Understanding basic elements of smart contracts in the blockchain
Increasing blockchain technology has revolutionized the way of thinking about digital transactions, data storage and intelligent contracts. In the center of blockchain is a decentralized digital register that records transactions on a network of computers without needing mediators such as banks or governments. One of the most interesting applications of blockchain technology is the development of
smart contracts .
In this article, we deepen the basic elements of smart contracts and explore how the blockchain technology works.
What are smart contracts?
Smart contracts are self -employed contracts directly in the code series. Digital contracts automating the transaction are basically when certain conditions are met. The term “intelligent contract” applies to these automatic agreements, which are planned to be taken within certain hours.
How do smart contracts work?
The smart contract usually consists of three main elements:
- Code : This programming language is to create and execute an intelligent contract on blockchain.
- Data : This refers to any information associated with the transaction, such as the data stored in the database or in the user entry.
- Trigger : This is the specific when the contract is executed.
If a smart contract is made on a blockchain network, it will run automatically when certain conditions are met, so -called triggers. These conditions can also contain events such as the creation of the block, gas restrictions and transaction results.
Key elements of smart contracts
Here are some key items you need to understand:
* Functions : These operations are performed in an intelligent contract when they are triggered.
* Variable
: They are used to store data within the contract.
* Events : These are the trigger events that indicate the beginning or end of the intelligent contract.
Blockchain platform
Smart contracts can be executed on different blockchain platforms, including the following:
* Ethereum : Ethereum is one of the most popular platforms for developing and implementing smart contracts. It is at home with ERC-20 and is used by many successful decentralized applications (Dapps).
* Binance Intelligent Chain
: The Binance Intelligent Chain is a faster and safer alternative to Ethereum designed specifically for high -performance transactions.
* Polkadot : Polkadot is an open source platform that allows interoperation of various blockchain networks.
Examples from the Real World
Some of the remarkable examples of smart contracts in operation are as follows:
* Makerdao : Makerdao is a decentralized lending protocol that uses intelligent contracts to automate credit and settlement services.
* UNISWAP : UNISWAP is an automatic liquidity service provider that uses intelligent contracts to change the Ethereum blockchain chips.
* Squid Finance : Squid financing is a cryptocurrency project that uses intelligent contracts for transaction and accounting automation.
Conclusion
Smart contracts can revolutionize the way of thinking about digital transactions, data storage and intelligent contracts. As we continue to explore the potential of blockchain technology, it is clear that smart contracts are just a puzzle piece. Understanding how they work and implement them on the various blockchain platform, we can offer new opportunities for innovation and growth.
More sources
If you are interested in knowing more about smart contracts, here are some additional resources to start:
- [Etherscan] ( – a comprehensive platform that provides information on the titles of the Intelligent Ethereum contract.
- [API documentation of the Binance Intelligent Chain] (https: //docs.bscan.