Uploaded on Apr 8, 2022
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smart contract
Create a smart Contract
Definition
Just like any contract, smart contracts establish the terms of a contract or an
agreement. What makes these contracts “smart,” however, is that the terms are
established and executed as code on a blockchain, rather than on paper on a
lawyer’s desk. Bridge Smart Contract Development Services extend the
underlying idea of Bitcoin, that is, to send and receive money without the
intervention of a “trusted intermediary” such as a bank, so that any type of
agreement or transaction can be automated in a secure and decentralized manner,
no matter what. how complex it is. Also, since they run on a blockchain like
Ethereum, they offer borderless security , reliability, and accessibility.
Why are smart contracts important?
Smart contracts can allow developers to create an wide variety of
decentralized exchange applications and tokens. They can be used for
anything from new financial tools to logistics and gaming experiences.
Furthermore, they are stored on a blockchain just like any other
cryptocurrency transaction. Once a smart contract application is added to
a blockchain, it generally cannot be reversed or modified (although there
are certain exceptions).
Uniswap:
A decentralized exchange that, through smart contracts, allows users
to trade certain cryptocurrencies without a central authority
determining exchange rates.
Compound:
A platform that uses smart contracts for investors to earn interest and
borrowers to receive a loan instantly without the need for a bank to
act as an intermediary.
How do smart contracts work?
● Ethereum is currently the most popular smart contract platform, but there
are also other blockchains that can run them (such as EOS, Neo, Tezos,
Tron, Polkadot, and Algorand). Anyone can create and implement a smart
contract on a blockchain.
● The code they use is transparent and publicly verifiable, meaning any
interested party can see precisely what the underlying logic of a smart
contract is when they receive digital assets.
● Bridge Smart Contract Development Services
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