Features of Smart Contracts

ambr.global (50)in #ambr • 6 years ago

The smart contract was introduced by Ethereum, and runs on a distributed system that uses p2p network communication. This running platform gives these codes the characteristics of immutability, determinism, distributed and self-checking. The storage of state during code execution is immutable. Everyone can open a private node, replay
the entire system, and get the same results.

In Ambr, each contract has a unique address to identify itself. The client can interact with this address, send and receive Ambr coins, call functions, query the current status, and so on.

Smart contracts are essentially two elements:
The code, and the state stored in the blockchain after the code is run.

Smart Contract is part of the first set of "promises" the cryptography scholar Nick Szabo defined in the digital form in 1994, including the agreement that participants can execute these "promises". Once a smart contract is established, it becomes automated and can no longer be affected by actions from anyone.

Ambr has successfully implemented smart contracts in the DAG architecture through using a verification chain and adopting the Casper algorithms. The system also maintains consistency between smart contracts and common trading solutions. Smart contracts are synchronized to other nodes in the network through the consensus protocol and the p2p network, so they can be executed at each complete node.

In Ambr, the smart contract implementation process is: