Smart Contracts

Imagine you have a group of friends and you want to play a game where each person takes turns doing a chore for the others. You could write out a list of all the chores that need to be done and when each person will do them. But what if someone doesn't do their chore when it's their turn? It might be hard to remember who did what and when, and it could be hard to make sure that everyone sticks to the agreement.

That's where smart contracts come in. A smart contract is like a computer program that can keep track of who does what and when. It's like a digital list of chores that everyone can see and agree to. When it's someone's turn to do a chore, the smart contract will remind them and make sure they do it. And if someone doesn't do their chore, the smart contract can automatically remind them or even stop them from doing something else until they do it.

Smart contracts can be used for all sorts of things, like making sure people get paid for their work or making sure that everyone follows the rules of a game. They're a helpful way to make sure that agreements are followed and that everyone is treated fairly.

Video - Simply Explained

Simply Explained on Youtube has an incredible video explaining what Smart Contracts are!