Why use a smart contract to build the block chain applications?
People need to understand why and development block chain applications when using smart contracts.
One of the key features of the block chain technology is its decentralized nature. This means that information is shared by all parties to the network. Thus, it eliminates the middlemen or intermediaries to facilitate the required operations. This feature is particularly useful because it avoids the possibility of hackers and fraudulent activities. Block chain technology provides a feature-rich, fast, cheap and efficient mode of transaction. Therefore, the government and the banking sector in most organizations have begun to use such a first-class technology.
The following will explore the importance of creating a smart contract and demand chain block applications on the market.
What is a smart contract?
Intelligent contract is a computer software that directly controls the digital transfer money between buyer and seller by the buyer and seller agree on a set of rules. The way it works is similar to the traditional contract, but automatically. These figures can be converted into a contract code and block chain running on the network. Intelligent contract is the first pillar of currency issued.
At execution time, if they meet a set of protocols, intelligent contract will be performed automatically. This allows the set of codes is achieved by dispersing the version checking condition, and meet the verification protocol. By intelligent contract, people can exchange currency, stock, digital assets, property, etc. in a decentralized manner, and provide a worry-free transaction.
These are the attributes of intelligent contracts:
(1) self-validation.
(2) unchanged.
(3) self-enforcing.
Intelligent works contracts
Intelligent contract work process is very simple and fair, mainly follow three steps:
(1) a first step, the code is written in multi-contract and post it on the block chain platform.
(2) Secondly, the implementation of the event triggered by the contract.
(3) When this happens, the contract will be executed.
Once the process is complete, the two sides will receive its money, tokens or assets as promised. If the conditions are not satisfied the agreement, the contract will be smart products returned to their respective owners. In addition, the smart contract ledger to store complete details and to apply the function can not be changed on it. This means that once data is stored, no one can change them. To create the first local currency issuer (ICO) intelligent contracts need to meet the following conditions:
? First currency issuer (ICO) Contract theme: The software requires access to goods, services, etc. to automatically lock or unlock.
? Digital signatures: all participants of the contract shall be using the private key to sign the digital signature.
? Contract: This order is required to perform a series of intelligence operations contract. All participants should also be signed. The importance of Ethernet Square for the first time in domestic currency (ICO) contract to build a smart block chain applications
Smart play a greater role in the initial contract currency issuer (ICO) development. In turn, this will increase the speed of transactions and local currency issuer credit for the first time (ICO) script and first-time currency issuer (ICO) software.
privacy
Ethernet Square for the first time in domestic currency (ICO) contract to support intelligent variable licensing structure, which means that regulators can view the terms of the contract. This led to the identification of the parties. This will help regulators to eliminate any form of fraudulent or suspicious activity, without violating the policies of any organization.
effectiveness
Once the conditions are satisfied, the transaction begins execution. Upon signing the contract, the verification process may take longer to transfer assets. Moreover, it takes less time and can perform the procedure immediately. This is the first time most of the money issue (ICO) mainly due to the intelligent use of contracts in the transaction process.
transparency
After contract terms encrypted, confusion does not occur. Protocol can be used to test any number of variables, so that all parties can check the situation may occur in each case. Therefore, the whole process becomes transparent and fair.
Trust
Intelligent contract in encrypted form stored on a shared block chain, the parties can perform on their own. This means that no third party or intermediary to facilitate transactions.
Accuracy
These intelligent Bitcoin contract terms and conditions of the program and its encoded efficient and accurate work.
Preparation of initial local currency issuer (ICO) Intelligent contract block chain platform: the first currency issuer (ICO) Intelligent contract may be written in a variety of block chain platform:
Intelligent Ethernet Square contract
Ethernet Square is one of the most popular block chain platform for intelligent writing contracts. It is an open source public block chain, chain blocks used to create the original platform. This provides a reliable platform for a variety of applications dispersion (e.g., the token ICO).
Square by providing standardized Ethernet support to our customers and continue to be a pioneer in the industry. In support, in addition to the assistance, as well as special contract to develop intelligent methods and operations.
Hyperledger smart contract
Hyperledger launched in 2015 by the Linux Foundation was established. Currently, the platform has a number of different frameworks developed under Hyperledger banner.
Ethernet is similar to the Square, Hyperledger also a set of tools, such as Hyperledger Composer, which allows developers to efficiently create smart contract. And it is open source, and has been supported by IBM Corporation.
Stellar Smart Contract
Stellar platform founded in 2014, making it one of the earliest block chain platform. It is maintained by Stellar Development Foundation.
Intelligent automated trading contracts
This is another smart contract language some popular encryption currency used, for example Quor $$ anonymous $$ nd Burstcoins. It is used for cross-chain transactions between the two sides have different encryption currency (such as Bitcoin, Ethernet coins, litecoin, etc.), without the need to exchange a third party.
in conclusion
As the industry continues to block chain to enter more and more industries, one can expect the first currency issuer (ICO) to pave the way for future intelligent contracts. By using this feature trusted, most industrial sectors will begin to effectively manage workloads.