Crypto smart-contracts and the crypto economy

A quick recap of important concepts in the crypto-economy. 

Smart contracts: 
These are automatized contracts between two parties without the need of a human notary or certifier. They follow a predefined set of rules and protocols. If condition C happens, it triggers a legally binding event E. And since this is happening on the or a particular blockchain, it is infeasible (not impossible) to hack this contract. 

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