What are smart contracts?
Family Smart contracts are self-executing digital agreements that operate on blockchains such as Ethereum, BNB Smart Chain, or Solana. They are written in code and automatically triggered when certain conditions are met, without the need for intermediaries.
They function like "if-then" statements: if a certain condition is met (for example, a payment is received), then the agreed action (such as transferring a digital asset) is executed.
How do they work?
1. Creation and deployment: A developer writes the contract using a language like Solidity. Then, it is published on a blockchain.
2. Code and conditions: The contract contains rules and conditions of the agreement that must be fulfilled.
3. Contract invocation: Users activate it by interacting with it (for example, through a wallet like MetaMask).
4. Validation and execution: The network verifies if the conditions are met and automatically executes the contract.
5. Immutable record: The transaction is permanently recorded on the blockchain.
6. Finality: The execution is irreversible, ensuring security and transparency.
What are they used for?
Financial transactions: Sending cryptocurrencies, automatic payments, financial agreements.
DApps and DeFi: They are the foundation of decentralized applications, such as lending or exchange platforms.
NFTs: They facilitate the creation, ownership, and trading of unique digital assets.
Insurance: They automate claim payments if certain conditions are met.
Supply chain: They track products, automate payments, and validate deliveries.
Intellectual property: They manage copyright rights and automatically distribute royalties.
Voting: They ensure transparent electoral processes and are tamper-proof.
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