Ryan Boder, CMO and core contributor at API3, a first-party oracle solutions provider that enables Web3 applications to call any web API directly from a smart contract, is in a unique position to speak about smart contracts.
Boder told CMSWire that a smart contract is essentially “an agreement between multiple parties that is automatically and reliably executed so that the parties don’t have to trust each other or any third-party intermediary. It results in the exchange of value — and that could be anything from the transaction of digital tokens, automation of workflow or a unique user experience. Smart contracts are the foundation of anything else that’s possible within the world of Web3.”