understand the basic concepts of smart contracts in Blockchain
Increasing blockchain technology has revolutionized how we think of digital transactions, data storage and smart contracts. Essentially, Blockchain is an older decentralized and digital book, which records transactions on a computer network, without the need for intermediaries such as banks or governments. One of the most interesting applications of blockchain technology is the development of
smart contracts .
In this article, we will deepen the basic concepts of smart contracts and explore how it works in the context of blockchain technology.
What are intelligent contracts?
Intelligent contracts are self -execution contracts with the conditions written directly in code lines. Digital contracts that automate the liquidation of a transaction are essentially when certain conditions are met. The term “intelligent contract” refers to these automated agreements, which can be scheduled to perform specific actions within certain hours.
How does smart contracts work?
An intelligent contract generally consists of three main components:
- Code : This is the programming language used to create and implement the smart contract in blockchain.
- Data : This refers to any information associated with the transaction such as data stored in a database or user entry.
- Tigger : This specific when the contract must be executed.
When a smart contract is implemented on a blockchain network, it is automatically executed once certain conditions are met, known as triggers. These conditions may include events such as creating the block, gas limits and transaction results.
The key components of smart contracts
These are some of the key components to include:
* Functions : These are the actions that will be performed in a smart contract when activated.
* Variable : These are used to store data within the contract.
* Events : These triggering events indicating the beginning or end of an intelligent contract.
Blockchain platform
Intelligent contracts can be implemented on multiple blockchain platforms, which include:
* Ethereum : Ethereum is one of the most popular platforms to develop and implement smart contracts. It is at home at the ERC-20 token standard and has been used by many successful decentralized applications (DAPPS).
* Binance Smart Chain : Binance Smart Chain is a faster and safer alternative to Ethereum, specially designed for high performance transactions.
* Polkadot : Polkadot is an Open Source platform that allows the interoperation of different blockchain networks.
Examples from the real world
Some notable examples of intelligent contracts in action include:
* Makerdao : Makerdao is a decentralized loan protocol that uses smart contracts to automate the settlement of services and loans.
* UNISWAP : UNISWAP is an automatic liquidity supplier using smart contracts to change chips into the Ethereum block chain.
* Calamar Finance : Squid Finance is a cryptocurrency project that uses smart contracts for trade and liquidation automation.
Conclusion
Intelligent contracts have the potential to revolutionize how we think of digital transactions, data storage and intelligent contracts. As we continue to explore the possibilities of blockchain technology, it is clear that smart contracts are just a puzzle piece. Understanding how they work and implements them on several blockchain platforms, we can unlock new opportunities for innovation and growth.
additional resources
If you are interested in finding out more about smart contracts, here are some additional resources to start:
- [ESERSCAN] ( a comprehensive platform that provides information about the intelligent contractual addresses of Ethereum.
- [Documentation of the water of the Smart Binance chain] (https: //docs.bscan.
