Smart Contracts: Bitcoin and UTXO

This lecture covers the concept of smart contracts, focusing on Bitcoin's 'pay to Script' feature and the UTXO model. The instructor, Bryan Ford, explains the authorization and proof mechanisms, spend rules, and validity checks involved in smart contracts. The lecture also delves into the challenges and limitations faced in implementing smart contracts, such as efficiency issues, input problems, and the need for trusted authorities. Furthermore, it explores real-world applications like trustless insurance and new payment methods, as well as emerging trends like decentralized oracles and tokenization.