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

[@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.

[@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

[@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.

[@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

[@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.

[@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 !

[@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!"

[@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

[@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

[@SandalinaEvi]

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

[@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?

[@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.

[@nationalnotes]

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

[@normangrochowski6972]

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

[@Beardedlady71]

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

[@subrock007]

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

[@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?

[@justmeonthebeach]

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

[@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?

[@jackbenhaim9197]

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

[@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 ?

[@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.

[@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.

[@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

[@okechukwunwanjah5853]

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

[@marquezFTW]

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

[@yashpandey381]

appreciate the explanation. better than most..

[@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.

[@zainabadamu1356]

This explanations are lovely 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

[@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.

[@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

[@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?

[@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?

[@SaifulIslam-jt1dz]

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

[@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.

[@OhMiGowD]

After product team receives the fund for their supposed goal but failed to reach the goal, the fund is returned to the supporters But what if the product team already used a portion if not all of the funds, who will cover the difference, or will just the remaining fund be returned to the supporters?

[@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 ;)

[@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?

[@ItsSolomon]

So what exactly am I buying when I invest in any of those smart contracts? Is it like stocks, and why the term token/coin?

[@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!

[@huyhoang752]

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

[@nedsmith2138]

please can someone explain why you would need these in a cryptocurrency though, as I still do not understand? Is it just for token switching?

[@anonsolaris]

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

[@quaithe1]

This is misleading. If you want a contract triggered by real world events, like delivery or an insurance claim, you still need to validate those in a traditional way. All the "smart contract" does is automate your accounting.

[@arthurtseng8609]

Wondering what will happen if there's no enough money in the company's account and they can't reach the goal at the same time. How is the smart contract able to get money back to the investors under this kind of circumstances?

[@abhinandvalasseri1294]

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

[@dirkjan9945]

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

[@soap4890]

Best video on smart contracts.

[@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.

[@haroonsheikh6148]

Does smart contract mean interest? What happens to the project team if they fail the project as the invested money goes back to the supporters, then what if the money the project team has already used then what? How will the project team recover supporters loss in case of project failure?

[@turtlesoupman]

Amazingly well explained!

[@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!

[@CH-rb1ss]

I think I must be misunderstanding this but: Under normal lending procedure: Lenders give money to borrowers - borrowers use capital to generate revenue - borrower makes payments to the lender using this revenue If the money remains held in the smart contract until the ‘goals’ are met how do the lenders generate the money to meet the goals? I thought the reason for the borrowing is that upfront capital is needed to the generate revenue? Otherwise the borrower would have no need for it in the first place If anyone could explain where I’m going wrong :)

[@BarkaDog]

How will the smart contract know that the project and failed? And how will it get the funds back? Can't the project creators just runaway with the money?

[@Blackfilmguild]

How would this work when you need to ship an actual product? What if the person decided not to send the product? What happens?

[@acaabhinav]

Dear What I have understood till now is, if the person decides not to send the product, another party can go to the court and force him/her to deliver the product with the help of smart contract as it has recorded the transaction, now the only problem is, Blockchain smart contract should have legal status, which at present not by most of countries

[@ecomhicks]

Smart contracts are now recognized under State of Tennessee law. I guess you could set one up to automatically verify shipping and receipt, if not you will be able to in near future. IDK how I'm just learning too! I live in the mountains, we just now getting internet thanks to Trump rural broadband initiative, I never heard of Ethereum or anything 'til this year.

[@stevenrecine3418]

Cash-On-Delivery I believe. The buying will not pay until postal system says it has delivered at destination

[@dominicsosnov]

You can solve it in many ways. For example you could set up a deposit that both buyer and seller has to send before the payment is complete and if the buyer address doesn't receive the product the seller address loses the deposit. Ofc the punishment would need to be more severe than not sending the product.

[@qualityperso6721]

Very well explained

[@yoshitaarora4180]

This was a great explanation. Thanks for the video!

[@abuzarov]

How would the "kickstarter" smart contract know WHEN to make a decision to refund the money back to supporters? It's not like smart contracts have access to functions that give time and date

[@rfarchives3320]

Great video, wonderfully explained

[@mikefifigao5507]

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

[@dorian7046]

I really don’t understand... I mean Kickstarter is also a platform where the people can find each others and not just ˋtrading´. So how can I find an investor who will just pay over blockchain. I mean you need to find him and thats also a problem which kickstarter solves

[@amonkril919]

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

[@Iwitrag]

Can you explain how rugpull work? You said that nobody owns the money - but rugpull allows stealing of all money to one wallet by adding new malicious contracts. How is that possible? And is there any security measures we can take?

[@joepolidoro3847]

When you say the smart contract is distributed and validated by everyone on the network, does that mean that everyone in the network that is participating in funding for this example or everyone on the entire blockchain?

[@khaledbakri4926]

how the money will be refunded back to the investors if the money is paid by the creators is there a collateral?

[@v.s.s.s2960]

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

[@dsouzaedson]

Great explanation. Thank you!

[@sean-kb4wr]

Fascinating to see if those smart contracts will automate our legal system

[@aronfontenelle4145]

these videos are really insightful exspecially now so thank you

[@rageoid]

Many real world contracts have several performance conditions which have to be evaluated by humans. I can't imagine, at least presently, that computer code can address whether construction work on a commercial building is completed satisfactorily at each stage of construction such that money can be disbursed per the contract conditions. Hard to see where a "smart contract" can do much more than a simple "if" and "then" transaction, such as a vending machine type of input, put in A, get B. Anything requiring satisfaction of multiple conditions, such as a home purchase (inspections, financing, title evaluation, repairs, move-in inspection) would seem well beyond the capability of computer code, except to record and preserve the situation via inputs at the time. Are there examples in real life of multi condition contracts being implemented on blockchain ? Thanks for the video, well done.

[@ridingitlightning1028]

Even more valuable now than 4 years ago!

[@HuGo-wp4cp]

Bro your honestly best at explaining stuff. Chur

[@LukeDruid]

Who determines if the 'project' has failed the goals? And why are they justified in doing so?

[@KP-nc9gk]

When the goal of the fund was met, smart contract would release the money to the product/project team. But how would the smart contract refund the money to the supporters if the money was already in the team?

[@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?

[@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?

[@Mimibldr]

Could you explain how the DAO attack was possible then?

[@nationalnotes]

@CDR Systems 😳 i wonder how many got this 😂

[@Cabsorx]

Love the iconography

[@cyrano9327]

Icons8

[@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?

[@邬志文]

I have a quesetion, If smart contract transfer the money to project creator when the project gets fully funded, but the project creator use the money to something, if the project failing, the smart contract how transfer the money back?

[@dasblooop]

I heard that Solidity has an issue in that its Turing-Completeness enables a non-terminating computations, known collectively as the Halting Problem. In contrast, The scripting language for Bitcoin is not Turning-Complete and therefore precludes this class of computations by design. What is the ideal tradeoff between function and security?

[@darrenthayre6666]

Question - in this kick starter example, who actually builds the smart contract?

[@HendraWijayaDjiono]

You explained very well and clear! Thanks alot!

[@serkanozkani]

Theory is good! But , I have seen, creators of the contract sometimes they might be able to change it! So please update your video if you know about it!

[@hosata]

What about staking contracts that are used by liquid staking protocols like StaFi? They unlocks the staked assets and help u be ready in case of a market dip.

[@MustaffaMustaffa-cl2bt]

Sir how much money do we need to start working as a blockchain smart contract developer?do we need any software to buy etc?

[@pranavgupta2129]

Really good one and very easy to understand. Thx

[@tjsil3528]

How will the money be refunded if team already spent some or all of the money on the failed project? Is this a loan or a grant?

[@daltonbradshaw8658]

The funds are not distributed to the team until the crowdfunding goal has been met. If the goal is not met, the funds are returned to the respective donors.

[@helindeelaka9362]

Thank you for the awesome explanations ❤️👏🏻🔥

[@bshash97]

First used by Nick Szabo Completely digital, stored inside a blockchain Kickstarters/intermediate are replaced by smart contracts Smart contracts are immutable and distributed-everyone can validate the output Tampering is impossible Ethereum is created and designed to support smart contracts

[@neyudn7896]

Great job, easy to understande with practical example

[@ssoumen95]

Extraordinary explanation

[@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?