IN THE KNOW Vol 2

SMART CONTRACTS AND DAPPS: CHANGING HOW WE INTERACT ONLINE

One of the most transformative aspects of Web3 is the creation and implementation of smart contracts and decentralized applications (DApps). 1. Smart Contracts: These aren’t contracts in the traditional sense. Instead, they are self-executing contracts where terms of the agreement or conditions are written into lines of code. Once conditions are met, the contract automatically executes itself.

The impact of smart contracts is already being felt across industries. In the world of finance, they can streamline complex processes, reduce costs, and enhance transparency. In real estate, they can simplify property transfers. In the creative industry, they provide artists with more control over their work. DApps, on the other hand, promise a decentralized future where applications are not at the mercy of centralized platforms that can ban or restrict them arbitrarily. Together, smart contracts and DApps are paving the way for a more transparent, efficient, and democratized digital world. 2. DApps: Unlike traditional apps that run on centralized servers, DApps run on blockchain networks. This ensures they are not controlled by any single entity and are resistant to censorship.

This publication by St. Cloud Financial Credit Union and/or its employees is not personalized investment advice and is provided without considering the recipients' individual investment objectives, intentions or means. It is intended solely for educational purposes and does not constitute a recommendation or endorsement of any kind. Any commentary expressed in this publication from St. Cloud Financial Credit Union and its employees, is solely for educational use and should not be relied upon as advice. St. Cloud Financial Credit Union and its employees cannot guarantee the validity or accuracy of the information.

ISSUE 2 | NEXT PHASE OF THE WORLD WIDE WEB

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