Smart Contracts

smart contracts

 Having trouble understanding the crypto world?  do not worry.
 We're about to make this as simple as possible, so stay tuned and learn the ins and outs of smart contracts in the simplest way possible.

 What is a smart contract؟

 A smart contract is a piece of code that does one thing if something else happens.
 This way of working has earned it the name “if this, then.”

 One could argue that smart contracts were the vision of Nick Szabo, the man who coined the term in the early 1990s,
 Before any blockchain technology was invented.  He described it at the time as "a set of promises, defined in digital form, including protocols through which the parties implement these promises."

How and where can one write it؟

 They are usually written on the Ethereum network and by something called Solidity.

 Are there inherent things one should know?
 yes. two of them.

 1. Smart contracts are immutable
 They cannot change. They are programmers that do something when they are triggered ("if this, then").

 Because smart contracts are encoded on the blockchain and like the blockchain, they cannot be changed even if there is an error or inefficiency in their code.

 However, it can be "replaced" with a new contract, and whoever does it must tell people not to use the old version.

So, how exactly do they work؟

 Let's look at some examples of what smart contracts can have.

 When writing a smart contract, the circumstances in which it is resolved can be endless.

 These examples can range from but are not limited to:

 “I’ll give you 10 ETH (Ethereum)” and in turn “You’ll give me 30,000 ADA (Cardano)”

 “A certain number of tokens will be transferred to an account if you reach a certain verifiable goal with or without a time frame (eg: getting people to sign up for something)”

 “If X happens, you will receive Y”

 “If the pre-determined address reaches a certain point (say, 100 ETH), each donor will receive a portion of something, such as an NFT”
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