From this moment and after the months that were specified, both the first and second transactions would be transmitted and the Bitcoins from the first transaction would be returned to the user.
The characteristics of this type of contract have allowed not only the emergence of new financial tools in the Bitcoin Blockchain. Also, since the contracts are made up of people or machines, innovation is allowed in the Internet of Things, Logistics, etc. So it will not seem strange that new apps on these aspects begin to emerge.
Solidity
Smart contracts are not written the same way as traditional contracts. The former are programmed using computers and, therefore, the code or language used to develop them is called Solidity.
It refers to a computer language program that allows complex problems to be solved and has the ability to carry out certain tasks based on specific instructions.
These codes have been named as Turing complete language, since it is developed for procedures with high computing power.
Bitcoin already has several smart contracts developed that operate directly and transparently to the user.
Among the benefits of Bitcoin is the possibility of adding logic to money, making it “programmable money.”
This is what allows users to solve common everyday problems. But in uk company email list addition, trust will be increased through the automated process in which the interactions of a contract are carried out.
Examples of Smart Contracts in BitCoins include inheritances, insurance, and properties such as cars.
Smart Contracts Platforms
Not everything revolves around Bitcoin, there are two platforms that are innovating using smart contracts. Below, we describe each one.
Ethereum
In 2015, the launch of Ethereum made blockchain technology more accessible than ever before.
Before Ethereum, users had to fork the source code of an existing blockchain or develop a new blockchain protocol from scratch to implement the technology. Both tasks are extremely difficult, time-consuming, and expensive.
Ethereum solved these problems with the introduction of EVM (Ethereum Virtual Machine), which allowed the adoption of blockchain technology without the need to fork or create a blockchain.
Simply put, the EVM is a decentralized method of processing code. Any developer can submit code to the EVM, and assuming the developer pays the required fees, the network will execute that code as instructed.
These bits of code sent to the EVM are known as smart contracts.
While smart contracts can be programmed to perform any number of functions, the underlying concept is the same for all of them: submit the code and the required fees, then the EVM will process the contract exactly as it was designed.
