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While the first currency has received the most media attention of all cryptocurrencies, many cryptocurrencies are growing rapidly. Experts expect some cryptocurrencies to dominate the market in the future.
We pay special attention to decentralized platforms. Smart contracts are contracts that are digitally written and automatically execute instructions based on input from the network. It really is like programming. The terms of the contract are defined and it is determined what happens to certain results. When the result is known to the network, the smart contract is executed automatically. In other words: if conditions A and/or B are met, then C will happen.
The advantage of smart contracts is that the blockchain is a decentralized way to verify and enforce contracts. Decentralization means there is no central server, unlike, for example, WhatsApp or Facebook. The decentralized aspect makes fraud or censorship very difficult. As a result, third parties cannot change the contract without permission. Certain cryptocurrencies aim to make everyday life more efficient and economical through smart contracts, eliminating unnecessary third parties. Smart contracts provide more security and lower cost than traditional contracts. Some predict that smart contracts will be widely used in the financial world and other industries.
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