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@ 0xbitcoiner
2023-11-22 13:54:49What are smart contracts?
Smart contracts are computer programs that are automatically executed when certain predetermined conditions are met. These contracts are stored and executed on a blockchain.
The main idea behind smart contracts is to allow transactions and agreements to be carried out in a transparent, secure, and without the need for intermediaries. Smart contracts are designed to ensure that all parties involved fulfill their obligations and that transactions only occur when the specified conditions are met.
The most common programming language used to write smart contracts is Solidity, which is used on Ethereum. These contracts can define rules and conditions for different types of transactions, such as cryptocurrency transfers, purchase and sale agreements, insurance contracts, among others.
Once a smart contract is deployed on a blockchain, it becomes immutable and is automatically executed by the nodes on the network. This means that there is no way to change the contract or interfere with its execution after it is registered on the blockchain.
Smart contracts offer several advantages, such as reducing costs and eliminating the need for intermediaries. In addition, they can increase the efficiency, security, and transparency of transactions.
However, it is important to note that smart contracts are only as good as the code that is written. Bugs or vulnerabilities in the code can be exploited by malicious individuals, resulting in financial losses. Therefore, it is essential that smart contracts be carefully audited and tested before being deployed on a blockchain.
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