Recently started looking at cryptocurrency and I'm a little confused at what exactly a cryptocurrency application is and what is a "smart contract". Please correct me if I'm wrong, however, a basic cryptocurrency application would be any normal application that enables the ability to pay for products or services using cryptocurrency? Aside from your specific cryptocurrency applications such as marketplaces and wallets.
Looking at smart contracts, looking at it from the view of a contract is an agreement between two companies to either pay for a product or service with currency or a product/service in return. A smart contract would be? Created through two separate individuals with the intent of paying for a product/service with a designated cryptocurrency?
Tried to phrase that the best I could.
Thanks in advance.
-Trevor
Correct, a basic cryptocurrency application would be any normal application that enables the ability to pay for products or services using cryptocurrency.
A smart contract is a program that is automatically executed when it is written in the blockchain. This can be any kind of contract or agreement between two parties, that triggers an action (payment, ownership transfer etc.)