Smart contracts and decentralized applications from "summary" of The Basics of Bitcoins and Blockchains by Antony Lewis
Smart contracts are self-executing contracts where the terms of the agreement between buyer and seller are directly written into lines of code. These contracts run on the blockchain and automatically enforce the terms of the agreement. They eliminate the need for intermediaries and can greatly reduce costs and increase efficiency in various industries. Decentralized applications (dApps) are applications that run on a decentralized network of computers instead of a single server. They are built on blockchain technology and are typically open-source, meaning anyone can view the code and contribute to its development. dApps are designed to be transparent, secure, and resistant to censorship. They can decentralize various processes such as finance, voting, gaming, and more.
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