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The role of smart contracts in decentralized applications (DAPP)
Crypto currency has changed how we think of money and transactions. As decentralized applications (DAPP) increases, a new era of digital economy appears, with blockchain technology playing a key role. The DAPP has smart contracts only to comply with the contract with the terms of the contract, written directly in the code rows. In this article, we will enter the role of smart contracts in decentralized applications and explore how to transform the digital economy.
What are smart contracts?
Smart contracts are computer programs that are automatically executed under certain circumstances or when some events occur. They were first presented by cryptographer Vitalik Buterin at Bitcoin Whitepaper 2014. The term “wise contract” refers to a self -threatening program that automates its execution, without the need for intermediaries such as lawyers, banks or other third -party services.
Decentralized applications (DAPP)
DAPP is an application that is above blockchain technology that allows users to interact with the platform using cryptocurrency and tokens. DAPP can range from simple sites to sophisticated applications that use AI, games and social networking features. The most obvious example of DAPP is the Ethereum decentralized social media platform Metamk.
The role of smart contracts in DAPP
Smart contracts play a critical role in decentralized applications for a number of reasons:
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Autonomy : smart contracts allow you to create autonomous applications that can make decisions and act without human intervention.
- Efficiency : Automated execution reduces the cost of the transaction and speeds up the development process.
3
Security : Smart contracts provide a safe way to check and implement the terms of the contract by reducing the risk of dispute or abuse.
How smart contracts work dapps -u
Here is an overview of how cute contracts run dapps:
1
Development of smart contract
: Creating a Smart Agreement involves determining its functionality using the code.
- Introduction : A smart contract, such as Ethereum, was placed on the lock circuit platform.
3
Fulfillment : When the smart contract is fulfilled, it automatically fulfills its tasks and terms on the basis of predetermined conditions or events.
Examples in the real world
Several DAPP has used smart contracts to achieve their goals:
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decentraland
: A virtual reality platform that allows users to create, experience and transfer the content in a decentralized way.
- Saniment Coin : Social media platform based on cryptocurrency valute, which uses blockchain technology to authenticate opinion and certain topics.
3
Schedule : A decentralized data market that allows developers to set up DAPP using their smart contracts.
Benefits of smart contracts dapps -u
The advantages of smart contracts in DAPP are:
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Increased safety : Automated execution reduces the risk of cyber threats or abuse.
- Improved efficiency : Smart contracts allow you to process transactions faster and reduce costs.
3
Improved Transparency : Using Blockchain technology ensures that all of the transactions can be seen on all sides.
Challenges and Restrictions
Although smart contracts are game exchange DAPPS, they also represent a number of challenges and limitations:
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Complexity : Smart contracts require significant competence for development and implementation.
- Scalability : The scalability of the Smart Agreement can worry about big applications.
3
Compatibility : Various blockchain platforms may not support the same smart contracts or interfaces.
