What are smart contracts?
They are programs or scripts written in programming languages such as
Solidity, Rust, associated with the ETH network.
These scripts and programs perform buying or selling based on
specific conditions and do so automatically.
Information is stored on blockchain networks.
Some of the most important features of smart contracts:
1 - Decentralization
2 - Security
3 - Tamper-proof
4 - Transparency; anyone can view the transaction.
How does a smart contract work?
Conditions are written in the form of code.
The code is published on the blockchain.
The contract waits for the condition to be fulfilled to approve the transaction, and the transaction occurs automatically.
Examples of using smart contracts:
1 - Decentralized Finance (DeFi): Loans, exchanges, insurance.
2 - Supply chains: Tracking products transparently.
3 - Gaming: In-game buying and selling without intermediaries.
4 - Electronic voting: Ensuring fairness and integrity in voting.
5 - Digital ownership: NFTs.
One of the main advantages of smart contracts for me
is that they are automatic.
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