Saturday, 24 September 2022

What are Smart contracts?

 

What are smart contracts ?

A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a contract or an agreement.

A smart contract is an agreement that is written in code rather than a physical paper agreement or verbal contract. It creates an agreement between several parties that agrees on specific events in the past, present, and future. Most common smart contracts are written on the Ethereum network using something called solidity. They are immutable, this means they cannot be changed once they come into use.




They are "distributed among the network connected to different nodes(computers)" which verifies the condition if they are met.






Smart contracts are self-executing lines of code with the terms of an agreement between buyer and seller automatically verified and executed via a computer network.


Benefits of Smart contracts


  • Once an event is satisfied, the contract is executed immediately without any paperwork as it is a digital contract.

  • As it is present in the Blockchain it makes them very hard to hack.

  • Smart contracts remove the need for intermediaries to handle transactions.

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What is Web ?

 

What is web ?


The Web is the common name for the World Wide Web, W3 or WWW and it is invented by the computer scientist Tim Berners-Lee in the year 1989.


Many people assume that the Web is the same as the Internet, the term internet is defined as the global connection between computers which makes sharing of data possible.


A webpage is a document or file written in HTML, that is viewed in a browser. A web page can be accessed by entering the URL or domain name of the site in the search bar. A webpage may contain all the information we need like text, pictures, hyperlinks to other web pages and files.

The web has been evolved a lot over time and it has 3 versions.

  • Web 1.0

  • Web 2.0

  • Web 3.0


Web 1.0


Web 1.0 is the initial overview of what the internet was in the stage of development. Most web pages in that time period were built on HTML and are static pages. Static pages can only be used for getting the information, It's just read-only. We cant do any fancy stuff in that period. It's like one big Wikipedia in which we can only gain information. Users are said to be as consumers as all the just consuming the information. The time period of Web 1.0 was from 1990 to 2004.



Web 2.0


If You Are Not Paying for the Product, Then you Are the Product!

Web 2.0 was the second phase of the internet and we are still using web 2.0 in our daily life. It evolved a lot from the initial version.



In web 2.0 we get the information from free products like Google, Youtube, etc.. which are centralized companies, they collect our data and sell that data to the branding companies. Branding companies will pay some money to the centralized companies and get the data of the users and display ads based on the user's interest.


Web 2.0 is said to be the "Age of targeted advertising and lack of privacy".Web 2.0 is a welcome response to web users who want to participate in the information.


I strongly recommend watching The social Dilemma documentary to know more about Web 2.0 and its main activities in day-to-day life.



Web 3.0


Assume in web 2.0 users are the product but in web 3.0 you are the owner, You can control who can access your data and who cannot access your data.


Web 3.0 is mainly based on blockchain technology, A Blockchain is a method of storing data. Data is stored in blocks that are linked to the previous block. Web 3.0 enables a feature where distributed users and machines are able to interact with data, and the data will be distributed or delegated away from a centralized company.


In web 3.0 all the transactions or contracts are done through smart contracts, A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a contract or an agreement. wich is done openly through the internet.


There will be no restrictions on the content you watch and the users can be totally free.Users can be anonymous and "Digital identity is not 100% connected to the real identity".

If there are any transactions done on web 3.0 then those transactions are done openly throughout the internet so if one does not accept then the other nodes or computers also have the data which can be helpful, So it is said to be peer-to-peer (P2P) network.


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