DeFi Series: What Is a Smart Contract?
Bitcoin may be the largest and best-known cryptocurrency, but other than it — and few other pure cash-replacements coins like litecoin, and stablecoins like tether and USD coin — every token runs on a blockchain that can properly be called a smart contract platform. Smart contracts are the building blocks of decentralized finance, or DeFi. And non-fungible tokens (NFTs), and blockchain-based games, and streaming video platforms, and social media sites — well, you get the picture. At the high level, smart contracts are what is threatening to upend big finance, reimagine the supply chains that move goods around the world, and even provide the foundation for the next-generation Web3 that supporters hope will end big tech’s dominance of the internet.
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