transaction to be met or carried out immediately two agreement is met. You don't need to rely on lemme say escrow to get your transactions running. You can be offline and it will still trigger provided the two parties have agreed on certain stand. This is why smart contract is needed in the cryptoccurrency world, since it is running on a trusted network it is always difficult to get hacked.

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According to history the first smart contract came into existence in the Ethereum blockchain in the year 2015. This was when Vitalik Buterin brought the Ethereum blockchain into live.

When it comes to Traditional contract they has to be deal between two parties, then there needs to be contract on a piece of paper before they will now be escrow or third party to stand as witnessed before finally the deal can be executed. Just imagine the stress to get deals executed. Unlike smart contracts, the deal or deals between the two parties can be executed straight ahead without the possible need of third parties or escrow for it to run.

Before I round up this post I will love to revisit it by saying that a smart contract can be seen as an agreement between two people in the form of computer code. Once these agreement is made it cannot and never be changed.

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• If you love my post, feel free to comment and also support me, it will help to get me motivated. Remain bless as you read the post. Thanks