CODE IS LAW? Smart Contracts Explained (Ethereum, DeFi)
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- เผยแพร่เมื่อ 14 พ.ค. 2024
- 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.
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that's a few too many emojis
Great video, we dropped a rap explaining smart contracts recently. I think they're such a game changer for so many industries; thanks for the awesome info
@@0ia simplicity enable better understanding.
@@jameswilliams2250 I tried turning that option on but it changed nothing.
This is better than school
Seriously
Much better
i have spent so much time trying to understand this at a simplistic level and I always run into overly complicated videos. you just changed the game for me thank you!
thanks! glad to hear it was helpful
@@Finematics awesome job honestly I'm going through all you videos.
Couldn't agree with you more
I am not a native speaker, but I could understand everything clearly! Give you a clap!
To be sincere, this is the most over simplified video I've seen on smart contracts. I've just subscribed to this channel. Loved the video so much
1:30 programmers see a vending machine, producers see an mpc.
This is great - learned about you from Ivan on Tech & you do an excellent job of explaining this stuff!! Thanx
Tells us to asks questions and doesn't answer a single one. Only replies to compliments of video editing. Thanks! Great video!
New found gem, subscribed. This should be one of those channels that goes to the mooon. Not the ones who says buy this, buy that or turn your $1000 to $1000000 by following my strategy in Trading Crypto. So much crap. This is a legitimate free course for novice in Crypto or even those who are in the industry for quite some time who wants to revisit their stocked knowledge. Thank you so much for the effort buddy.
Thanks! Appreciate your comment :)
Great work your doing on this channel. Can’t stop watching haha
Hey, don't mind me. Just here watching all your earliest videos on blockchain. Thanks for this wealth of knowledge.
thanks for watching!
The well and thought out implementation of smart contracts across the world will be a win win for all and will make society and the world a fairer place.
Crystal clear explanation.. superb:)
The world would be a better place if everyone watched this video
thanks!
Thank you so much for putting in the time and effort in explaining this concept so easily. The is the best video on YT which I have come across thus far.
thank you! :)
Hey! I just discovered your channel. Instantly loving it too. The drawing adds soo much more understanding and the video is speeded up a little which also helps. I personally go astray with the understanding of a subject when the instructor hovers over a topic and gets deep. I'll then misunderstand somehow, but even worse I won't know I did til some time later. With this Finematics channel you shoot straight to the target and can see clearer all around. Great stuff, let's go.
Thank you! I'm glad to hear this format helps you with understanding the concepts. This is the main goal of the channel, let's go! :)
Great informative video. when DEFi hits mainstream il be glad i already have the knowledge years before.
Made me feel like taking some courses in coding and finding some business partners with computer science background, thank you.
Clear explanation and detailed THANKS!
I am so moved by the positive use cases of DeFi that you and many others have shared. They might be pipe dreams for now, but hallelujah.
Putting notifications on... I love this illustrations💯
Great video! Thank you for the effort!
Very clear, thank you!
great! totally underrated content!!
You are an amazingly effective teacher. I will be reviewing your instructive videos to internalize. Very appreciative of the excellent yes very fine job you did on this subject.
Great videos, thank you very much, this is high level stuff, I'm learning as if I'm at a university.
Great video!!!The clarity and detail are appreciated.
Fantastic educational content sir. Subbed and video saved into a new playlist of your content! I have been looking for a series of videos that explains the technical basics in a clear and succinct manner. Top grade work!
really enjoyed this, I am sending this to lawyer daughter to grasp
Learned well today. Thanks.
Incredible! Thank you for such a wonderful presentation! 🙂
Simple and very informative! Thank you.
thanks!
Clear explanation with specific examples. Very useful.
thanks!
Thanks for the great intro to smart contracts!
You're welcome! :)
Dude your a GOAT, this is gold . Thank you
awsome content..subscribed..keep doing the good work cheers
Great explanation. Thank you for your efforts.
Well done! You forgot to include the real world connection in the pros/cons summary at the end, by the way.
Thank you. Very well explained
Your videos are amazing!!! Very very good explained. I just discovered you on youtube a few days ago. Thumbs up 👍
Thanks!
Great job on the channel! Wonderful info and teaching style. Cheers!
Thanks a lot! :)
Love the visual style of this kinda teaching, Really find it easier to follow along :)
Thanks! It is also good for knowledge retention apparently backed by some studies :)
Yes, definitely.
What will happen if i invested in a platform registered to a smart Contract and in a long run the platform fails working.
Thus smartcontract refund my investment funds?
@@Chris_051 what if the investor is the smart contract ....
Thankyou!! Great video!
The best summary ever I saw
Comming from Ivan, too. Excelent job. Keep going
Thanks Spyros!
HONESTLY BEST VIDEO FOR EXPLAINING SMART CONTRACTS I HAVE COME ACROSS ON THE NET
thanks!
clear and concise. what else needed? respect
thanks!
Best explanation I have seen so far
Very very good channel! You make complicated things sound easy!
Thanks!
Great presentation and brief dive into a complex topic!
thanks!
Hi, thanks for your detailed explanation.
One question, if parties are going to sign an agreement through smart contract, is that a must to use cypto instead of regular money given that the concept is to cut out the middleman? Many thanks.
This is a very very good video. Great job!
THE BEST!!!! (i have come across)... thanks
I appreciate your contribution so much!! Thank you for being so concise. Would you be alright if I took clips of your videos and reposted them so that we can spread your breakdowns to more people?
Great video! I would really like to see a video on the risks of collusion between companies using smart contracts. Can’t find one anywhere...
Thank you very much for this material.
You're very welcome! :)
it happened 10:50 to SHIB, good job Finematics
Can you make a video explaining the tokenomics and algorithmically of luna (terra). I'm very excited about the project. But it's hard to explain how it works.
Great job. Keep the good work
Thank you very much for great explanation, can make more video about the btc and ETH!?
Very good explanation of the smart contract space... This also helps me to understand how DeFi works as well. How do you think that IoT will affect the real world problems you mention here. I see a future where IoT sensors are able to feed data into the oracle services so that the smart contract is able to add that information into itself. Maybe a video about this would be a good idea? Or maybe there is one already. Thank you for the time put into making this clear and informative video. 🙏🏽
Yes, I agree with that. There is a plan to make a video on oracle services and we can include some IoT information there
@@Finematics excellent! Thank you I'm subscribed now and will look forward to that video 🙏🏽
good explanation , thanks!
this is a great video. it explains smart contracts in a way even an emotionally ruled artist can understand.
Excellent watch, really enjoyed
Thanks!
Wow, thanks for another great video. I wish you great success!
thank you!
Informative videos
This video provides a clear concept of smart contracts, one thing I am curious about is "Where is the smart contract stay in Blockchain?". I understand the basic concept of a blockchain that is a technology behind bitcoin but when smart contracts apply to blockchain I'm lost to imagine the picture of it.
Thank you "Jakub"
Thank you very much! The quality of your videos are not in proportion to your views and subscribers, I'm certain you'll recieve A LOT of recognition in the future!!!!
thanks!
Thanks. Has there been any progress on fixing a bug in a Smart Contract i.e. how does the Smart Contract get updated in an Active Blockchain?
Well Explained Finematics...keep up the great work...you got a subscription a thumbs up and a bell from me from your hard work. Appreciate you and your team mate.
Awesome, thank you!
Great videos! Quite well explained in a simple way and lovely drawings to help illustrate things ;) Just a friendly recommendation for future vids, try using an anti-pop filter and equalise a bit, specially to avoid listening the sibilance, mouth and tongue sounds...try filtering out 6-8kHz to start off, I think it will help making your voice clearer
Thanks for the feedback. This is quite an old video, most of the issues were solved in the newer videos, but I still have to improve audio a bit
Thanks for the video, it was very useful! I have a question about the types of smart contracts such are ERC-20, ERC-721 and ERC-1155. Could you, please, explain how they differ and how can one operate, for example, an ERC-721 as ERC-1155?
Great video man
Thank you!
I somehow got more confused on something that I didnt know about but fantastic video. Any recommendation for more resources?
You talked about Formal methods to verify the smart contracts, could you please provide a few examples, tools, guidelines and/or tutorials etc. on Formal methods to verify/secure Ethereum Smart Contracts, which I can easily use for my smart contracts.
Very easy to understand :)
Thank you 💗💗💗!!!
Can this be used for when people buy something from my business or another business I’m promoting? Loved the video
Excellent content. Clear and thorough. Please do a more in depth investigation about how the smart contracts can be gamed, how people have gamed the system in the past and maybe more in depth about what security measures are being implemented. Maybe a description of who is responsible for implementing the measures and how do they get this role.
Thanks! Yes, there is a plan to dive deeper into smart contracts and talk about common vulnerabilities. Also there will be a video on how bots can steal people's profitable transactions a.k.a Ethereum Mempool is a Dark Forest :)
@@Finematics Thank you looking forward to the future content.👍
You got yourself a subscriber. And you didn't have to ask!
Great work.
Excellent content, I've discovered your channel recently and I've become addicted! Do you have any content on how the Ethereum Virtual Machine works? I'm looking for material and I'd love to see your great doodles on this subject. Thanks!
Thanks! There is a bit in the video about Gas but there is no video specifically about the EVM. Good idea though!
Yes, need this video.
Excellent
Who determines the terms and conditions of the lease or the deed to purchase the house?
the video was great tnx
thanks!
GREAT video
This is so helpful!
Glad it was helpful!
Very good 👍
very good! cheers
Very nice. thanks
this is GREAT!
Great video! Thanks. Bowtie
Noticed the iron leg detail here 14:02
OMG, THANK YOU! You made Crypto feasible to my mind. Thank you, thank you, thank you.
Thank you
How does immutability of blockchain affect concepts like revocation of an offer? e.g. suppose I created a smart contract with condition x, and prior to the fulfillment of the preconditions that would trigger acceptance/execution of the contract, I want to alter the smart contract to be triggered on condition y, not condition x. Can the terms of an offer still be revoked or amended in this way when using smart contracts?
good job
Hello:
Studying the SmartContracts I'd like to know how to easily read and save a Smart-contract on your PC.
I'm old you know and I would like to know what I've just signed, time that finishes, conditions, etc... human read. Any website or doc that I'm not finding that I could go to learn? Thank you!