Journal Entry: Shane Andrew Smith-03/10/2024

Journal Entry

Critical Thinking Response:

Dapps are different than traditional web applications in that they are open for all to see, to follow the rules set up by the contracts. This is a benefit to traditional applications in that everyone in the public space can see everything about the contract’s both sides, the price, the terms, etc., but it’s a challenge in that some people may never use them because they want privacy for their transactions.

DeFi and NFTs challenge the traditional systems of finance and ownership of things of value. They bring about more transparency to transactions and information that was traditionally kept private and maybe never known to the world.

If you can create novel transactions for services and products that had never been associated with the Ethereum blockchain or smart contracts, you stand to make lots of money. I complete understanding of these new technologies allows you an opportunity to work in that space and make a good living.