It is inexplicable to think that smart contracts were created way before there was ever a use case for them, however, Solidity programmers now know their impact in the blockchain world.
Here are some other facts about smart contracts that every Solidity programmer should know:
Smart Contracts Cannot Be Modified Once Launched
One of the biggest advantages of using a smart contract to execute a transaction is that no one can modify smart contracts once they are deployed onto the blockchain.
This means that no one can easily mess with the contract and the transaction is secure without any threat of third-party interference.
This is also one of the biggest reasons why someone might use a smart contract to handle their transaction in the first place.
However, what seems like the best advantage can also quickly become a disadvantage when you factor in human error. There is a chance that the contract was not coded correctly and cannot be changed now.
It is important to keep this in mind when thinking about using and developing smart contracts.
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Solidity Is Among The Top Five Languages For Smart Contracts
Depending on the smart contract platform and the intended use of blockchain technology, there are many languages that developers use nowadays to make smart contracts.
Solidity which runs on the Ethereum Virtual Machine or EVM is the most popular and most used language. Budding blockchain developers look for an advanced Solidity tutorial to get started in the smart contract development field. This is why.
Other common languages for smart contracts include Rust, JavaScript, Vyper, and even Yul. However, none of them come close to the popularity of Solidity.
3: Smart Contracts Have A Lot Of Uses
Smart contracts are primarily used for automatic transactions on the blockchain. They also serve a variety of purposes in our daily lives.
Many computer scientists have talked about a future where smart contracts and web3 transactions will become the norm similar to how POS systems work today.
They predict that even the smallest businesses will adopt this payment option. It reduces a lot of the manual labor and paperwork involved in commercial payments.
Some of the most practical use cases for smart contracts today include transactions with many parties involved. For instance, a crowdfunding campaign can collect payments from multiple sponsors using these contracts.
4: Ethereum Is Among The Top Five Smart Contract Platforms
As mentioned above Solidity is the most popular language for smart contract development. Invariably, the platform that runs it is also quite famous.
Ethereum Virtual Machine is the most used platform because of its highly secure environment and its large community of developers. It also offers a standardized and regulated network that practically guarantees security.
Other commonly used platforms include Hyperledger, EOS, Tezos, Stellar and Avalanche.
5: Smart Contracts Can Be Legally Binding
While smart contracts may sound like they are binding contracts, they can be sort of a gray area.
If they meet all the legal requirements depending on the state and federal legislature, then you can use them in the courts.
But that is not always the case.
Two parties usually create smart contracts as agreements. They often skip legal review, which can lead to loopholes and make the contracts unenforceable.
However, well-reviewed legally-binding smart contracts are not so uncommon. You’ll come across such contracts when creating blockchain apps for fields such as healthcare that require protocols to be followed.
Conclusion
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