Ethereum smart contracts
When you think of Smart Contracts, Ethereum surely comes to mind because it offers us its Ethereum Virtual Machine (EVM) for the execution of smart contracts.Bridge Smart Contract Development Services You’re not thinking wrong.
Smart contracts can be defined as agreements whose main objective is to be fulfilled automatically after the parties have agreed to their terms. It is an environment where it is defined how and what can be done and what happens if something is not done.
A Smart Contract is capable of executing itself, autonomously and automatically, without mediators. It has three defined characteristics: decentralized, immutable and transparent.
In addition, Ethereum Smart Contracts have superior advantages over traditional processes. Meet some of them:
00% transparent;
Communication is clear. Being completely automatic, they have the information with every detail. There is no possibility for misunderstandings;
Efficient operation because they successfully mix precision and speed;
They avoid paperwork which contributes a direct benefit to the environment;
Backed by many documents on the blockchain;
They are reliable because the automated system uses your network to avoid losing any documentation.
A smart contract is a way to interact with the network. They are not written in natural language, it is a high-level Javascript-like written computer programming language and is capable of interacting with the EVM that runs on each node of the Ethereum network, its name is Solidity.
Smart Contracts aim to eliminate intermediaries to simplify processes and thus lower costs. To understand them, specialists suggest that you first understand the three integral objects that make up each contract.
The first is the signatories; that is, the two or more people who use the contract; the second is the object of the agreement. Every contract must have direct and unobstructed access; and the third must include the specific conditions because with the defined terms the users will know their rules, rewards and even punishments associated with their process.
In this article we are going to give you three examples of basic Ethereum smart contracts, so you can learn exactly what we mean.
For real estate
Closing a real estate deal requires a lot of paper, which means a waste of time and money. With the advancement of technology, these companies seek to keep up with the specific solutions.
And how does a smart contract help in this sector? It’s so easy because the tenant can digitally sign the agreement that includes valuable information like rental value, payment frequency, tenant and property details, as well as automatically initiate payments.
in bets
The University of Alcalá, in Spain, Cross chain bridge development raises this possibility in the following way. The smart contract will be in charge of verifying who has been the winner and depositing the money bet in the account of the winner”. To do this it is necessary to place the ethers in a neutral account.
For financial and banking services
They are the natural evolution of physical contracts and hope to overcome current limitations because established agreements such as mortgage or bond payments can be executed. They do not require the intervention of third parties and will facilitate the signing of commercial agreements. This reduces transaction costs.
Now, the idea is that any user can create their own Smart Contracts if they need to, but how to make a Build a cross chain bridge in Ethereum?
In 2019, the Ethereum team announced the launch of Ethereum Studio, a tool aimed at improving the developer experience. It is a website or interactive development environment (IDE), which allows coders, experienced or not, to create and test contracts in a browser.
Just go to the studio.ethereum.org portal and learn about simple smart contract projects.
More and more companies are advancing in the use of these digital initiatives to streamline the operations where they participate; for example, Argentina smart contracts are well advanced. A lot of talent is involved in executing these processes.
Río Uruguay Seguros (RUS) together with Koibanx implemented Smart Contracts to automate collection for intermediaries in Entre Ríos. Banco de Valores added a platform for the purchase and sale of electronic credit invoices called Armónica.
Another use case in Argentina is that of Marcos Paz Assets, also developed by Koibanx, who created their own digital currency; for example, if a neighbor pays his taxes up to date, recycles waste and complies with other good behaviors, he receives tax credits in a digital wallet from the municipality and will be able to buy in a network of stores that operate with that platform.
Several Latin American countries are united to this initiative. Smart contracts in Venezuela are used through forsage.
The forsage smart contract is a decentralized platform that allows multiplying income, it is not controlled by a group of people but by mathematical algorithms that allow users to earn money. It is a secure system that is backed by the blockchains.