What is a smart contract?
A Bridge Smart Contract Development Services , also known as an encrypted contract, is a computer program that can directly control the transfer of digital currency or assets between parties under certain conditions.
Smart contracts not only define the rules and penalties of an agreement in the same way as traditional contracts, but also automatically enforce these obligations.
It works by accepting information as input, assigning values to the input through rules, listing in contracts and performing the actions required by the terms of those contracts
- For example, to determine whether the asset should be returned to one person or to another person from whom the asset originated. The concept is easy to explain with an example.
Imagine life insurance, where smart contracts pay benefits to named beneficiaries upon the death of the policyholder.
The contract can conduct real-time checks of online death registers to determine when to pay. Smart contracts Cross chain bridge development are unreliable, autonomous, and self-sufficient
Advantages of smart contracts:
Smart contracts provide individual users with many necessary advantages, including:
Autonomy: Using smart contracts means you come to the agreement: no need to rely on brokers, lawyers, or other agencies for confirmation. By the way, this also removes the risk of a third party maintaining the contract, since execution is managed automatically by the network, not by one or more (possibly biased) individuals.
Trust: Smart contracts ensure your documents are encrypted on a shared ledger. That way no one will say they lost it.
Backup: Imagine a situation where your bank loses your savings account. On a blockchain network, each of your friends has a backup of you, and your files are copied many times.
Security: Cryptography, the encryption of websites, are all ensuring the security of your files. There are no hackers, in fact, it takes an extraordinarily clever hacker to crack the code and infiltrate.
Speed: Smart contracts can use software code to automate tasks, instead of using a lot of time and paperwork to manually process documents, saving you hours in a range of business processes.
Solution: Smart contracts save you money because they knock out the middleman. For example, you must pay a notary to witness your transactions.
Accuracy: Automated contracts are not only faster and cheaper, but also avoid errors caused by filling out numerous forms by hand.
How to implement smart contracts?
Implementing smart contracts requires a “Turing-complete” computer programming language. The term “Turing completeness” seems to be poorly understood by everyone. It can be simply understood as being able to calculate all the problems that can be solved by calculation in the world. Such a virtual machine or programming language is called Turing completeness.
Give an example to illustrate: For example, two pots for cooking, one pot can realize all cooking methods, such as frying, frying, steaming, stewing, frying, boiling, simmering, brine, etc., while the other pot can only realize steaming and stewing. , the others cannot be realized, then the former is Turing-complete, and the latter is not.
The reason why smart contracts can be perfectly applied on Ethereum is that Ethereum provides a near Turing-complete computing environment on its blockchain. As long as it is a calculation that can be realized by a programming language, it can support it, which also lays a solid foundation for the application of smart contracts in a wider range of environments.
DApps Development Services only needs to master the following three abilities.
First, be able to correctly understand the blockchain. Understand the nature, characteristics and commercial value of blockchain, understand the basic concepts of distribution, consensus mechanism, cryptography, and P2P networks, and have a certain understanding of the commercial value and application scenarios of blockchain.
Second, be familiar with at least one DApps development language. Such as Javascript, C++, Go, Python, etc.
Third, be familiar with smart contract development for at least one blockchain. Such as Ethereum, Hyperledger, EOS, etc.
