Tezos Smart Contract
The blockchain platform Tezos enables the creation and execution of smart contracts. A self-executing contract known as a "smart contract" is one in which the conditions of the buyer-seller contract are directly incorporated into lines of code. In the realm of blockchain, these agreements are recorded on a decentralized ledger, which renders them impermeable, safe, and visible.
A Tezos smart contract is computer software that executes the conditions of a contract between two parties automatically. It is kept on the Tezos blockchain.
It does away with the need for middlemen and makes it possible to securely and transparently transfer assets based on pre-established criteria, such as digital currencies or real estate. The code contains the terms of the contract, including the guidelines and penalties, and when the prerequisites are satisfied, the code self-executes. The integrity and dependability of Tezos smart contracts are ensured by their immutability, which prevents changes to or deletions of them after they have been deployed. In a word, Tezos smart contracts offer a trustless, decentralized framework for safe and effective transactions.
How Tezos Smart Contract Works?
A Tezos smart contract works by executing the instructions encoded in its code when certain conditions are met. Here's a basic overview of the process:
Creation :
A tezos smart contract developer creates the smart contract code and deploys it on the Tezos blockchain.
Triggering :
When certain conditions specified in its code, such as the receipt of a specific amount of digital currency, are met, the smart contract is triggered.
Execution :
Tezos network then executes the code's instructions, automatically transferring the specified assets and updating the ledger
Storage :
The execution result, along with the contract terms, is recorded on the decentralized ledger, providing a permanent and transparent record of the transaction.
