DEV Community

Cover image for Smart Contracts what are they?
Yaku
Yaku

Posted on • Updated on

Smart Contracts what are they?

What are NFTs and Smart Contracts?

Non-fungible tokens (NFTs) are tokens that are unique and cannot be interchangeable. They are different from other tokens because they can represent unique assets or digital collectibles. Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract.

NFTs and Smart Contracts on the Blockchain

NFTs and smart contracts are two of the most important features of the blockchain. They are what make the blockchain a powerful tool for creating and managing digital assets. NFTs are stored on the blockchain in a decentralized manner, which means that they are not controlled by any single entity. This makes them more secure and trustworthy than traditional digital assets. Smart contracts are executed by the blockchain, which means that they are automatically enforced and cannot be altered or manipulated. This makes them more reliable than traditional contracts.

NFTs and smart contracts are two of the most important features of the blockchain.

How NFTs and Smart Contracts are Used

NFTs and smart contracts can be used to create and manage digital assets and contracts. They can also be used to create decentralized applications (dapps). Dapps are applications that are built on the blockchain and use its features to provide a more secure and trustworthy experience for users. NFTs and smart contracts are also used to create tokens. Tokens are digital assets that can be used to represent anything of value. They can be used to represent money, assets, or anything else that has value.

NFTs and smart contracts are two of the most important features of the blockchain.

Benefits of NFTs and Smart Contracts

NFTs and smart contracts offer a number of benefits that can be used to improve the digital world. Some of the benefits of NFTs and smart contracts include:

Security: NFTs and smart contracts are secure and can be used to create and manage digital assets and contracts.

Trust: NFTs and smart contracts are reliable and can be used to create and manage digital contracts and assets.

Decentralization: NFTs and smart contracts are decentralized and can be used to create and manage digital assets and contracts without the need for a third party.

Flexibility: NFTs and smart contracts are flexible and can be used to create and manage a wide variety of digital assets and contracts.

We are still in the early days of these technologies however we can see that they influence much of how our future transactions will look like.

Thanks for reading this article really appreciate it as I'm on journey of learning more about NFTs and smart contracts Id like to share what I am learning.

Feel free to hit me up for a chat or anything 😉

Also kindly follow me on GitHub at GitHub.com/yakumwamba

Discussion (0)