This content originally appeared on HackerNoon and was authored by Jay
Suppose you go to buy Nike shoes, and instead of using traditional money like dollars or Russian rubles, you need to pay the shopkeeper differently. You and the shopkeeper agree on some terms and conditions— for example, you give the shopkeeper a nice tight hug in exchange for the Nike shoes. This arrangement formalized as a set of terms and conditions, is essentially a smart contract, though it's executed on the blockchain.
So, Let’s get started!!
What is a Smart Contract?
A Smart Contract (or crypto contract) is a computer program that directly and automatically controls the transfer of digital assets between the parties under certain conditions. A smart contract works in the same way as a traditional contract while also automatically enforcing the contract. Smart contracts are programs that execute exactly as they are set up(coded, programmed) by their creators. Just like a traditional contract is enforceable by law, smart contracts are enforceable by code.
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- The Bitcoin network was the first to use some sort of smart contract by using them to transfer value from one person to another.
- The smart contract involves the employee’s basic conditions like checking if the amount of value to transfer is available in the sender account.
- Later, the Ethereum platform emerged which was considered more powerful, precisely because the developers/programmers could make custom contracts in a Turing-complete language.
- It is to be noted that the contracts written in the case of the Bitcoin network were written in a Turing-incomplete language, restricting the potential of smart contracts implementation in the Bitcoin network.
- There are some common smart contract platforms like Ethereum, Solana, Polkadot, Hyperledger Fabric, etc.
How smart contracts work
Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain. A network of computers executes the actions when predetermined conditions are met and verified.
\ These actions might include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket. The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results.
\ Within a smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily. To establish the terms, participants must determine how transactions and their data are represented on the blockchain, agree on the “if/when…then…” rules that govern those transactions, explore all possible exceptions, and define a framework for resolving disputes.
\ Then, the smart contract can be programmed by a developer–although increasingly, organizations that use blockchain for business provide templates, web interfaces, and other online tools to simplify structuring smart contracts.
\ You might wonder, "Why bother with Smart Contracts when traditional fund transfers work just fine?" But let's zoom out for a moment. Consider why Bitcoin was introduced in the first place. What's the real need for Bitcoin, hmm? Sure, decentralization is one aspect, but its true value? That's a mystery, much like pondering the necessity of Web 3.0 when Web 2.0 seems to meet all our needs.
\ The answer may lie in our very nature: We're human beings, and evolution is in our DNA. We're hardwired to push boundaries, to innovate, to seek the next frontier. Smart Contracts, Bitcoin, Web 3.0 – they're all expressions of our relentless drive to evolve, to reimagine what's possible. It's not always about immediate need; sometimes, it's about potential, about shaping the future we can't yet fully envision.
Benefits of Smart Contracts
Speed, efficiency, and accuracy
Once a condition is met, the contract is executed immediately. Because smart contracts are digital and automated, there’s no paperwork to process and no time spent reconciling errors that often result from manually completing documents.
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Trust and transparency
Because there’s no third party involved, and because encrypted records of transactions are shared across participants, there’s no need to question whether information has been altered for personal benefit.
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Security
Blockchain transaction records are encrypted, which makes them hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers have to alter the entire chain to change a single record.
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Savings
Smart contracts remove the need for intermediaries to handle transactions and, by extension, their associated time delays and fees.
Alright, we've got a fascinating world to explore, but the burning question is: How do we dive in? And let's be honest, how can we leverage this for our own delightfully mischievous gains? 🔮
In this ever-evolving landscape, we're swimming in a sea of learning resources. Some are free, some demand a bit of coin, and others tease us with limited access. So, how do we navigate these waters and choose the right path?
\ Fear not, intrepid explorer! I've uncovered some hidden gems – resources that not only teach you the ins and outs of Web 3.0 and Smart Contracts but also guide you toward landing that coveted job in the field. These aren't just dry tutorials; they're your treasure map to building real, impactful projects in this brave new world.
\ Ready to embark on this thrilling journey? Let's dive into these resources and start crafting your path to Web 3.0 mastery. Who knows? You might just end up revolutionizing the digital realm – or at least securing a pretty sweet gig along the way.
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Official Rootstock course: Here you will be getting a great overview of how to interact with blockchain and network along with how to read write and deploy tests along with mainnet smart contracts on Rootstock and Bitcoin.
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FreeCodeCamp: with a bunch of amazing courses: visit the official page. for more Info.
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Learn web3 DAO: This course included a lot of content for beginners and more advanced devs, especially if you are looking for different ecosystem solutions. Students who graduate from this boot camp are hired by polygon, coin base.
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Alchemy: One of the best platforms from this list! To learn Web 3.0
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YouTube! itself The best Free source of Learning in the 21st century
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Want to truly master web3 and smart contracts? Read the docs, build your own projects, and dive into open-source contributions. This trifecta isn't just about learning—it's your fast track to landing a killer job, dominating hackathons, and becoming a force in the industry. Ready to transform from learner to leader?
This content originally appeared on HackerNoon and was authored by Jay
Jay | Sciencx (2024-08-07T15:34:17+00:00) Smart Contracts Unleashed: Your Web3 Adventure Begins Here. Retrieved from https://www.scien.cx/2024/08/07/smart-contracts-unleashed-your-web3-adventure-begins-here/
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