Ethereum Smart Contracts — Decoding Nature of Reality
I hope this finds you well. In a world of increasing uncertainty, good news has a particular lure. So it’s unsurprising that studies finding programmability wise smart contracts are king; attracting a-lot of attention in recent years boosting language that allows developers to write their own programmes. Some people even go as far as to imply it is one of the most successful startups in the last two decades. It also became the world’s leading smart contract platforms(Ether), chosen by most developers.
Firstly what is a smart contract “it’s a self-executing agreement where the terms and conditions are specified by code algorithms. Blockchain transactions are based on computing, and smart contracts use it to their advantage by creating systems that either promote or block the transfers”(Jelvix.com).
The smart contracts are well designed exchange and mirror a long traditional computer protocol, intended to help you transfer money, shares, property or anything of value in a conflict-free digital environment. With smart contracts, the services of a middleman are obsolete, saving you time and conflict. The process of building a smart contract has to harness three main ingredients Ethereum Virtual Machine(EVM), Solidity(programming language) and Gas(costs and rewards).
EVM — allows for smart contracts created for the Ethereum (ETH) network to be read and executed. Each of the nodes on the Ethereum network uses the EVM in order to execute contracts. Ethereum was created as a decentralized ecosystem for developers in order to deploy and run different smart contracts and applications.
Solidity — Ethereum has its own coding language called Solidity. Solidity code can be written using any standard text editor or integrated coding environment or many purpose built online tools.
Gas — The networks pricing mechanism, to create a software application on the Ethereum network, users have to pay for space and computing power, pay a fee called gas to process their transactions provided by these distributed networks of computers.
Developers create, code, compile, test and upload smart contracts in Ethereums decentralised ledger, basically programs that execute on the surface any type of arrangement between two people as a computational beautifully simple way of…