What Are Bitcoin Smart Contracts

We are talking about smart contracts - a revolutionary technology that will be an essential part of web3. At its core, the internet is a global network of connected computers that allows us to share information and communicate with each other. Since its invention at the beginning of the 90’s the world wide web has had the potential to be so much more – it could be a platform for open communication, innovation, collaboration, and economic growth, and clearly it’s met a lot of that potential, but the centralized infrastructure of web2 has been holding it back. Decentralizing it is how it will reach its full potential, which is what we mean by the term Web3, and a big piece of how that will happen is with self-executing code, or what’s become known as “Smart Contracts."

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Web3 Working Group is a 501(c)(3) nonprofit organization. Our purpose is to educate about web3 infrastructure and how it's distinct from financial services in the cryptocurrency industry. We educate about how web3 infrastructure will decentralize the web and permanently restore user control of cyberspace, replacing centralized control with transparent and permissionless protocols through incentives aligned with users. See more at www.web3wg.org