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CYPTO LEARNING FOR BEGINNERS PART 3
What are Smart Contracts, DApps, and DeFi? 🤔💡
Smart Contracts: Smart contracts are self-executing contracts with the terms of the agreement written into code. They run on blockchains like Ethereum and automatically execute actions when specific conditions are met—no intermediaries needed.
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DApps (Decentralized Applications): DApps are applications that run on a blockchain rather than on centralized servers. They’re open-source, transparent, and give users control over their data. Examples include decentralized exchanges, games, and social platforms.
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DeFi (Decentralized Finance): DeFi is a new financial system built on blockchain technology, offering services like lending, borrowing, and earning interest without banks. It allows users to access financial services in a decentralized way.
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