Smart Contracts and Web3

Welcome to ChainDecoded —Your guide to the world of Web3, Crypto and Blockchain. You will receive one email every Thursday with various news, concepts and facts going on in this week.

What are we learning today?

• Concept you should know: Smart Contracts

• News in the Web3 Space:

• Interest Fact about Web3

Concept you should know: Smart Contracts

Smart contracts are self-executing contracts with the terms of the agreement between the parties directly written into code. They are stored on a blockchain and automatically execute actions specified under the conditions if the conditions are met. Smart contracts are used to automate the execution of an agreement, eliminating the need for intermediaries and associated time delays and fees

News in the Web3 Space:

1. DeFi Has a Risk Problem and It’s Time to Solve It - The decentralized finance (DeFi) ecosystem continues to face security challenges, with the total losses from exploits still posing a threat to users. However, there are ongoing innovations to address these issues and make DeFi a more secure financial ecosystem. Link

2. JPMorgan Report Highlights Resurgence in DeFi and NFT Sectors - A JPMorgan report suggests a positive resurgence in the DeFi and NFT sectors, indicating potential signs of revival. This highlights the continued growth and evolution of decentralized finance and non-fungible tokens in the blockchain and cryptocurrency industry.

3. DeFi Technologies Inc. Announces Strategic Acquisition of Leading Solana Trading Systems IP - DeFi Technologies Inc. has completed an agreement to acquire intellectual property central to the Solana trading systems, demonstrating the ongoing developments and strategic acquisitions within the DeFi sector.

Interest Fact about Web3

Web3 is an idea for a new iteration of the World Wide Web that incorporates concepts such as decentralization, blockchain technologies, and token-based economics. It aims to remove centralized power from internet monopolies, allowing data transactions to be authorized, validated, and stored by peer-to-peer computing in a network. Web3 also promotes data control, privacy, and transparency, and enables users to own their data and be compensated for spending time on the Internet.

This newsletter provides a glimpse into the world of blockchain, crypto, and Web3, covering the concept of smart contracts, recent news in the DeFi sector, and an interesting fact about the evolving nature of the Internet.