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Understand the basic concepts of intelligent contracts in blockchain
The increase in blockchain technology has revolutionized the way we think about digital transactions, data storage and intelligent contracts. In essence, Blockchain is a decentralized and digital older book that records transactions in a computer network without the need for intermediaries such as banks or governments. One of the most exciting applications of blockchain technology is the development of
intelligent contracts
.
In this article, we will deepen the basic concepts of intelligent contracts and explore how they work in the context of blockchain technology.
What are smart contracts?
Smart contracts are self-execution contracts with the terms of the agreement written directly in lines of code. They are essentially digital contracts that automate the liquidation of a transaction when certain conditions are met. The term “intelligent contract” refers to these automated agreements, which can be programmed to perform specific actions at specific times.
How do smart contracts work?
A smart contract generally consists of three main components:
- Code : This is the programming language used to create and implement the intelligent contract in blockchain.
- Data : This refers to any information associated with the transaction, such as data stored in a database or user input.
- Tigger
: This specifies when the contract should be executed.
When an intelligent contract is implemented in a blockchain network, it is automatically executed once certain conditions are met, known as triggers. These conditions may include events such as block creation, gas limits and transaction results.
Key components of intelligent contracts
These are some of the key components that must include:
* Functions : These are the actions that will be carried out in an intelligent contract when activated.
* Variables : These are used to store data within the contract.
* Events : These trigger events that indicate the beginning or end of an intelligent contract.
Blockchain platform
Smart contracts can be implemented on several blockchain platforms, which include:
* Ethereum : Ethereum is one of the most popular platforms to develop and implement intelligent contracts. It is home to the Token ERC-20 standard and has been used by many successful decentralized applications (DAPPS).
* Binance Smart Chain : Binance Smart Chain is a faster and more safe alternative to Ethereum, specifically designed for high performance transactions.
* Polkadot : Polkadot is an open source platform that allows the interopening of different blockchain networks.
Real world examples
Some notable examples of intelligent contracts in action include:
* Makerdao : Makerdao is a decentralized loan protocol that uses intelligent contracts to automate the service and loan settlement.
* UNISWAP : UNISWAP is an automated liquidity provider that uses intelligent contracts to exchange tokens in the Ethereum block chain.
* Calamar Finance : Squid Finance is a cryptocurrency project that uses intelligent contracts to automate trade and liquidation.
Conclusion
Smart contracts have the potential to revolutionize the way we think about digital transactions, data storage and the execution of intelligent contracts. As we continue to explore the possibilities of blockchain technology, it is clear that intelligent contracts are only a piece of puzzle. By understanding how they work and implement them on several blockchain platforms, we can unlock new opportunities for innovation and growth.
Additional resources
If you are interested in learning more about intelligent contracts, here are some additional resources to start:
- [Eserscan] ( a comprehensive platform that provides information on the intelligent contract addresses of Ethereum.
- [Documentation of the API of the Binance Smart chain] (https: //docs.bscscan.
