Smart contracts are code pieces executed on the blockchain, without the need for a server.
Smart contracts take on the characteristics of blockchain transactions, which means that they are transparent, unchangeable and auditable.
By creating smart interconnected contracts, developers can create decentralized applications ( DApps ), complete programs running on the blockchain.
Besides, more complex arrays of Smart contracts and DApps can create decentralized autonomous organizations ( DAOs ).
Unlike centralized systems, where contracts are kept in walled gardens and protected by organizations that tax their customers for the services they provide, all smart contracts are stored on the blockchain, immutable and accessible to all.
What makes smart contracts so crucial in the expansion of cases of the blockchain is the fact that the terms and conditions of all parties are fully quantifiable.
Lisk’s network developers will be able to integrate Smart contracts into their side chains.
Smart contracts can mean specific business processes and can be combined on a blockchain to perform more sophisticated functions.
Similarly, dapps uses Smart contracts to connect to the specific blockchain on which they are based.
Cardano, Ethereum and NEO Smart Contracts
To encrypt Smart contracts in Cardano, you must use Plutus, who is based on Haskell, the language used to encrypt Cardano.
And it’s just what Cardano uses Haskell to encrypt their ecosystem and Plutus for their smart contracts.
Smart contracts and dapps should have a clear difference in the security of the network.
Smart contracts and dapp’s in the current ethereal network do not differ, although according to the definition of Smart contracts, both are two different things.
Smart contracts provide security to your system, remember that there is no interruption of the third party with smart contracts.
Buterin imagined a system in which the computing power of the blockchain nodes could be used for more than just hashing out a work algorithm test.
Instead, Buterin argued, such processing power could be used to execute contracts and applications within the blockchain.
Neo is implementing many of the same solutions as Ethereum, supporting Smart contracts and dapps.
Neo’s private partnerships are impressive, but let us remember that Ethereum is the current leader in the evangelization of blockchains for private companies.
Ethereum was the first significant Blockchain platform to build a Turing – complete language for Smart contract writing on the blockchain and was quickly adopted as a platform of choice for the development of dapp.
If your application requires sovereignty and flexibility, then you can develop on your blockchain without having to deal with the complex network and agreed on parts of the software.
Most programmers write the Smart contract in stable because it is easy to read the code and most of them avoid learning how to assemble.
In any case, if Ethereum is the best-known and active blockchain to bring Smart Contracts and dapps today, we will probably see many alternatives that come to life and compete in the coming years.