Smart Contracts on Ethereum

Ethereum is often referred to as the "world computer,". It has emerged as a game-changer in the world of blockchain technology. This is not a one-day decision by the world blockchain or crypto community rather the success of this chain is because of some unique features that make it great. That unique feature is the smart contract. A smart contract is an automatic self-executing contract where the terms and conditions of the contract will be specified and when the conditions are met then transactions will happen automatically without any consent of the middleman or third party. Any areas of financial transactions like trading, conversion, swap et cetera will be continued automatically.

This is not only working in the financial sector but in any other sector where two parties are involved under certain conditions. In an exchange site when it is decentralized and working on a smart contract the exchange operation will be automatic because the address will be created automatically and between these addresses, the transactions will happen automatically where there will be no decisions or interference of the exchange company. In this way, smart contracts are working but most importantly most of the smart contracts are possible with the help of the Ethereum network which is the beauty of this blockchain network.

source

Ethereum Network is established in such a way that it has the ability for its developers or users to set code based on smart contracts under this blockchain network. For this feature, it is treated as a unique and worldwide public chain. This chain is physically open for developing any of the smart contracts whatever the fields you require.

Blockchain technology will assure you security, transparency, and immunity nature. But in this ETH chain, you are again able to operate your business or personal contract or app or finance according to your requirement based on this blockchain network as it is a public change open for all to develop their personal applications by establishing the contracts that are the automatic contract like a smart contract.

At the heart of Ethereum's success are smart contracts. This self-executing contract with the terms of the agreement is directly written into code. Ethereum was proposed by Vitalik Buterin in late 2013 and developed in 2014 as a decentralized platform for building and deploying smart contracts and dApps. Unlike Bitcoin, which primarily serves as a digital currency, Ethereum's primary purpose is to provide a versatile and programmable blockchain platform.

~ Regards,
VEIGO (Community Mod)

|| Join the Discord Server for more Details ||