Smart contracts on Credits platform
Nowadays a number of blockchain platforms is working on easy-to-use and functional smart contracts that play important role in blockchain technology development and its adoption.
Our developers have successfully implemented a range of innovative improvements in existing smart contracts.Technically unique smart contracts will become a solid foundation of Credits platform and will help start the implementation and distribution of decentralized applications based on the Credits blockchain in various application spheres.
Let’s take a closer look at what Credits smart contracts are in details and explore the basic definitions and differences between smart contracts and traditional ones.
Definition and benefits of smart contracts
Smart contract is a computer program designed to conclude and maintain contracts (or agreements) in digital form using the blockchain technology. A smart contract contains all required contract terms, and a set of actions (for ex. another smart contract execution or assets transfers) in case of contract terms fulfillment or non-fulfillment.
The main advantage of smart contracts is a high level of security as well as absolute reliability and impartiality, which is supported by cryptography, the basis of such agreements. Smart contracts can reduce transaction costs, eliminate ambiguous interpretations or biased decisions.
Independence - no need to use the services of intermediaries any longer;
Security - the smart contract is based in a distributed registry, the terms of the agreement are encrypted and cannot be read by third parties;
Reliability - blockchain chain is immutable and the information that was recorded in the blockchain is kept by all network participants;
Savings - getting rid of intermediaries: the parties of the agreement reduce costs since there is no longer a need to pay for the services of intermediaries;
Automation - there is no need to fill a huge amount of printed documentation, all terms of smart contracts are executed automatically.
Smart contracts on the Credits platform
Credits smart contracts are created with Java, a cross-platform object-oriented programming language that has a variety of advantages enabling it to solve practically any tasks. The usage of Java allows to implement "Turing completeness", or the ability to implement any computable function. In addition it provides an ability to execute smart contracts on any type of devices that support an execution on Java virtual machine. Currently, the list of devices is limited to nodes managed on Windows, Linux, MacOs, but in the future this list can be supplemented by nodes running on Android, iOS.
Credits also utilizes Java Virtual Machine (JVM), a much more stable and flexible machine for applications with high load. It offers 2 main functions: runs Java programs on any device or Operation System and memory management and optimization.
Unique features of Credits smart contracts
Decentralized execution of smart contracts means that one particular smart contract, one state change of the smart contract is performed simultaneously on all trusted nodes of the round that reach a single decision due to the platform’s consensus algorithm.
Credits smart contract function libraries have an extensive set of functions for developing decentralized applications for almost any industry:
Crypto resistant random number algorithm
Ability to run a smart contract at a schedule
Data encryption features
The function that allows to call one smart contract through another
Remote digital signature feature
Credits platform is the operating system that allows to deploy decentralized applications of any complexity. This is realized thanks to large transactional capacity of the platform and the instantaneous block formation time (5 blocks per second). We minimize the discreteness of the smart contract code execution, so everyone has the opportunity to create decentralized applications operating with the objects in real time mode.
Comparison of platforms with the ability to develop smart contracts
Balance model - the asset management method
Turing Completeness - a computational system that can calculate every possible function
Consensus protocol - the way of decision making on platform
Types of transactions.
1.) Deploy transaction intended for the initial deployment of the "raw" transaction code in the blockchain and its subsequent initialization
2.) Start transaction that contains an ordered list of smart contract methods and set of parameters. After the execution of the smart contract the corresponding new state for each start transaction should appear.
3.) After the smart contract is executed, the new state is stored in the NewState transaction. Each NewState transaction stores a link to the corresponding Start transaction in the USRFLD1 field (block number, block hash, transaction ID).
4.) Smart-gen transaction generated during the execution of a smart contract and has the address of the smart contract as the sender's address.
5.) Ordinary - a normal transaction containing the transfer amount in the amount field. With the help of this transaction the transfer to the address of a smart contract is possible.
Smart Contract Examples