Smart contracts are a new and emerging technology that uses a blockchain to execute a predetermined algorithm or set of rules. A smart contract cannot be manipulated and not controlled by a single person, business, or entity.
Smart Contracts are mostly run on the Ethereum Network as ERC20 Tokens. There are other emerging networks that also support smart contracts such as Cardano/ADA and Enjin Coin.
The purpose of smart contracts is to remove manipulation, greedy humans, mistakes, and all other variables that increase vulnerability.
Smart contracts can be used in just about any industry such as finance, real estate, law, health and fitness, travel and whatever else humans can think up.
Artwork and Music can now be authenticated by the use of NFT’s ( Non Fungible Token’s ) These tokens represent the authenticity of the original piece. There can only be one so they become a possible collectors item.
There are token standards written into the code just like in network protocols such ac tcp/ip. The original token standard for NFT’s is the ERC721 Token which allows the creation of one single NFT Token. This means there is a smart contract for each token.
The newest standard for NFT Tokens is the ERC1155. This standard allows developers to create fungible and non-fungible tokens on the same smart contract. This is a very valuable protocol for the gaming industry.
In comparison to ERC721, the ERC1155 cuts down on network congestion on the blockchain and there is less development time involved because one smart contract can produce a limitless supply of fungible tokens and non-fungible tokens.
Enjin is leading the way in gaming on the blockchain. They have their own blockchain ecosystem that includes Minecraft, League of legends, sports, and non related gaming functions as well.
Just like an app on your phone, some apps are great and some are useless. If a dApp becomes popular and there is a good use for it, the market will embrace it and it will be a winner. Market adaptation will increase the value of the Smart Contract or dApp and allow the participant to earn more crypto.
Learn about NRGY Smart Contracts here and get started:
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