Smart contracts - Simply Explained

[@hulk7272]

I just came here after watching a 30-minute video. Needless to say, I got more out of your 4 minute video than the other which I watched several times and STILL came away with ???? "If you can't explain it simply, you don't understand it well enough." - Albert Einstein.

[@rogerbrandt6678]

That’s why it’s simply explained....lol I’m a new sub.

[@Olsenator]

Well you can always go back to dog and cat videos like I did

[@kamui4708]

Fr i hate it when someone explain it over 5 minutes just for a one word

[@IronWillVision1111]

0:36 0:42 0:43 0:43 0:44

[@AchwaqKhalid]

Some just love to stretch the videos with unnecessary historic or unrelated addons

[@salmanrashid3392]

Thanks for the overview Simply Explained. I love how easily you were able to simplify the concept for someone who had no idea about smart contracts and their value proposition. Your effort is greatly appreciated.

[@upplsuckimcool16]

Finally a very clearly spoken and easy to understand video on this subject. I've watched three other videos on this thinking "how does this matter it seems very normal and not impressive" When i watched 2 minutes of your video I thought "HOLY SHIT THIS IS BIG!"

[@ambertay9141]

Smart contracts are awesome. Ethereum, NEO and now Cardano - I'm loving the competition and innovation in this field! Smaller companies like PolicyPal Network and Propy are also doing a great job in bringing in smart contracts to increase efficiency and lower cost in their respective industry (insurance & real estate). Can't wait for more innovation in this area :)

[@corectorul8560]

And Elrond that launched Smart Contracts before Cardano and let the possibility to write them in any language that can be compiled to WASM (easy for Rust, C/C++ devs, but also possible for other programming languages).

[@Sir_Leelord]

Cardano is finally launching smart contracts this September, but don't forget that Flare will also be using them, and will add smart contract capability on the XRP ledger too. interesting times ahead.

[@dreerable]

ETH 2.0 will be King

[@Prodelem]

@@dreerable Lol good joke right there

[@dreerable]

@@Prodelem it’s king now so your the joke

[@chadwickburks2478]

Clear, concise, and amazing. Thank you for making this.

[@blaze9670]

yes

[@jasseniyalorie2859]

Never thought that this expertise would expand. I learned a lot by watching this video, thank you.

[@pambomeyieemy8394]

THANK YOU !!! I HAVE MY EXAM TOMORROW AND THANKS TO YOU I UNDERSTAND WHAT I WAS STRUGGLING TO UNDERSTAND FROM MY PROFESSOR

[@aaron_trice]

What school are they teaching you about blockchain and smart contracts?

[@yeehoo001]

@@aaron_trice i am wondering as well

[@Huracan.Company]

hey i have created a team and we are working on a good contract, i want to grow up my team please contact with me let me work with u

[@babafemiojo8091]

The explanation in this webinar is quite good, simple and clear. I hope it's something that will be worthy of doing with no regrets.

[@syncrovanCos]

After few hours of searching and watching videos, this was the first I've really get it right and easy to digest from A to Z. Still need to learn,but it's a good start. Thank you !

[@MrNudgit45]

Thank you! Most understandable crypto explanations I've heard. Much appreciated. Keep up the good work.

[@Inviincible]

As a person who is in the process of writing PhD about smart contracts, I would love to thank you! That is a great video for explaining people what are smart contracts

[@faustin289]

"A smart contract is a small program stored into a blockchain." Genius, I will remember that. Thank you!

[@list9016]

whats wrong with that explanation?

[@HannahWhite-r3m]

I'm new to investing, and l've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.

[@NicolasAlberty01]

As a beginner, it's essential for you to have a pro or a very good trader to keep you accountable.

[@NicolasAlberty01]

If you can, then get a professional to trade for you I think that way your assets are more secure.

[@NicolasAlberty01]

Someone like expert Scarlett Hansley.

[@Aarushi-w1fui]

The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional

[@EthanWilliamsTV]

This is correct, Scarlett strategy has normalized winning trades for me also and it's a huge milestone for me looking back to how it all started.

[@thoyda]

This is a great video - Thank you. Very interested to see how this progresses and all of the use cases that will emerge, particularly in security of health records

[@softrocksongs-p5v]

These songs have a timeless charm Great job curating this

[@marquezFTW]

This is the best crypto channel on youtube hands down. Thanks for all your videos!

[@SandalinaEvi]

Beautiful explanation. So clear and to the point. THANK YOU!

[@mdparvej7849]

The contents you put in these videos are so AMAZING! Please keep going!

[@jessicawiley5797]

Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?

[@Beardedlady71]

Wow. 4 minutes and now I understand smart contracts. Great analogy with Kickstarter example. Thanks!

[@dancorwin9232]

Wow, smart contacts have always confused me but now they make perfect sense!! Thank you so much for this!

[@jessicawiley5797]

Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?

[@jackbenhaim9197]

Clear as crystal. Enjoyed every moment of it. Great job. Thanks

[@nationalnotes]

A simple explanation that gives me a whole new positive view on crypto.

[@lakshyagoyal5560]

Great video and very well explained too!! One thing that I was a little confused by though is, how doesn't someone make sure that the actual smart contract that someone creates is trustworthy? Would a user need to go in and read the 'terms' (aka code) of the contract to be fully sure what the contract is doing?

[@hsc587]

Also interested in what mechanisms there are to verify whether the smart contract has been broken or upheld from inputs in real life, like if I fund something on kickstarter ensuring that either you get the product or you get refunded.

[@oliverslazdins8237]

​@@hsc587 Imagine this future scenario, its 2050, You enter a list of shopping items you need for the next week into Your robot, this information gets stored on a blockchain through a smart contract, so the robot goes through the city during the day visiting various vendors collecting the items and paying for them with your money/crypto. The vendors see the smart contract existing on the decentralized blockchain, so they hand out the merchandise and receive an immediate payment, so the contract gets safely and transparently executed.

[@effexon]

Whoa, more I learn building blocks of internet during 90s, more amazing. Majority of society were raving about first online games ,getting any ISP, learning to use modem commands, when these people were researching 2000s, 2010s internet necessities in universities.

[@subrock007]

Superb explanation in a layman's terms. Thanks for the introductory video.

[@DibyanshuPatnaik]

The three downvotes would be from the Kickstarter Team

[@ahmedrebai6042]

@abdelhak BAHRI I think Kickstarter will move their solution to the blockchain technology hhhhh

[@capitancodigo2165]

@abdelhak BAHRI or they can code bots!

[@IftyRahman]

Its 90 now. Kickstarter team is really growing 😒😒

[@L8rCloud]

And the team only has two people...

[@a.r.sangeetmediaindia5832]

@@ahmedrebai6042 muje bhi batawo

[@zainabadamu1356]

This explanations are lovely thank you

[@yashpandey381]

appreciate the explanation. better than most..

[@justmeonthebeach]

This is as clearer as it can be cleared... thanks!!

[@normangrochowski6972]

Very Good, Precise, Easy to Understand presentation, of what Smart Contract entail. Thank you

[@Kindred1a1]

The implications for the future of our civilizations with these new ways of doing things are so amazing and I cannot wait

[@dantagogoseb202]

We are experiencing a shift in our reality... I can't wait to see how finance will look like in a 100 years

[@yadukrishna2309]

This channel is gold. Congrats if you found it

[@jessicawiley5797]

Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?

[@HuGo-wp4cp]

Bro your honestly best at explaining stuff. Chur

[@huyhoang752]

The contents you put in these videos are so AMAZING! Please keep going! :)

[@okechukwunwanjah5853]

Very wonderful presentation. Thank you. I now use smart contract to earn lots of money

[@tresafm]

Excelent, and I'll use this video on my classroom everyday.

[@simplyexplained]

That's awesome! Spread the word!

[@nabil-cv1iz]

it's a great plesure to watch youre videos, i watch them several times and get some benificial informations in a very simple way

[@turtlesoupman]

Amazingly well explained!

[@soap4890]

Best video on smart contracts.

[@anonsolaris]

Nicely delivered & explained. Appreciated the content, thank you.

[@businessbswatch5467]

"if the devs fail on the projects goal, the money automtically goes back to the investors" hahahaha

[@camarMX]

So, this being said, why would you replace a third party with a smart contract? My answer is that having a smart contract in place, you will be charged a small fee when a transaction is made(when the smart contract gets executed). As far as i know, this is the smart contract business model the companies are using right now. So, replacing a third party with a smart contract is a very effective way to lower your business costs. (First big advantage) But, from my point of view, there is another advantage of having a smart contract in place. As this video explains, the smart contracts are blockchain based, and there is very slightly chance for this to be corrupted/hacked. What is really important here is that behind a smart contract there is CODE written. This means that when you replace a paper contract with a smart contract, you become digital. You actually replace words...with code. And the real advantage here is that the code is not doubtful...it will always execute the same way. (Second big advantage) Great work with the video!

[@SaifulIslam-jt1dz]

This is really well explained, the drawn examples are fundamental, the script is good too! Thanks a lot!

[@helindeelaka9362]

Thank you for the awesome explanations ❤️👏🏻🔥

[@qualityperso6721]

Very well explained

[@HendraWijayaDjiono]

You explained very well and clear! Thanks alot!

[@MrShinzen]

Your videos are very clear. Thanks for the subtitles in Italian!

[@simplyexplained]

Thank you! Oh and don't thank me for the Italian subs, that is entirely powered by the community! So props to them for creating the subs and submitting them to me ;)

[@yoshitaarora4180]

This was a great explanation. Thanks for the video!

[@amonkril919]

3:06 how can banks issue payments, how can insurance companies process claims? you didn't make the connection.

[@dreamyrhodes]

Every coin supports smart contracts, not only ethereum. Bitcoin script can be written on the Bitcoin blockchain so all coins that come from Bitcoin have smart contracts. In fact you could go even further and say, that every Bitcoin transaction is a smart contract itself.

[@dsouzaedson]

Great explanation. Thank you!

[@sambakatepalli9199]

Dear Savjee. Your videos are very informative, enlightening and most importantly very easy to understand. Even a lay man can understand the technology if teacher can be like you. Thank you very much for the videos. Please do some videos on Decred, EOS, NEO, GAS, Power Ledger. And please do videos on ICOs that are introducing new Technologies. if we understand the technology at ICO level, it is easy for us to decide on worth of it to invest.

[@xvaldetaro]

Great video! It is clear to me how the smart contract is fulfilled in a crowdfunding case as the only requirement is to reach a certain value. However, I can't understand how a smart contract would be fulfilled for the other examples, like insurance, which you mentioned. How is the validation that someone would need to retrieve the stored money on an insurance contract?

[@simplyexplained]

Yeah that example isn't the best one because people have a certain idea about how insurance companies work. But if you change that view, you can imagine smart contracts being actually useful. Let's assume that there is a company offering a natural disaster insurance. And let's also assume that the government publishes data about these natural disasters on a blockchain somewhere. Then you can make a contract that accepts a monthly fee from you and automatically pays out a fixed amount of money if a real natural disaster happened (and the government added it). A bit difficult and not all types of insurances are fit to be handled through a smart contract. A better example: insurance for losing your phone. The smart contract could be triggered if you put your phone into "lost mode" or if you file a claim with the police. Granted, these applications are not for tomorrow and will take some time. But it's definitely possible!

[@Johannesdesloper]

How are u going to change that view and what exactly should be the new view? Someone behind his or her computer making choices, without facechecking reallife? How do we know, this person is not forced into making this choice?

[@Johannesdesloper]

I get your point, but i'm still thinking: who decides you made your own decision, there is no central point who can defend you and back you up, it's only people with mining machines and are in the blockchain, who don't know the situation, cannot judge what happened, no witnesses at all, only data. Is that enough to transfer buildings/testimonia/ insurance money? I don't see it happening before me, but maybe i'm not seeing this right? And still again: you only see the data, is that enough? Maybe the data is correct but in real life the things happen the other way around. A machine can't check reality.

[@michaelmorland]

I think smartcontracts, the way it is explained here is only really good for true/false scenarioes. (yes / no scenarioes). In many of the examples there is more complex matters and shades of gray. I agree with you that these case still require 3rd party / human judgement. I am also of the oppinion that a blockchain of people sitting behind a computer will in no way be able to judge what actually happened in more complex examples. I.e I had a leak in my house, I claim to my insurance etc. Insurance company says I have not done my roof right or maintained it well enough to qualify. We have a disagreement. How will a blockchain judge who is right?? This is where qualified 3rd party surveyors come in, but it still becommes a matter of a human being, and his bias what decision is reached.

[@luigiconte924]

Any website were I can get a smart contract ?

[@perf5432]

Hello, great video, easy to understand. However, I always wondered how can smart contracts could replace things like Airbnb and Uber in the case of a complaint. In those cases, the third party can be the judge. How those situations are handled in smart contracts ? Would love to understand this to fully trust the concept of smart contracts. Cheers.

[@mikefifigao5507]

Thank you for your creation. Very clear and concise explanation!!

[@Yadiel458x]

The best explanation!

[@codygonzalez5131]

Very informative and at the same time capacious! Excellent video, subscription and thumbs up!

[@Tblaq]

This is gold 🔥🔥🔥🔥

[@cryptojuan5897]

Love the channel . Simply explained

[@jessicawiley5797]

Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?

[@victortang5901]

The problem is how can the Smart contract knows if the condition is really satisfied or not? Taking insurance as an example, how do we know if the car was really crashed or not? Shouldn’t there still be a reliable third party source of information?

[@Idefix1324]

Basically you would need a third party like the car mechanic who confirms, that the car is really damaged. He also signs the report with his key. If you and the insurance company trust the mechanic the problem is fixed. Obviously in this case we dont operate in a public blockchain but in a permissioned one, where e.g. the mechanic can only approve the state of the car but can't see for example how much money the user gets from the company. Hope this helps

[@chainlinkington5278]

Chainlink solves this.

[@rfarchives3320]

Great video, wonderfully explained

[@abhinandvalasseri1294]

Awesome bro! Nice and clean animation plus simple explanation This helped me do my seminar on block chain

[@mrmilmont]

Simple and Clear!

[@OnionKnight541]

When you say that other people on the blockchain can see if a bad actor is trying to steal the money, what exactly do you mean? Are people actually watching the contract and policing it? Or is it computers? Or what exactly?

[@GateHacker1]

You killed it with this one sway!

[@ssoumen95]

Extraordinary explanation

[@aronfontenelle4145]

these videos are really insightful exspecially now so thank you

[@dirkjan9945]

Good video, significant is that people know that solidity is very different from JS.

[@nikunjmundhra8650]

Hey several questions 1) Isn't Kickstarter the smart contract, all of the activities are automated and not done manually and something similar happens in smart contracts - what's the difference?

[@Kurzrein]

I understand it this way: The difference is that Kickstarter is one entity and they could just withhold your funds at any time. It's all about trust and if you trust Kickstarter, then no problem. But if you don't want to have to trust a single entity, use a smart contract.

[@nikunjmundhra8650]

@@Kurzrein so it's just a difference of entities and nothing else?

[@dgutte]

Great stuff, well explained

[@abulferr]

I like this idea and have been always interested in,... the question is though: don’t you need a third party to create the smart contract???

[@calvinpeoples4342]

I think still yes but with way less ppl to maintain the contract, making it more cost efficient

[@krishnanrastogi8386]

Such a wonderful explanation .

[@shabrinaghaisany5420]

This is a cool video - Thanks. Very interested to see how this progresses

[@jessicawiley5797]

Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?

[@pranavgupta2129]

Really good one and very easy to understand. Thx

[@matthewteitz6820]

If you ever get bored, you should create another channel explaining very simple things in very complicated terms! haha! Seriously, good video!

[@notawildthingy]

Laboriously Explained: Coasters

[@severuskein1809]

Loving your channel. Subbed

[@beroecaaaa]

Awesome explanation!

[@mdanarul9629]

This is very interesting video. This is a great video. This is wonderful video.

[@CryptoperPro]

Thank you so much for explanation

[@omidakbarian2996]

Thank you for this useful content

[@MrMightyBeans]

Very informative. Thank you kindly.

[@neyudn7896]

Great job, easy to understande with practical example

[@mubafaw]

Solid explanation 👍

[@alecdelu83]

amazing video, thanks!!

[@mentormags]

very well explained, thank you

[@jessicawiley5797]

Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?

[@ridingitlightning1028]

Even more valuable now than 4 years ago!

[@samuelaustin9217]

Thank you. Your videos are very easy to follow and understand. I am showing them to all the younger generations in my family so their understand how the future of commerce and payments will be.

[@Zimo0o]

This is the best video I have ever seen explaining smart contracts. Perfectly clear, concise and to the point no bs Thank you so much, subscribed!

[@divyaalok5538]

Awesomeness redefined

[@tomluna1201]

Thank you, everyone was talking about smart contracts I had no idea what they were talking about.

[@jessicawiley5797]

Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?

[@Cabsorx]

Love the iconography

[@cyrano9327]

Icons8

[@rafaeldossantos5741]

Great video!

[@dwaniscool]

Thank you! This was very helpful!

[@yyndsai]

Great Explanation

[@subeg]

In a nutshell, Smart Contracts is an "if-else statement" in programming.

[@maaifoediedelarey4335]

Subscribed ! You make very good videos 👍

[@v.s.s.s2960]

I liked your video so much... Very useful. Please keep a course on this blockchain with certification.

[@noctifersummanus15]

"stored on the blockchain" what exactly does that mean? how is the smart contract work? are the bytes of the contract being distributed and processed individually?

[@Pensive_Impact]

Thank you so much, very good and concise explanation!

[@yumeiga89]

Thanks a lot for your explanations