Blockchain: What are smart contracts?
Smart contracts are extremely central building blocks of web 3.0 applications. They are computer programs on the blockchain that make it possible to change regular or traditional agreements into computerized matches. These contracts are exceptionally legitimate and logical – following an if this then that structure. This means that they work exactly as custom and cannot be changed. We will learn what on earth they are and see some examples with use cases.
Contracts are just agreements. This means that any kind of agreement can be encapsulated within the terms of a contract. Verbal agreements or pen-and-paper contracts are acceptable for many things, but they are not without flaws.
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Also read: Explain Blockchain to me in under 5 minutes!
What are smart contracts?
A smart contract is basically a self-executing program based on if-then logic. For example, vending machines are a ubiquitous presence in everyday life. There is also a simple model of a smart contract: if someone deposits $1 and then presses B13, the machine dispenses the packet of cookies held in the B13 slot. In other words, if the automaton receives the required value object, it performs the requested action.
Smart contracts can run on different architectures, such as distributed ledger technology and blockchain. These contracts on the blockchain can perform calculations, create currency, store data, create NFTs, send communications and even generate graphics.
Related: Web3: The Future of the Internet?
Language for smart contracts
Different blockchains have different languages that are implemented to write smart contracts on them. Some of the programming languages used in building smart contracts include;
- Solidity.
- Rust.
- Javascript.
- Vyper.
- Yule.
- Golang.
- Clarity.
- Python
Also read: What is a crypto wallet?
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Developer corner
Getting started as a developer can be daunting as there is a lot to learn, but there are smart contract languages that have proven to be stable and with a large developer community, especially those that have been built first.
Smart contract programming language allows you to write programs that implement smart contracts on the blockchain. For example, if you want to get started with the Ethereum chain, follow this page to learn more and some learning tools.
Conclusion
We have an article on web 3.0 terms, a beginner’s guide to blockchain, Defi, NFTs and many more. This article has introduced to us another important aspect of the web 3.0 ecosystem. Let us know in the comments section what you think about this new development and new technology.
