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Web3.0 — #3 Smart contracts

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  1. What are Smartcontracts
  2. How Smartcontracts works
  3. Benefits of Smartcontracts
  4. Limitations of Smartcontracts
  5. Smartcontracts Languages

1. What are Smartcontracts

Minting

2. How Smartcontracts works

3. 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 filling in documents.
  • 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.
  • Security — Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record.
  • Savings — Smart contracts remove the need for intermediaries to handle transactions and, by extension, their associated time delays and fees.

4. Limitations of Smartcontracts

Limitations of a Smartcontract

5. Smartcontracts Languages

  • Solidity
  • Vyper

Solidity

  • Object-oriented, high-level language for implementing smart contracts.
  • Curly-bracket language that has been most profoundly influenced by C++.
  • Statically typed (the type of a variable is known at compile time).
  • Inheritance (you can extend other contracts).
  • Libraries (you can create reusable code that you can call from different contracts — like static functions in a static class in other object oriented programming languages).
  • Complex user-defined types.

Vyper

  • Pythonic programming language
  • Strong typing
  • Small and understandable compiler code
  • Efficient bytecode generation
  • Deliberately has less features than Solidity with the aim of making contracts more secure and easier to audit.
  • Modifiers
  • Inheritance
  • Inline assembly
  • Function overloading
  • Operator overloading
  • Recursive calling
  • Infinite-length loops
  • Binary fixed points

Congratulations!!!

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