Smart Contracts

What are Smart Contracts on the Blockchain? Smart contracts are self-executing agreements consisting of the conditions of an arrangement amongst peers. The smart contract performs on the Ethereum blockchain's decentralized system. The contracts help with the exchange of cash, shares, residential property, or any type of asset. Watch our smart contracts video tutorial to find out what smart contracts are on the Ethereum network and how smart contracts work to perform complex sets of rules. Learn more about DeFi Yield Farming here or go to our main website BEES.Social

Who Controls a Blockchain?

Have you ever wondered who controls a blockchain? At BEES.Social we often get questions from our audience who are wondering if the blockchain networks are being controlled by a large corporations. Not everyone trusts the financial institutions and systems in place. And that's exactly why the blockchain was created. To avoid those systems of control.

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Watch the entire video series guide about smart contracts on the blockchain here

The blockchains are either Bitcoin or they're in Ethereum. They are on blockchains because the people that developed those networks don't trust banks and financial institutions that control the centralized institutions. So the question always comes up, who controls blockchains?

The answer? It depends on the blockchain that you're going after, as we said in a couple of previous videos, blockchains are networks. They're specific proprietary networks that have a purpose, that do things for a specific purpose built, focused objective.

And these blockchains have different reasons for existing. Some are completely decentralized and controlled by no one, while some are controlled by centralized organizations, because they run for a specific purpose.

So the Ethereum blockchain is not controlled by any one person. It is a decentralized exchange set up in its own blockchain, it is its own network. The same goes for Bitcoin, it is completely decentralized. It's run by no one, except for the node running the blockchain.

These nodes are dispersed around the globe, as they are with Ethereum. There are a variety of other blockchains that run in a decentralized basis. But there are block chains that actually run from a centralized perspective. Those tend to be ones that are more controlled by organizations and corporations, and are pretty much deployed for business specific entities.

Let's say you could run a set a private blockchain, for organizations that were tracking the provenance or the genealogy of products that were made in a certain country, shipped all the way through to understand where they were built, to be able to manage counterfeiting.

That blockchain could be run by a central authority. And that service could be provided to different clothing and fashion manufacturers around the globe. That would be a private blockchain that's controlled by a central organization. But the mass of blockchains as a set, you're going to have to do a little bit more research, and we probably should do some more research.

I'll try to come up with a list of some of the blockchains that really are centralized or decentralized. But for the sake of this video, just understand that the larger blockchains are pretty much controlled by no one except for the people on them running things every day.

Now, that's not to say that there aren't security concerns about one blockchain over another, but the cryptography and the way it's distributed around the globe, to make it nearly impossible for anything to happen to to really compromise those networks. But those should always be questions that you should ask. The control is, for the most part, decentralized. The blockchains we've been talking about are decentralized.

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You can also watch this entire DeFi Yield Farming beginners guide video series in 3 parts

Part 1 - What is DeFi? - Decentralized Finance on the Blockchain

Part 2 - Liquidity Pools - Different Types of Liquidity Pools in Balancer, Uniswap, Compound

Part 3 - What is Yield Farming? How do Yield Farmers Make Money?

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