Smart Contracts (Ethereum)
What is a smart contract?
A “Smart contract” is simply a program that runs on the Ethereum blockchain. It’s collection of code and data that resides at a specific address on the Ethereum blockchain.
Smart contracts are a type of Ethereum account. This means they have a balance and can be target of transactions.
Please refer below high level contract fields and details.
Contract code deploy on Network details
Developer code or computer have contract code and it’s tell how it’s behave or have it should handle the money.
Then take contract code and deploy into network. When deploy the contract code into the network then it’s create instance of contract just like classes and objects, and refer as contract account. We can deploy contract code with multiple instance on same network or multiple networks.
More details
- Smart contracts not controlled by a user, instead they are deployed to the network and run programmed.
- Smart contracts can define rules, like regular contract, and automatically enforce them via the code.
- Smart contract cannot be deleted by default, and interactions with them are irreversible.
- Smart contracts are public on Ethereum and can be thought of an open API. This means can call other smart contracts by using own smart contract to greatly extend what’s possible. Contracts can even deploy other contracts.
- Smart contracts have maximum contract size and it have maximum 24KB or it will run out of gas.
Next…..
Next story will learn type smart contract language, and how to code smart contract and deploy it to the network……
Please refer Smart contract development language story here.
