For ordinary people, the crypto boom is unambiguously associated with new profit opportunities. Blockchain was created as an operational basis to ensure the functioning of digital money. But, unlike traditional payment systems, it does not depend on state regulators and is decentralized.
The emergence of smart contract cryptocurrency platforms has significantly expanded the capabilities of the blockchain, turning it into an effective tool of the digital era. The DecimalChain platform was designed as such, and it is one of the brightest smart contract examples.
DecimalChain is focused not on securing transactions as such, but on providing a platform for hosting useful and multifunctional applications that can increase business efficiency in any of its fields.
How Do I Use a Smart Contract?
The terms and limitations of an ordinary contract are written on paper. If one of the persons involved in the contract does not fulfill the contractual conditions, the other party has the right of prosecution, and all this is described in detail.
In a smart contract cryptocurrency program, the same conditions are written in the form of a program code and are checked automatically, that is, an intermediary (court) is not needed, which means that additional costs are excluded. If the conditions are met, the smart contract triggers the necessary action according to its logic, usually this leads to the execution of a new transaction with its entry into the blockchain.
Both the contract itself and the transactions initiated by it can no longer be changed, such is the nature of the blockchain. And they can always be viewed by any member of the network. Just like many of the popular questions can found with detailed answers in the FAQ sections of SC platforms.
Since the institution of mediation is firmly rooted in our lives (even for photo sharing we use social media like Facebook, which performs this operation centrally, through their servers), then the scope of smart contracts is great.
The principle of decentralization implemented in the blockchain, and, therefore, in all smart contract crypto platforms, means that there is no single supervisory authority, the correctness of transactions performed is controlled by network participants (validators), and their quantitative and qualitative composition in each case is random. This is how conditions of financial agreements are implemented with smart contract feature.
Why Decimal smart contract?
Since the American cryptographer Nick Szabo proposed the concept of a smart contract in 1993, it took a long time before his idea was implemented.
Bitcoin
Bitcoin became the first working blockchain, and support for smart contracts was already implemented in it. However, at a rather primitive level. Essentially, the entire functionality of the network was reduced to transactions with its own internal cryptocurrency. Such transactions can be called a smart contract cryptocurrency transaction
The logic here is simple and obvious: when transferring money to a counterparty, the user must specify his digital identifier (wallet address) along with his own and the transfer amount, and the smart contract must verify that he really is the owner of the required amount. If this is the case, the actual smart contract crypto transaction is started.
Ethereum
In 2013, the Ethereum blockchain was launched, which was initially “sharpened” for smart contract crypto and cryptographic platforms. That`s why a virtual machine and a specialized programming language were added to it. It was this event that became the impetus that led to a rapid increase in the number of smart contract examples implemented.
Since the Solidity language used in the Ethereum blockchain has Turing completeness, this means that any logic, even very complex, can be implemented on it. The main thing is that the algorithm itself is correct and does not contain errors and uncertainties. And here the task of thorough testing of a smart contract comes to the fore.
If this is not done, there is a high probability that there will be vulnerabilities in SCs that attackers will try to take advantage of. Precedents have already happened, and repeatedly, as a result of which millions of dollars were stolen in the Ethereum network, some of which, however, were recovered.
Decimal
Ethereum is not the only platform that supports smart contracts. In 2018, the DecimalChain blockchain was launched, which is conceptually close to Ethereum. And a few applications supplied with unique features are already working on this network.
One of such Apps is providing an opportunity for ordinary users who do not have programming skills to create their own cryptocurrency. It is expected to launch an nft smart contract feature, to make it possible to create digital assets and trade them.
How Does Decimal Smart Contract Work
So, the basic concept of a smart contract is the storage of its code in the form of a transaction on the blockchain, which is no longer subject to change. Counterparties are parameters of SCs, the resulting action is the generation of transactions.
In the near future, when the EVM compatibility module is added, the features of Decimal Smart Chain will be significantly expanded. This is one of the key reasons why you should choose Decimal. Let’s look at the examples of smart contracts based on the Decimal platform.
DEX
Typical and quite popular applications (dApps) using smart contracts include DEX (decentralized exchange applications). With their help, you can not only exchange tokens that are part of the Decimal ecosystem pool, but also participate in liquidity pools.
DAO
Decentralized autonomous organizations are not less popular. Their characteristic feature is the equality of all participants and the absence of hierarchical schemes. On the DecimalChain ecosystem, DAO will encourage network users to manage it more actively, taking part in organizational events and even in project management:
– vote for the appointment of project managers;
– influence the functionality of the blockchain, vote for updates;
– give proposals concerning the improvement of the network;
– organize dividend payments to validators and other active participants of the network;
– participate in the release of algorithmic stablecoins;
– and much more.
Stablecoins
The application allows you to create your own tokens, including stablecoins, using the classic emission model for this. And it guarantees the possibility of performing all operations with this cryptocurrency, including the creation of derivatives with various scenarios of their application.
Launchpad
The cryptocurrency launchpad is a platform that provides support for potential investors to facilitate the search for promising projects and vice versa, startups to find financing. Such sites are also places to demonstrate the capabilities of implemented projects in order to quickly bring them to market.
Due to the advantages characteristic of the blockchain (decentralization, transparency, low cost), Launchpads is now in the focus of attention of the cryptocurrency community. Benefits of using Launchpad:
– security. New projects are thoroughly tested for the absence of vulnerabilities, which reduces the risk of fraud to zero;
– guaranteed listing when the project enters the stock exchanges;
– the possibility of choosing a project that is close in ideology to the investor;
– practical absence of restrictions – tokens can be bought by ordinary users;
– minimum costs. Smart contract cryptocurrency transactions are executed automatically and without intermediaries, ensuring price availability;
– transparent terms of cooperation.
Integration with Ledger
One of the most famous hardware wallets supports several dozen popular cryptocurrencies. And since it`s a hardware tool, adding new coins to the wallet is quite a difficult task. So being in the Ledger pool is prestigious, out of tens of thousands of tokens, only a small number of the TOP 50 was awarded this honor.
The DecimalChain team managed to develop an application that provides support for DEL in the Ledger wallet, which guarantees the security of token storage. The feature has been running since August 2022.
In total, about 100 tokens are in circulation on the Decimal network. This means that the same number of smart contract cryptos are implemented on the platform, that is, developers and investors trust the team. There is a separate incentive program for new validators, who are guaranteed to receive a certain amount in Del to their wallet in the system, facilitating the start of work. In the DecimalChain explorer, you can see how many validators are currently running on the network.
Are smart contracts the future?
The project team is actively working to be present in the lists of more popular exchanges and crypto aggregators, and it is doing well. Since the advent of the Ethereum blockchain, a lot of time has passed that has not been wasted. Technologies are actively developing and improving, becoming safer and more reliable.
Given that the crypto industry is growing exponentially in terms of market capitalization, we can confidently say that it will soon become ubiquitous, just like plastic cards.
It does not matter whether we qualify the upcoming changes as evolutionary or revolutionary. The main thing is that they are inevitable, and Decimal smart contracts can become the tool that will bring this future closer.