Spill the beans of smart contract

Published in

Coinmonks

3 min readFeb 22, 2022

What is a smart contract?

Smart contract is an agreement between two people in the form of computer code. It’s uses to automate the execution of an agreement so that all participants can immediately be sure of the result, without the participation of an intermediary or loss of time. It can also automate a workflow by triggering the next action when conditions are met.

Smart contracts enable trusted transactions and agreements between various anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.

How does smart contract work?

Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain that run when the code and the agreements contained therein predetermined conditions are met.

Because of blockchain technology, we can decentralize smart contracts so that they are fair and trustless. These programs are stored on a public database and cannot be changed. These rules govern those transactions, explore all possible exceptions, and define a framework for resolving disputes.

What does a smart contract developer do?

Work with advanced blockchains (Ethereum, Binance Smart Chain, Polygon)
Create decentralized applications on Solidity
Interact with off-the-shelf products and integrate them into your decentralized applications.

In addition, we train smart contract developers in the Crypton Academy. Also, we implement custom retraining programs for developers of blockchain companies. Join us!

Example

The possibilities are endless for smart contracts. They are already being used for financial trades and services, insurance, credit authorization, legal processes, and even for crowdfunding agreements (ICOs). So let’s look at how smart contracts are already benefiting certain industries.

CyberFi Samurai is a project that was implemented using smart contracts by the Crypton Studio development team.

Samurai by CyberFi is a full-featured decentralized cross-chain crowdfunding platform built for the development of DeFi. Advantages of Samurai: a decentralized platform for cross-network crowdfunding, staking launch platform, high standard of released projects.

Samurai is implemented on two levels: Launchpad and Stakepad.

Stakepad — deposits, freezing, savings system.
Launchpad — receive bonuses from the platform, participate in stakepads, and collect and distribute tokens.

Another example is the use of a smart contract for the government, namely to protect votes from fraud. Applications FollowMyVotese smart contracts works when the voting transaction is written to the blockchain, it cannot be changed. When the voting is over, the smart contract will send a token to an address that represents the winner of the vote. This way, voting is always fair, meaning the winner is always correct.

Benefits of smart contracts

Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, since each entry is linked to the previous and subsequent entries in the distributed ledger, hackers would have to take over 51 percent or more of the network validators to change the entire chain to change one entry. It is impossible to do this in large popular, widespread blockchain networks.

Together with smart contracts remove the need for intermediaries to handle transactions and, by extension, their associated time delays, and fees.

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