What Is Smart Contract ?
Assalamu Alaikum
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How are you all? Hope everyone is well. Alhamdulillah I am also very well. Friends in today's post I will talk about smart contract. We all know what contract is. But many may not know what smart contract is? So let's find out about this in today's post.
Smart Contract Idea:
Vitalik Buterin created the Ethereum coin in 2013 when he was only 19 years old. Where he implemented the smart contract idea. To understand the topic well, you need to know what blockchain is. I have discussed a lot about what blockchain is. If you want you can know about it from my previous posts. But here I mention briefly. In fact, blockchain technology is a technology where no one will have any ownership and it is a completely open platform. And it will work like a chain. Where data will be stored in different places every single time. The Ethereum coin is built on the blockchain. And smart contract has been added there. As a result, the smart contract is completely decentralized. Where only two people can easily transact without any hassle.
If This.... Then That:
This is the principle of smart contract. It works like a condition. Suppose I told you that if you give me 1 Bitcoin I will give you 20 Ethereum. It works under such conditions. Question is if I give a person 1 Bitcoin he may not give me 20 Ethereum. Such questions are expected.
Vending machine also works like smart contract
I also had this question when I was studying it. But you have to remember it is decentralized. And Ethereum was originally developed in such a way that you can't change it anymore. Suppose it says here that if you send 1 Bitcoin you will get 10 Ethereum. Then if someone sends to your wallet, the coins will go to him immediately.
Friends is currently not only in Ethereum. Smart contracts have been developed in many coins including bitcoin, bnb coin. As a result our crypto transactions have become easy and safe. Many applications are also being developed using the smart contract idea and have become popular among people. Solidity language is mainly used here. Which is very similar to java. If you know this language then you can develop smart contract. I hope you understand. Friends this was today's post Viewing new post. Thanks everyone.
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By using smart contract we can be protected from scammers.
This was a big solution for crypto investors. Scamming is decreasing for smart contract.
What Vitalik Buterin has done at just 19 years old is a milestone in the crypto world. Smart contracts have made human work so easy that in certain cases we transact without any doubt. Essentially smart contracts contribute a lot to reduce suspicion of others, correct transactions and fraud. You have presented this matter so beautifully that I think everyone can understand and benefit from it.
Vitalik buterin is really a talented guy. He made smart contract at the age of 19. Now lot of coin using this theory. Such an amazing work he did.
Yeap!
An amazing article about smart contract, this kind of article is very important for newbies because,
Thanks for your feedback brother.
You gave a very nice explanation about smart contract. We have a lot to learn from here. Which will help us a lot in future. Thank you and hope to benefit from this in the future.
Brother has presented an excellent post on Smart Contracts. Nowadays, the number of scammers has increased a lot. With this smart contract we can protect ourselves from such scams. A very very useful post for newbies.