What is Smart Contract?

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Smart Contract of Blockchain

Very interesting question What is smart contract in Blockchain

Let's try to understand this in very simple terms.

before going towards smart contact let's break this word in 2 parts first - smart and second - contract.

Now we will first understand second part - contract.

Contract

The agreement made in between two or more parties in the form of any documentation which can be of price based of any Object (house, car, machine, etc.) of condition based such as employment, education degree and so on. we can call it as contract. This is the normal definition of contract.

Now, let's try to understand first term smart

Smart

We will take this in terms of blockchain only, this word is used to represent several activity at a single time such as automation in execution of contract, It should work digitally, need to be secure and authorised by valid entity.

so, now we seen general definition of smart and contract, Its good to conclude Smart Contract definition.

Smart Contract

A pic of code which is execute between one or more then entity's use to achieve agreement or we can say that to full-fill certain conditions, this code will be going to execute on blockchain network automatically once it is deployed on network.

In other words we can say like this:

A smart contract is a self-executing computer program that runs on a blockchain network. It automatically executes the terms of an agreement between parties, eliminating the need for intermediaries.

It can be used for a variety of purposes, including supply chain management, real estate transactions, voting systems, and financial exchanges. They provide a tamper-proof, transparent, and efficient way to automate transactions, increasing trust and reducing the risk of fraud or tampering.

It can be written in multi-pal language based on different blockchains such as C++, Java, Go, JavaScript, Solidity and Vyper.

FAQ

1. Why majority prefer writing smart contract in solidity?

There are several reasons why the majority of blockchain developers prefer to write smart contracts in Solidity:

Popularity: Solidity is the most popular programming language for writing smart contracts on the Ethereum blockchain, which is the largest decentralised platform.

Easy to learn: Solidity is a high-level programming language with a syntax that is similar to other popular programming languages, making it easier for developers to pick up and learn.

Large developer community: Solidity has a large and active developer community, providing developers with access to extensive resources and support.

Tooling support: There is a wide range of tools and resources available for Solidity developers, such as development frameworks, libraries, and testing tools, making it easier for developers to build and deploy smart contracts.

Secure by design: Solidity was designed with security in mind, incorporating several features to mitigate common vulnerabilities and ensure the security of smart contracts.

last but not the least - Solidity is the first programming language to support smart contract execution on Ethereum.

These factors make Solidity the preferred choice for many blockchain developers when writing smart contracts.

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