What is a “smart contract”?
The concept of “smart contract” was first proposed by computer scientist and encryption master Nick Saab. According to him, the essence of a smart contract is a recognized tool for forming a relationship between individuals, institutions, and property. It is a set of agreements that form relationships and reach consensus. Contract terms can be embedded in hardware and software, making the cost of default very expensive, making it difficult for people to break. Simply put, it is a contract that can be automatically executed on a computer system under certain conditions.
Smart Contract Under Blockchain
Why is it not widely used? A large part of this is due to trust:
Digital contracts are stored in traditional computer systems and are at risk of being tampered or stolen by hackers. At the same time, it is difficult for people to fully trust the institutions that provide digital contract services, and once disputes arise, it is difficult to provide evidence.
On the other hand, there is also a lack of digital systems and technologies that can support programmable contracts, and still require financial institutions to manually approve the transfer of assets and not to automate them.
The emergence of blockchain technology precisely solves this problem.
Blockchain technology has the following features
First, the data can not be deleted, modified, and it can only be added, to ensure the traceability of the data, making the cost of doing evil expensive. (Once committed, it will be permanently recorded by the system forever.)
Second, decentralization avoids the adverse effects of centralization factors.
Therefore, the smart contracts under the blockchain technology can not only exert its advantages of low cost and high efficiency, but also can avoid the interference caused by malicious actions (man-made tampering, hacker attacks, etc.) on the normal execution of contracts.
Smart contracts are written digitally in blockchains, and then distributed, stored, read and executed using blockchain technology. The entire process is transparent and highly reliable. Therefore, blockchains are naturally suitable for the construction of smart contracts.
How to build a smart contract
Blockchain is considered to be the most disruptive technology since the birth of the Internet. However, its development is very difficult. Independently developing a smart contract application on a blockchain is like developing an APP on a mobile phone without an operating system. It requires writing code from the ground up and building the underlying architecture, and it also requires a lot of hardware and software development capabilities and encryption algorithms.
Someone suggested that if there is an operating system like Android or IOS, then the threshold for development will be greatly reduced, and companies or individuals can easily build applications on the blockchain.
As a result, some programmers have developed blockchain underlying systems such as Bitcoin, Ethereum, and Likelib Networks, allowing many people to quickly develop various blockchain applications. This series of blockchains provides open interfaces for smart contract programming. There are already numerous start-up companies that have begun to develop smart contract business based on these open interfaces.
What network to use to deploy smart contracts
The emergence and widespread use of blockchains is changing the status quo that hinders the implementation of smart contracts. Smart contract technology is now being built on top of blockchain platforms like Bitcoin, Ethereum, and Lakelib. Because it is itself a computer program, smart contracts can interact with it just as it can interact with other programs. The problem is being gradually solved. A computer program can now trigger payment.
The following is a comparison of common public chains:
||a parent chain
||a parent chain
||a parent chain,multi sidechains
||2s for parent chain, sidechain not fixed
||8m for parent chain, sidechain not fixed
|Big data storage
We can see that Likelib blockchain not only supports multiple service extensions and low cost of use, but also has a unique sidechain technology. Each type of service monopolizes a side chain.
The benefits of this approach include:
- Adapt to various services: Based on the main chain, multiple services can coexist on the side chain.
- Convenient management: When one of the chains needs to be upgraded, only the chain needs to be upgraded without upgrading the entire chain.
- Flexible:users do not need to synchronize all the side chain data, select the required synchronization;
- Convenient to maintain:the chain of different services is different from block to block. The block size of data is different and the billing is different. Dividing into multiple side chains brings great convenience and improves the user experience.
Likelib is an open source blockchain underlying system. Just like Android and ios, it provides a rich set of APIs and interfaces. It can help companies quickly build blockchain deployments that meet the needs of the industry and help companies to quickly bind with blockchain.
One of Likelib’s main functions is the ability to implement smart contracts. The decentralized accounting function of blockchain technology can be used to create and confirm the transfer of various types of assets and contracts.
Deploying smart contracts in the Likelib network, synchronization between nodes is fast, ensuring that contracts are executed accurately.
Smart contracts are written digitally in the blockchain. The features of the blockchain technology ensure storage, reading, and execution. The entire process is transparent, traceable, and unchangeable. Likelib provides a trusted execution environment for smart contracts, and smart contracts will further extend the application for Likelib.
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