What is a Smart Contract? In which part of our digital business life does it take place? To what extent does it make our work easier? What are the processes it goes through until it reaches the end users? smart contracts; We can say that they are self-executing contracts by writing transactions, agreements or applications directly into lines of code. The codes, agreements or applications here reside on a decentralized Blockchain network. Business processes are traceable and irreversible
At the same time, they have the ability to work without being affected by any intervention when the time comes and the appropriate conditions are provided. Languages such as Solidity, Serpent, LLL are generally used to write these contracts. The most widely used is Solidity. Ethereum, on the other hand, is the second important blockchain-based digital currency platform consisting of one or more smart contracts. It was designed by Vitalik Buterin, a digital currency researcher and software developer, and was offered to the public in 2014 and started to be used in real life at the end of July 2015. It is a distributed platform that allows us to run distributed applications on this platform.
Ether is used to upload smart contracts to the platform. Ether is the internal currency of Ethereum. It can be kept in accounts and smart contracts. We call the commission we give for the registration and operation of the contract in the system, and the gas limit is the highest amount you intend to pay. One of the most effective uses of smart contracts is “Crowd Funding”. “In other words, it is the process of funding the project by collecting money from the public for a new project. By visiting the relevant applications in person, we can see that the applications are decentralized clearing applications. Participants can become partners in the project by offering the project to the public and selling your new currency in return.
At the end of this process, miners decide whether to record contracts or not. Thus, the process is completed.