SMART CONTRACT

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A smart contract is similar to a normal contract; the only difference between that the contract is in paper form, whereas a smart contract is a computer program. Smart Contracts are based on if-then logic. The concept of smart contracts was coined by Nick Szabo in 1994 when Bitcoin did not even exist. He was a computer scientist, law scholar, and cryptographer. But in 2013, a 19-year-old programmer integrated a smart contract with the blockchain. And when the smart contract is integrated with the blockchain, there is a very good combination, and the usefulness and specialty of the smart contract are increased.

Basically, a smart contract is a contract based on a small computer program where all the rules and terms of the contract are stored in the blockchain in the form of a computer program. Some blockchains support smart contracts, such as the Ethereum blockchain, a special programming language called solidity. Using solidity, we can develop smart contracts on the Ethereum blockchain. The Solidity programming language's syntax is the same one used in Java Script. Smart contracts can also be used in the Bitcoin blockchain, but the Bitcoin blockchain has several limitations compared to Ethereum.

If we integrate the smart contract into the blockchain, then the smart contract, which was centralized and stored in one place, will not be stored in one place, it will not have any central authority, and it will be completely decentralized. Any two strangers who don't know one another can do business and buy and sell with each other through smart contracts. In a smart contract, there is no trust between the two parties; at first, there is no third party involved, and then they themselves are trusted. The smart contract is globally distributed in an open distributed ledger that has no chance of being lost or hacked.

Many smart contracts can be linked to form decentralized or DAPPS. In the same way that apps can be decentralized, a whole company can also be decentralized. In this case, the company will do all its work through smart contracts. Such companies are called Decentralized Autonomous Organizations (DAO).

Smart contracts are much more secure as they can be stored in blockchain. Smart contracts are automated, as they are executed by computer programs, meaning there is no need for any manual paperwork. Smart contracts can be executed much faster than traditional general contracts because they are done with computer programs.

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VEIGO (Community Mod)

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