A smart contract is a self-executing program with the terms of the agreement between buyer and seller being directly written into lines of code on blockchain.
Smart contracts are computer programs that are recorded on a blockchain and are activated when certain criteria are satisfied. A typical application of this technology is to automate the implementation of an agreement so that all participants may be certain of the conclusion instantly, without the involvement of a middleman or the loss of valuable time. When certain conditions are met, they can also automate a workflow, triggering the next action to be performed.
Contracts in Solidity are analogous to classes in object-oriented languages in their functionality. It contains data that is persistent in state variables and functions that can modify the data in these variables. It is possible to execute a function on a separate contract (instance) by executing an EVM function call. This will swap the context, preventing access to state variables in the calling contract. Before anything can happen, it is necessary to invoke the contract and its functions. In Ethereum, there is no idea of a "cron" that can be used to automatically call a function at a specific event.
Smart contracts function by executing basic "if/when...then..." statements that are typed into code and stored on a blockchain. Smart contracts are becoming increasingly popular. When the preset criteria are met and validated, the operations are carried out by a network of computers connected. These measures could include releasing funds to the proper parties, registering a vehicle, providing notices, or issuing a citation, among others. When the transaction is completed, the blockchain is updated to reflect the new information. Because of this, the transaction cannot be modified, and only those who have been granted access can view the results.
In a smart contract, there can be as many specifications as necessary to ensure that the task is accomplished correctly and that all parties are satisfied with the outcome. The terms of the agreement must be determined by the participants, who must agree on how transactions and their data will be represented on the blockchain, agree on the "if/when...then..." rules that will govern those transactions, explore all possible exceptions, and define a framework for resolving disputes.
Later, a developer can create the smart contract, however increasingly, firms that use blockchain for business are providing templates, web interfaces, and other online tools to make the process of creating smart contracts more convenient for their customers.
Simple smart contract in Solidity:
// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;
contract HelloWorld {
string public greet = "Hello there";
}
For more content, follow me at - https://linktr.ee/shlokkumar2303
Top comments (0)