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Smart Contracts
Cryptocurrency transactions that occur on a blockchain are an example of a very basic contract: one party sends money to another. However, blockchains also have the potential to manage and execute more complicated contracts. On the Ethereum blockchain, for example, one can utilize smart contracts — blocks of code that only execute when their conditions are met. Smart contracts are Turing-Complete and as decentralized as the monetary transactions that occur on the blockchain. The combination of decentralized programs and money make for interesting possibilities.
As a piece of code that sits on the blockchain, a smart contract can automate tasks in a decentralized and transparent manner. Examples of this include managing the process of recieving and distributing micro-payments for viewing ads (such as with the Basic Attention Token) and managing buy/sell order books for exchanges transparently (such as with the 0x project).
Applications of Smart Contacts
Smart Contracts allows the transfer of goods and services without the need for a independent third party. Logic and rules are built into the smart contract that define the permissions and processes associated with a particular agreement and enforce the obligations attached to it. This provides an opportunity to remove middlemen that are traditionally required to interact with physical property or financial service instruments.
Blockchain Technologies
Two of the most common technologies used are:
- Ethereum: generally made with Solidity
- Hyperledger: generally made with Go, or Java
Smart Contracts in Ethereum
Smart contracts in ethereum are written using Solidity, its a high-level, contract-oriented programmng language, and targets Ethereum Virtual Machine, one can use Remix online IDE to try writting and deploying smart contracts
Smart Contracts in Hyperledger
Smart contracts in Hyperledger is called chaincode, and is written in Golang programming language.
Hello World Smart Contract
pragma solidity ^0.4.24;
contract Hello {
string public message;
function Hello(string initialMessage) public {
message = initialMessage;
}
function setMessage(string newMessage) public {
message = newMessage;
}
}
Pulled from Medium - How to Write a Simple Smart Contract.