Ethereum: What are smart contracts?

smart contract

Conditions for having an Ethereum smart contract

Anyone can write a smart contract and deploy it to the network. Learn to program in a smart contract language and have a sufficient amount of ETH to implement it are the main factors.

The development of a smart contract is technically a transaction, so it is necessary to pay “the gas”namely, the amount of computational effort required to execute specific operations on the Ethereum network. However, the gas costs for the implementation of contracts are much higher.

It will also be an essential requirement to have a good wording of the virtual contract: Ethereum has comfortable languages ​​for programmers to write smart contracts, like Solidity and Vyper. These types of scripts are relatively easy for a programmer.

An important fact is that these contracts are of a public nature within the Ethereum platform, which means that others can be accessed and even implemented in one’s own.

Limitations of a smart contract

These agreements alone cannot be capable of reporting “real world” events because they cannot send HTTP requests. This is by default, since relying on outside information could undermine consensuswhich is important for security and decentralization.

Another limitation is found in the difficulty of making corrections: if any of the parties changes their mind, it is difficult to modify the established. For example, if a price or conditions related to the rental of a property have been set, it is much more difficult and complex to introduce changes to these already configured elements.

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