Smart Contract Ethereum

The use of smart contracts continues to develop into programs that run on blockchain platforms. This program creates a digital consent protocol whose rules are defined by computer code and agreed upon by network nodes. Like a program, a contract consists of code and data that is logged for a specific purpose.

Anyone can create a smart contract through an Ether (ETH) account as long as they understand the programming language. The user only needs to translate the desired prerequisites so that the program can be executed via code. Once created, the smart contract can be released into the network by paying the gas fee as in normal transactions through an ETH account. Now smart contracts are part of the transaction tool. Transactions are carried out by fulfilling the code. All transactions in smart contracts are recorded, cannot be deleted, and can be accessed by the public. Therefore, smart contracts are transparent.

A contract mechanism like this allows the two parties to an agreement, no need to know each other, let alone trust each other. As long as all prerequisites or code are met, then the contract can be executed. Contracts are made based on computerized requirements in the form of code that is replicated and executed when all requirements are met. The code is distributed evenly across the network or blockchain. Once created, this code cannot be changed or destroyed, unless the programmer inserts a self-destruct code in one of the functions. The code also records all changes that occur in full and can be accessed by the public. Currently smart contracts have become one type of ethereum account (ETH). The use of smart contracts allows anonymous identities and foreigners to carry out credible transactions without the supervision of the authorities or the legal system. The autonomous nature of a smart contract makes it like a program that runs on its own. It runs the program designed for it if all conditions are met, no matter who has access to it. In other words, the contract is made not on the basis of trust but on the basis of the fulfillment of all the requirements that have been programmed. If you have a hard time trusting other people, smart contracts are definitely for you.

Leave a Reply

Your email address will not be published.