In recent times, the development of blockchain technology has been introduced to different sectors of the economy, especially the financial sector. This has introduced a crypto economy. This technology was further developed and taken to the next level where a decentralized and trustless ecosystem is created to remove the involvement of third-party authorities in transactions. This development was made possible due to the appearance of a smart contract.
Blockchain-enabled smart contracts hold a lot of advantages and this article seeks to discuss everything about connecting smart contract-enabled blockchains. Ethereum is the world’s first smart contract platform, which remains the most popular choice among developers to this day. The challenges relating to the scalability problems of Ethereum gave its competitors a window of opportunity to secure a market share in the world of smart contract platforms, and they are here to stay. Smart contracts were made popular by the rise of bitcoin and blockchain technology but some were of the opinion that it had been around for a while.
What then are smart contracts?
Smart contracts are like contracts in the real world. The only difference is that they are digital. It is a computer program that is stored inside a blockchain.
Smart contracts are referred to as digital contracts that are stored on a blockchain and that are automatically executed when predetermined terms and conditions are met.
Smart contracts are simply programs stored on a blockchain that function when the prior set conditions for it to function are met. They are used to typically automate how an agreement is carried out so that all participants or users can be immediately certain of the outcome, without any third-party or intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.
Therefore, a smart contract-enabled blockchain is a self-executing computer program that utilizes blockchain to store the contract’s terms. When the conditions embedded in the contract are met, the program executes itself, which effectively eliminates intermediaries. Moreover, with smart contracts in place, transaction costs are significantly decreased, while the transaction speed is dramatically increased.
Smart contracts can call functions of other contracts and can create and deploy other contracts.
What are the benefits of Smart Contracts?
Smart contract execution can result in the exchange of money, delivery of services, unlocking of content protected by digital rights management, or other types of data manipulation such as changing the name on a land title. Smart contracts can also be used to enforce privacy protection by, for example, facilitating the selective release of privacy-protected data to meet a specific request.
Smart contracts enabled blockchain comes with ease and swiftness in technology. they make massive improvements to normal contracts in several areas including speed of execution, cost surrounding the agreements, and security.
Blockchain enabled smart contracts to handle challenges that involve extreme centrality, contract conflict of interest, enforcement, and transparency. The smart contract enables blockchains to solve these challenges by being decentralized, fully transparent, and auto executing pieces of code that do not need to rely on a third-party intermediary. Because smart contracts are stored on a blockchain, they are immutable and distributed.
ClassZZ's main net connects all smart contract-enabled blockchains in a way that will define how humans interact in the future. With a smart contract on the ClassZZ main net, an ecosystem is built that does not require a third party or a centralized authority. With the universality feature of the Te Waka protocol for the ClassZZ main net, one protocol connects all smart contract enabled blockchain, unlike the bridge protocols that only connect two chains at a time.
In other for this to be successful and all smart contracts enabled blockchains are connected, ClassZZ main net makes use of the cross chain technology where different blockchains are able to interact and communicate with each other. For this to be achieved, the blockchains involved must be smart contract enabled.
As mentioned earlier, the protocol on which the ClassZZ network is launched is the Te Waka protocol. The Te Waka protocol is designed in such a way that cross-chain smart contract is deployed on other networks. The cross-chain smart contract has three main functions which include mint, burning, and calling a decentralized exchange such as Uniswap. When it comes to minting, main net CZZ tokens are sent to the NUMS address, the corresponding smart contract will execute mint. When the user burn mapped tokens via the cross-chain smart contract, it will result in a negative block reward to the corresponding NUMS address, administrated by PoW miners. When the user burns mapped tokens via the cross-chain smart contract and indicates that she wants to receive mapped tokens of another blockchain, it will result in a negative block reward to the starting NUMS address, and a positive block reward to the destination NUMS address, administrated by PoW miners.
In other words, ClassZZ main net will successfully connect smart contract-enabled blockchain through the application of cross-chain technology. The data written on each blockchain cannot be changed. It self-executes itself depending on the program written on it. This provides the ClassZZ users with trust in the system.
It is worth noting that ClassZZ was created to promote trust and one way it can achieve this is through the employability of smart contracts. By connecting all smart contracts enabled blockchain, ClassZZ main net strives to resolve the issues of trust.
The integral component of this main net or ecosystem is the Te Waka protocol, which is responsible for network interoperability through cross-chain technology, a trustless, permissionless, and decentralized system. They make ClassZZ main net attractive as they allow their developers and designers to create their own blockchains with custom native tokens.
ClassZZ smart contracts are considered among the most secure ones in the industry because the platform supports transparency, decentralization, data security, and trust, which guarantees that smart contracts will execute exactly what it is intended to achieve. Every smart contract on the platform is audited before deployment.