smartcontracts
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$HBAR
The cryptocurrency Hedera Hashgraph (#HBAR/ ) has established numerous contracts and #parttherships with major companies and organizations, creating expectations of a price increase. However, several factors can explain why this hasn't led to a significant rise in value:
1. **Market Volatility**: The #cryptocurrencymarket is highly volatile and can be influenced by a wide range of external factors, including government regulation, global economic trends, and market sentiment changes.
2. **Supply and Demand**: Despite the partnerships, the demand for HBAR may not have grown at the same pace as its supply, keeping its price stable.
3. **Competition**: HBAR faces competition from other cryptocurrencies and #smartcontracts platforms, which can limit its adoption and, therefore, its value.
4. **Adoption and Utility**: The true adoption of HBAR for practical applications and its real utility are still in development. Until massive adoption and significant use in real applications are seen, the price may not reflect the projected potential.
5. **Speculation and Investment**: Many #cryptocurrencies' are affected by speculation. If investors do not see a rapid and significant price increase, they may withdraw their funds, limiting HBAR's growth.
In summary, despite the contracts and partnerships, HBAR's price may not have risen due to these combined factors, reflecting the complexity and multifaceted nature of the cryptocurrency market.
The cryptocurrency Hedera Hashgraph (#HBAR/ ) has established numerous contracts and #parttherships with major companies and organizations, creating expectations of a price increase. However, several factors can explain why this hasn't led to a significant rise in value:
1. **Market Volatility**: The #cryptocurrencymarket is highly volatile and can be influenced by a wide range of external factors, including government regulation, global economic trends, and market sentiment changes.
2. **Supply and Demand**: Despite the partnerships, the demand for HBAR may not have grown at the same pace as its supply, keeping its price stable.
3. **Competition**: HBAR faces competition from other cryptocurrencies and #smartcontracts platforms, which can limit its adoption and, therefore, its value.
4. **Adoption and Utility**: The true adoption of HBAR for practical applications and its real utility are still in development. Until massive adoption and significant use in real applications are seen, the price may not reflect the projected potential.
5. **Speculation and Investment**: Many #cryptocurrencies' are affected by speculation. If investors do not see a rapid and significant price increase, they may withdraw their funds, limiting HBAR's growth.
In summary, despite the contracts and partnerships, HBAR's price may not have risen due to these combined factors, reflecting the complexity and multifaceted nature of the cryptocurrency market.
which programming language is used to write cardano smart contract. #crypto2023 #bnbgreenfield #bearorbull #onecoinmultiplechains #smartcontracts
solidity
36%
haskell
22%
Rust
15%
JavaScript
27%
812 votes • Vote fermé
DeFi, or decentralized finance, is transforming the traditional financial industry and providing new opportunities for investors. #decentralizedfinance #Dex #smartcontracts #Binance #DeFi
Web3 also includes new technologies such as smart contracts, which enable automated and self-executing agreements between parties without the need for intermediaries. This can reduce costs, increase efficiency, and improve security in various industries.
#Web3 #smartcontracts
#Web3 #smartcontracts
Formal Verification of Smart Contracts
Formal verification of smart contracts ensures they are free from bugs and vulnerabilities.
The combination of formal verification and manual auditing provides a comprehensive evaluation of a smart contract's security.
#smartcontracts
Formal verification of smart contracts ensures they are free from bugs and vulnerabilities.
The combination of formal verification and manual auditing provides a comprehensive evaluation of a smart contract's security.
#smartcontracts
Quick explanation of Smart Contracts and what they actually do
#Binance #crypto2023 #smartcontracts #BTC #ETH
What can smart contracts do?
Suppose we bet on the weather conditions for tomorrow. I bet it will be sunny tomorrow, and you bet it will be rainy. We agreed that the loser must give the winner £100 pounds. So how do we ensure that the loser will keep the promise? There are three common ways:
1. Mutual trust
The easiest way is to trust each other. If we have been friends for many years and know each other well, it is easy to trust each other. But if we are strangers, it will be troublesome. It is difficult for us to trust each other.
2. Sign a legal agreement
Another way is to sign an agreement for our bets. It specifies the terms of the bet in detail, including what happens if the losing party violates the agreement.
The agreement can ensure that the losing party pays the winner, but this is unrealistic because reaching an agreement through legal means is more costly than a bet.
3. Seek help from mutual friends
We can also find a friend who trusts each other and let the friend take care of £100 pounds. Pay £100 pounds to the winner when the answer is revealed. But what if this friend ran away with the money?
Now we have three different methods, but each has its shortcomings. It is difficult for strangers to trust each other. Legal agreements are expensive and friends might not fully trust each other.
At this time, Ethereum's smart contracts come in handy. Smart contracts are equivalent to mutual friends of both parties, and they are written in code. Ethereum allows us to write software that allows both parties to pay £100 worth of ether, check the weather with the weather API the next day, and then transfer £200 worth of ether to the winner. Once the smart contract is written, it cannot be edited or modified. Therefore, no matter what is specified in the contract, it will be executed.
Simply put smart contracts are a computer program or transaction on a decentralized platform.
But how is the smart contract executed? What does it have to do with the blockchain?
What is the relationship between smart contracts and blockchain
When executing a smart contract, it records the execution information on the block as a transaction. Transactions on Ethereum are like this: Among them, "data" is used to record the creation and execution of smart contracts, which are called transactions. Any block on the Ethereum blockchain can contain the following three types of transactions:
1. Ether transactions between users
This is a regular Bitcoin-style transaction within the network. If you send Ether to your friend, the data field will be cleared.
2. Ether transaction with no receiver
If there is no receiver in the transaction, it means that the purpose of the transaction is to create a smart contract in the network using the content of the "data" field. The software code contained in the "data" field will be consistent with other users in the network
3. Ether transaction between user and smart contract
When a user or a smart contract wants to execute a smart contract, they must trade with the smart contract and place the execution instruction in the data field.
Just like other blockchains, as long as any of the above transactions are sent, they will be broadcast to the entire network, allowing each node to record. In addition, each node will also execute the indicated smart contract to keep its EVM state in sync with the network.
Each execution will be permanently stored in the blockchain.
What is Gas fees?
As mentioned above, users must pay a certain fee when executing smart contracts. This part of the cost will be paid to the nodes that consume memory, electricity, storage, and calculations, and the unit of cost is called gas. Finally, the gas is converted into Ether according to the exchange rate.
When you execute a smart contract, you must define the maximum amount of gas to be consumed. When the execution is complete or the gas value is reached, the execution will stop. This is to avoid the infinite loop in the smart contract and prevent the program from being stuck and unable to continue execution.
Conclusion
Ethereum is not just a tradable cryptocurrency, its true value lies in its purpose, and the scalability, however there are other cryptocurrencies such as Bitcoin, Ravencoin or Alephium which promise to be more efficient. However that is to be determined.
What can smart contracts do?
Suppose we bet on the weather conditions for tomorrow. I bet it will be sunny tomorrow, and you bet it will be rainy. We agreed that the loser must give the winner £100 pounds. So how do we ensure that the loser will keep the promise? There are three common ways:
1. Mutual trust
The easiest way is to trust each other. If we have been friends for many years and know each other well, it is easy to trust each other. But if we are strangers, it will be troublesome. It is difficult for us to trust each other.
2. Sign a legal agreement
Another way is to sign an agreement for our bets. It specifies the terms of the bet in detail, including what happens if the losing party violates the agreement.
The agreement can ensure that the losing party pays the winner, but this is unrealistic because reaching an agreement through legal means is more costly than a bet.
3. Seek help from mutual friends
We can also find a friend who trusts each other and let the friend take care of £100 pounds. Pay £100 pounds to the winner when the answer is revealed. But what if this friend ran away with the money?
Now we have three different methods, but each has its shortcomings. It is difficult for strangers to trust each other. Legal agreements are expensive and friends might not fully trust each other.
At this time, Ethereum's smart contracts come in handy. Smart contracts are equivalent to mutual friends of both parties, and they are written in code. Ethereum allows us to write software that allows both parties to pay £100 worth of ether, check the weather with the weather API the next day, and then transfer £200 worth of ether to the winner. Once the smart contract is written, it cannot be edited or modified. Therefore, no matter what is specified in the contract, it will be executed.
Simply put smart contracts are a computer program or transaction on a decentralized platform.
But how is the smart contract executed? What does it have to do with the blockchain?
What is the relationship between smart contracts and blockchain
When executing a smart contract, it records the execution information on the block as a transaction. Transactions on Ethereum are like this: Among them, "data" is used to record the creation and execution of smart contracts, which are called transactions. Any block on the Ethereum blockchain can contain the following three types of transactions:
1. Ether transactions between users
This is a regular Bitcoin-style transaction within the network. If you send Ether to your friend, the data field will be cleared.
2. Ether transaction with no receiver
If there is no receiver in the transaction, it means that the purpose of the transaction is to create a smart contract in the network using the content of the "data" field. The software code contained in the "data" field will be consistent with other users in the network
3. Ether transaction between user and smart contract
When a user or a smart contract wants to execute a smart contract, they must trade with the smart contract and place the execution instruction in the data field.
Just like other blockchains, as long as any of the above transactions are sent, they will be broadcast to the entire network, allowing each node to record. In addition, each node will also execute the indicated smart contract to keep its EVM state in sync with the network.
Each execution will be permanently stored in the blockchain.
What is Gas fees?
As mentioned above, users must pay a certain fee when executing smart contracts. This part of the cost will be paid to the nodes that consume memory, electricity, storage, and calculations, and the unit of cost is called gas. Finally, the gas is converted into Ether according to the exchange rate.
When you execute a smart contract, you must define the maximum amount of gas to be consumed. When the execution is complete or the gas value is reached, the execution will stop. This is to avoid the infinite loop in the smart contract and prevent the program from being stuck and unable to continue execution.
Conclusion
Ethereum is not just a tradable cryptocurrency, its true value lies in its purpose, and the scalability, however there are other cryptocurrencies such as Bitcoin, Ravencoin or Alephium which promise to be more efficient. However that is to be determined.
Chainlink, a #Web3 services platform, is launching a self-service, serverless platform to help developers connect their #Dapps or #smartcontracts to any Web 2.0 API.
#keepbuilding #dyor
#keepbuilding #dyor
According to the Radix CEO, the only way to "truly scale blockchains is to parallelize processing." #smartcontracts #DeFi #Web3
https://news.bitcoin.com/the-only-way-to-truly-scale-blockchains-is-to-parallelize-processing-says-piers-ridyard/
https://news.bitcoin.com/the-only-way-to-truly-scale-blockchains-is-to-parallelize-processing-says-piers-ridyard/
⚡Top #Oracle Tokens by Market Capitalization (7 June 2023)
#Blockchain oracles are third-party services that provide #smartcontracts with external information.
#Blockchain oracles are third-party services that provide #smartcontracts with external information.
⚡ #Visa experiments with #goerli testnet smart contracts aimed at transaction-free payments
Visa, a global payments giant, has conducted “account abstraction” testing, deploying “Paymaster” #smartcontracts on #Ethereum Goerli #testnet aimed at transaction-free payments.
Visa, a global payments giant, has conducted “account abstraction” testing, deploying “Paymaster” #smartcontracts on #Ethereum Goerli #testnet aimed at transaction-free payments.
#Multichain was a big blow', says Andre Cronje as #Fantom TVL slumps
Andre Cronje, co-founder of Fantom, described Multichain's failure as a "big blow" to the #smartcontracts platform, which has seen a steep drop in activity over the past few weeks.
#cryptoniteuae #Binanceturns6
Andre Cronje, co-founder of Fantom, described Multichain's failure as a "big blow" to the #smartcontracts platform, which has seen a steep drop in activity over the past few weeks.
#cryptoniteuae #Binanceturns6
A new Ethereum Improvement Proposal ( #EIP ), #EIP7540 , is being proposed to introduce asynchronous deposit and redemption flows as an extension to the existing ERC-4626 tokenized vault standard. #ERC -4626 sets the standards for yield-bearing vaults, which are #smartcontracts designed to execute strategies and reward token depositors. These vaults are built to be atomic, meaning that deposit and redemption happen simultaneously.
EIP-7540 is aimed at enabling asynchronous transactions, which could benefit various protocols, including those dealing with real-world assets (RWA), cross-chain lending, and liquid staking. Asynchronous transactions allow different actions to occur at different times based on specific conditions. For instance, when a lender deposits collateral, the borrower might receive their share only after meeting certain criteria.
Currently, each RWA protocol manages its unique off-chain processes, and EIP-7540 seeks to standardize how protocols handle both on and off-chain transactions. However, it's important to note that implementing asynchronous transactions might introduce more complexity and potential security risks compared to atomic flows.
Jeroen Offerijns, who is both the co-author of EIP-7540 and the CTO of Centrifuge, emphasizes the necessity for thorough testing and auditing when implementing asynchronous vaults. He also suggests that standardization can be beneficial by creating reusable property test suites. Offerijns acknowledges that asynchronous flows could put added pressure on protocols to ensure fair execution and mentions that Centrifuge has developed mechanisms to protect against frontrunning.
EIP-7540 is currently in its early stages and will undergo discussion on #Ethereum Magicians forums before progressing to review, a last call, and, ultimately, a final stage for acceptance once a consensus is reached.
EIP-7540 is aimed at enabling asynchronous transactions, which could benefit various protocols, including those dealing with real-world assets (RWA), cross-chain lending, and liquid staking. Asynchronous transactions allow different actions to occur at different times based on specific conditions. For instance, when a lender deposits collateral, the borrower might receive their share only after meeting certain criteria.
Currently, each RWA protocol manages its unique off-chain processes, and EIP-7540 seeks to standardize how protocols handle both on and off-chain transactions. However, it's important to note that implementing asynchronous transactions might introduce more complexity and potential security risks compared to atomic flows.
Jeroen Offerijns, who is both the co-author of EIP-7540 and the CTO of Centrifuge, emphasizes the necessity for thorough testing and auditing when implementing asynchronous vaults. He also suggests that standardization can be beneficial by creating reusable property test suites. Offerijns acknowledges that asynchronous flows could put added pressure on protocols to ensure fair execution and mentions that Centrifuge has developed mechanisms to protect against frontrunning.
EIP-7540 is currently in its early stages and will undergo discussion on #Ethereum Magicians forums before progressing to review, a last call, and, ultimately, a final stage for acceptance once a consensus is reached.
Ditch the middlemen! Smart contracts on the blockchain make agreements a breeze, saving time and money for all parties involved. #GOATMoments #Binance #googleai #smartcontracts #crypto2023
📤2nd Post: The transformation of the blockchain king 👑
From being one of the biggest polluters to an eco-friendly blockchain, what made #Ethereum... achieve this landmark? 💪
The Ethereum blockchain was launched in July 2015 under the codename "Frontier." This first iteration of Ethereum used the same proof-of-work (PoW) consensus mechanism as #BTC;
(Well I guess a majority of people invested in crypto know the difference between PoW and PoS. But I'll come up with one post explaining the difference in the simplest way possible)
So, ethereum goes live in 2015 and unlike bitcoin it's founders didn't hide their identities. The white paper outlined by Vitalik Buterin in 2013-2014 (Founder) outlined many innovations explaining how developers will use blockchain tools like #smartcontracts to develop dapps. (decentralised apps...... will post explaining about dapp & smart contracts 🙂)
The introduction of self-executing smart contract code helped expand the possibilities for blockchain tech. Instead of solely using blockchain to record financial transactions, Ethereum set out to decentralize the internet.
But it was not going to be a smooth ride. Enter 2016( the year of 2nd BTC #Halving ) and the ethereum community faced a major controversy called the "DAO hack". In crypto DAO stands for (decentralised autonomous organisation....... will post about this as well 🫡). The DAO at the heart of the 2016 hack was a specific smart contract protocol on Ethereum that raised $150 million in ETH. But hackers had different plans. They found a few bugs in DAO's code and stole around 50 million worth ETH.
The news broke out and as a result the ETH community got divided in two camps. One urged for creating a new chain to reimburse DAO investors but the latter argued to go with the "code is law" approach which is the basic principle behind crypto currencies.
Eventually, most of Ethereum's developers created an offshoot chain (aka a fork) to erase the DAO hack. This new project became today's mainstream Ethereum.
To be continued in part 2.
#Write2Earn $BTC $ETH
From being one of the biggest polluters to an eco-friendly blockchain, what made #Ethereum... achieve this landmark? 💪
The Ethereum blockchain was launched in July 2015 under the codename "Frontier." This first iteration of Ethereum used the same proof-of-work (PoW) consensus mechanism as #BTC;
(Well I guess a majority of people invested in crypto know the difference between PoW and PoS. But I'll come up with one post explaining the difference in the simplest way possible)
So, ethereum goes live in 2015 and unlike bitcoin it's founders didn't hide their identities. The white paper outlined by Vitalik Buterin in 2013-2014 (Founder) outlined many innovations explaining how developers will use blockchain tools like #smartcontracts to develop dapps. (decentralised apps...... will post explaining about dapp & smart contracts 🙂)
The introduction of self-executing smart contract code helped expand the possibilities for blockchain tech. Instead of solely using blockchain to record financial transactions, Ethereum set out to decentralize the internet.
But it was not going to be a smooth ride. Enter 2016( the year of 2nd BTC #Halving ) and the ethereum community faced a major controversy called the "DAO hack". In crypto DAO stands for (decentralised autonomous organisation....... will post about this as well 🫡). The DAO at the heart of the 2016 hack was a specific smart contract protocol on Ethereum that raised $150 million in ETH. But hackers had different plans. They found a few bugs in DAO's code and stole around 50 million worth ETH.
The news broke out and as a result the ETH community got divided in two camps. One urged for creating a new chain to reimburse DAO investors but the latter argued to go with the "code is law" approach which is the basic principle behind crypto currencies.
Eventually, most of Ethereum's developers created an offshoot chain (aka a fork) to erase the DAO hack. This new project became today's mainstream Ethereum.
To be continued in part 2.
#Write2Earn $BTC $ETH
La #SEC acusó a #Quantstamp por recaudar 28 millones de dólares con una #ICO no registrada, mientras que la auditora de #smartcontracts acordó pagar voluntariamente 3,4 millones de dólares para resolver la orden de cese.
Step-by-Step Guide: Create Your Own Cryptocurrency in Minutes
Are you interested in creating your own cryptocurrency but unsure where to start? Look no further! In this detailed step-by-step guide, we will walk you through the process of creating your very own crypto gem.
No programming skills are required! With just an internet connection and 10 minutes of your time, you'll be on your way to launching your own cryptocurrency project. Let's dive in!
Step 1: Familiarize Yourself with Cryptocurrencies Before we begin, let's gain a basic understanding of cryptocurrencies. There are various types of cryptocurrencies, each built on different blockchains and applications. To keep things simple, we will focus on the Binance Smart Chain (BSC), a widely used and cost-effective platform. Many successful coins, including meme coins like Shiba Inu and SafeMoon, have been created on the BSC.
Step 2: Crafting an Appealing Name and Marketing Strategy The name and marketing of your cryptocurrency are crucial for gaining traction and attracting a dedicated community. Consider using imaginative phrases or captivating concepts that resonate with a wide audience. Memorable names like Elon Moon Safe have captivated millions of users. Additionally, explore various marketing strategies, such as leveraging Twitter, Instagram, or TikTok influencers to promote your coin.
Step 3: Acquire BNB and Install Trust Wallet To proceed with creating your cryptocurrency, you'll need to acquire Binance Coin (BNB) from a reputable crypto exchange like Binance or Coinbase. BNB will be used to pay for transaction fees on the BSC. Once you have BNB, install Trust Wallet, a user-friendly mobile wallet that will serve as your digital wallet throughout the process. Visit trustwallet.com to download and set up Trust Wallet.
Step 4: Connect Your Wallet and Create Your Coin With Trust Wallet installed, let's dive into the exciting process of creating your cryptocurrency. Head to the Coin Tool website (coin-tool.app) and connect your Trust Wallet. Once connected, navigate to the "Create Token" page. Choose BSC as the blockchain for your coin. Here, you can customize various details such as the name, symbol, total supply, and advanced options like coin burning. Let your imagination run wild! When you're satisfied, click "Create Token" to bring your cryptocurrency to life.
Step 5: Establish Your Web Presence Creating a website is essential for showcasing your cryptocurrency project and attracting potential investors. Design your website to align with your coin's theme and include information about your vision, roadmap, and team. Provide links to platforms like PancakeSwap, where users can buy and trade your coin. Look for design inspiration by exploring successful coin websites on coinmarketcap.com.
Conclusion: Congratulations on successfully creating your very own cryptocurrency! By following this detailed step-by-step guide, you've taken an exciting step into the world of crypto innovation. Remember, marketing and community engagement are essential for the success of your project. Utilize social media platforms, engage with influencers, and continue building a strong community around your coin. With creativity and perseverance, the sky's the limit for your cryptocurrency venture. Best of luck on your journey!
#crypto2023 #smartcontracts
No programming skills are required! With just an internet connection and 10 minutes of your time, you'll be on your way to launching your own cryptocurrency project. Let's dive in!
Step 1: Familiarize Yourself with Cryptocurrencies Before we begin, let's gain a basic understanding of cryptocurrencies. There are various types of cryptocurrencies, each built on different blockchains and applications. To keep things simple, we will focus on the Binance Smart Chain (BSC), a widely used and cost-effective platform. Many successful coins, including meme coins like Shiba Inu and SafeMoon, have been created on the BSC.
Step 2: Crafting an Appealing Name and Marketing Strategy The name and marketing of your cryptocurrency are crucial for gaining traction and attracting a dedicated community. Consider using imaginative phrases or captivating concepts that resonate with a wide audience. Memorable names like Elon Moon Safe have captivated millions of users. Additionally, explore various marketing strategies, such as leveraging Twitter, Instagram, or TikTok influencers to promote your coin.
Step 3: Acquire BNB and Install Trust Wallet To proceed with creating your cryptocurrency, you'll need to acquire Binance Coin (BNB) from a reputable crypto exchange like Binance or Coinbase. BNB will be used to pay for transaction fees on the BSC. Once you have BNB, install Trust Wallet, a user-friendly mobile wallet that will serve as your digital wallet throughout the process. Visit trustwallet.com to download and set up Trust Wallet.
Step 4: Connect Your Wallet and Create Your Coin With Trust Wallet installed, let's dive into the exciting process of creating your cryptocurrency. Head to the Coin Tool website (coin-tool.app) and connect your Trust Wallet. Once connected, navigate to the "Create Token" page. Choose BSC as the blockchain for your coin. Here, you can customize various details such as the name, symbol, total supply, and advanced options like coin burning. Let your imagination run wild! When you're satisfied, click "Create Token" to bring your cryptocurrency to life.
Step 5: Establish Your Web Presence Creating a website is essential for showcasing your cryptocurrency project and attracting potential investors. Design your website to align with your coin's theme and include information about your vision, roadmap, and team. Provide links to platforms like PancakeSwap, where users can buy and trade your coin. Look for design inspiration by exploring successful coin websites on coinmarketcap.com.
Conclusion: Congratulations on successfully creating your very own cryptocurrency! By following this detailed step-by-step guide, you've taken an exciting step into the world of crypto innovation. Remember, marketing and community engagement are essential for the success of your project. Utilize social media platforms, engage with influencers, and continue building a strong community around your coin. With creativity and perseverance, the sky's the limit for your cryptocurrency venture. Best of luck on your journey!
#crypto2023 #smartcontracts
Let’s learn something new everyday starting with smart contracts. 👇
What is a smart contract and how does it work?
A smart contract is a self-executing agreement that is written in code and stored on a blockchain. A smart contract can facilitate, verify, and enforce the terms of a contract between two or more parties, without the need for intermediaries or trusted third parties. A smart contract can also perform complex functions, such as transferring funds, issuing tokens, or executing logic based on predefined conditions.
A smart contract works by following the instructions encoded in its code, which are triggered by events or transactions on the blockchain. For example, Alice and Bob can create a smart contract that pays Alice 10 ETH if Bob fails to deliver a product by a certain date. The smart contract will monitor the blockchain for the delivery confirmation and the deadline, and automatically execute the payment if the conditions are met or not met.
Smart contracts have many potential applications, such as decentralized finance, supply chain management, digital identity, voting systems, and more. Smart contracts can also interact with other smart contracts, creating a network of decentralized applications (DApps) that run on the blockchain. Some of the most popular platforms for developing and deploying smart contracts are Ethereum, Solana, Cardano, and Binance Smart Chain.
Smart contracts are one of the most innovative and exciting features of blockchain technology, as they enable trustless, transparent, and efficient transactions and interactions. However, smart contracts also face some challenges, such as scalability, security, and legal issues. Therefore, it is important to understand the benefits and risks of smart contracts before using them.
#smartcontract #smartcontracts #blockchain #Ethereum(ETH) #Write2Earn
What is a smart contract and how does it work?
A smart contract is a self-executing agreement that is written in code and stored on a blockchain. A smart contract can facilitate, verify, and enforce the terms of a contract between two or more parties, without the need for intermediaries or trusted third parties. A smart contract can also perform complex functions, such as transferring funds, issuing tokens, or executing logic based on predefined conditions.
A smart contract works by following the instructions encoded in its code, which are triggered by events or transactions on the blockchain. For example, Alice and Bob can create a smart contract that pays Alice 10 ETH if Bob fails to deliver a product by a certain date. The smart contract will monitor the blockchain for the delivery confirmation and the deadline, and automatically execute the payment if the conditions are met or not met.
Smart contracts have many potential applications, such as decentralized finance, supply chain management, digital identity, voting systems, and more. Smart contracts can also interact with other smart contracts, creating a network of decentralized applications (DApps) that run on the blockchain. Some of the most popular platforms for developing and deploying smart contracts are Ethereum, Solana, Cardano, and Binance Smart Chain.
Smart contracts are one of the most innovative and exciting features of blockchain technology, as they enable trustless, transparent, and efficient transactions and interactions. However, smart contracts also face some challenges, such as scalability, security, and legal issues. Therefore, it is important to understand the benefits and risks of smart contracts before using them.
#smartcontract #smartcontracts #blockchain #Ethereum(ETH) #Write2Earn
Smart contracts have the capability to enable intelligent relationships with rich credentialing between parties. Full structure smart contracts of Seneca Blockchain facilitate adequate data storage and access, execution of smart contracts, and flexibility of app development. Without any risks around data, the full potential of apps can be unlocked.
#smartcontracts #dApps. #SenecaBlockchain
#smartcontracts #dApps. #SenecaBlockchain
Empowering the Future: Unraveling the Potential of Cardano's Blockchain
Cardano, a third-generation blockchain platform, was founded by Charles Hoskinson, one of the co-founders of Ethereum. Launched in 2017, Cardano sets out to provide a secure and scalable infrastructure for the development of decentralized applications (DApps) and smart contracts.Key Characteristics:1. Scientific Approach: Cardano distinguishes itself through a rigorous, research-driven approach to development. The platform relies on academic principles and peer-reviewed research to ensure that its design and protocols are robust, secure, and sustainable.2. Layered Architecture: Cardano's blockchain is structured in layers, separating the settlement layer from the computation layer. This modular approach enhances flexibility, scalability, and allows for easier upgrades without disrupting the entire network.3. Proof of Stake (PoS): Cardano utilizes a Proof of Stake consensus mechanism called Ouroboros. This energy-efficient approach encourages decentralization and network security, with users staking ADA (Cardano's native cryptocurrency) to participate in block creation and validation.4. Sustainability and Scalability: Cardano is committed to sustainability, both environmentally and in terms of long-term development. The platform aims to achieve scalability by improving transaction throughput and efficiency while minimizing environmental impact.Use Cases:1. Financial Inclusion: Cardano's focus on providing financial services to the unbanked and underbanked populations aligns with its mission of creating a more inclusive global financial system. The platform aims to bridge the gap by offering accessible and secure financial tools.2. Smart Contracts: Cardano has introduced smart contract functionality through its Alonzo upgrade. This enables developers to create and deploy decentralized applications, opening up a range of possibilities for projects in various industries, including finance, supply chain, and healthcare.3. Decentralized Identity: Cardano explores the potential of decentralized identity solutions, allowing users to have greater control over their personal information while ensuring privacy and security. This feature has implications for identity verification, access control, and more.4. Partnerships and Global Collaboration: Cardano actively seeks partnerships and collaborations to foster growth and adoption. The platform engages in initiatives to connect with governments, enterprises, and academic institutions, aiming to create a global network of stakeholders.As Cardano continues its journey toward becoming a leading blockchain platform, it invites users and developers to participate in its vision for a decentralized and inclusive future. Join the conversation on Binance Square to share your insights, learn more about Cardano's advancements, and explore the potential of this innovative blockchain! #Cardano #Blockchain #smartcontracts #BinanceTournament
Smart Contracts and How They Can Be Applied to African Businesses for maximum growth
In a world evolving towards decentralisation, embracing smart contracts in business is a game-changer, especially here in Africa. Smart contracts automate processes, enhance efficiency, and cut costs. With transparency and security at their core, thereby redefining how agreements are executed.What's a smart contract?A smart contract is simply a self-executing contract with the terms of the agreement directly written into code. It operates on a blockchain, a decentralised and distributed ledger technology.• Key characteristics of a smart contract:1. Code-Based Contracts/Self-executing: Smart contracts are written in a programming language and automatically execute when certain predefined conditions are met, unlike traditional contracts that required a third party to enforce.2. Decentralised Execution: Smart contracts run on a decentralised network of computers (Blockchain), ensuring trust and security without relying on a central authority.3. Transparent: All transactions and actions executed by a smart contract are recorded on the blockchain and are visible to all participants in the network.4. Immutable: Once deployed on a blockchain, smart contracts are immutable. This means that their code cannot be altered or tampered with.5. Efficiency: By automating processes and eliminating intermediaries, smart contracts enhance the efficiency of various business operations.• Key components of a smart contract:1. Blockchain: a decentralised ledger that stores and verifies the execution of smart contracts. It ensures transparency, security, and immutability.2. Code: The programmatic logic instructions that define the smart contract's behavior. It specifies the actions to be taken and when certain conditions will be met.3. Cryptocurrency: Smart contracts often involve the use of crypto to execute transactions.How to apply smart contracts to a business:Smart contracts can be applied in various ways to streamline processes, enhance efficiency, and reduce the need for intermediaries in business. Here are some ways to achieve that:1. Financial Transactions: Payments can be set to be executed automatically when some predefined conditions are met. This can be an indication of a project milestone or delivery verification. Also, businesses dealing in loans can automate lending and repayment based on certain conditions.2. Supply Chain Management: Enhance transparency and traceability in supply chains by automating contract conditions. Automate procurement processes, triggering orders and payments when specific conditions are met.3. Legal Agreement:• Escrow Services: Use smart contracts as escrow services, releasing funds only when predetermined conditions are fulfilled.4. Real Estate:• Property Transactions: Facilitate transparent and automated property transactions, including the transfer of ownership and handling of escrow. Automate rent payments and lease agreement enforcement.5. Education:• Credential Verification: Securely and efficiently verify academic credentials using smart contracts.6. Intellectual Property:• Royalty Payments: Use smart contracts to automate royalty payments for artists and content creators based on the usage of their intellectual property.• Platforms supporting smart contracts:1. Ethereum is known for pioneering smart contract functionality.2. Binance Smart Chain (BSC): offers a platform for smart contract development and execution.3. Cardano, a blockchain platform with a focus on security and scalability, supports smart contracts.• Some businesses utilising smart contracts in Africa:1. Bitland: Bitland is a Ghanaian startup that uses blockchain technology to help Ghanaians achieve property rights. The company was founded in 2015 due to the urgent need to improve land ownership.2. House Africa: A Nigeria-based startup that uses smart contracts to verify and value properties With House Africa, your land will be registered on the blockchain.3. Momint: A South African startup that uses smart contracts to tokenize and sell renewable energy assets.• Common challenges of smart contracts and possible solutions:1. Security Vulnerabilities:• Challenge: Smart contracts can have coding vulnerabilities, leading to exploits and hacks.• Solution: Thorough code auditing, testing, and adopting best practices in secure coding.2. Immutability:• Challenge: Once deployed, smart contracts are immutable, making it challenging to fix bugs or errors.• Solution: Implement upgradeability mechanisms allowing for the modification or replacement of certain contract functions.3. Complexity:• Challenge: Understanding and developing smart contracts can be complex for non-technical users.• Solution: Develop user-friendly interfaces and tools to abstract technical complexities. Provide educational resources where necessary.In summary, the adoption of smart contracts in African business ecosystems holds great potential to drive efficiency, transparency, and inclusivity across various industries, contributing to the continent's economic development and technological advancement. However, careful consideration of the challenges is paramount.#smartcontracts
