The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Speaking of smart contracts, we have to mention Ethereum, because Ethereum is the first platform to propose smart contracts. With the continuous development of blockchain and digital currency, Ethereum was later accepted by more and more people, so there are now many blockchain smart contracts that choose designs similar to Ethereum. We know that a smart contract is different from an ordinary contract. It is not a common contract in reality. It is a piece of code that exists on the blockchain and will be automatically executed after being punished. Many investors want to know more about what this Ethereum smart contract is? Let the editor of the currency circle introduce this Ethereum smart contract to you.

 What is an Ethereum smart contract?

Ethereum's smart contracts are not common contracts in reality, but a piece of program code that exists on the blockchain and can be triggered for execution. These codes implement certain predetermined rules and are "autonomy" that exists in the Ethereum execution environment. acting". The accounts and contracts of Ethereum are shown in the figure below.

Ethereum’s smart contract design is very simple.

·Anyone can develop smart contracts on the Ethereum blockchain. The codes of these smart contracts exist in Ethereum accounts. Such accounts with codes are called contract accounts. Correspondingly, accounts controlled by keys may be called external accounts.

·Ethereum’s smart contract program runs on the Ethereum Virtual Machine (EVM).

·Contract accounts cannot start and run their own smart contracts by themselves. To run a smart contract, an external account needs to initiate a transaction to the contract account to start the execution of the code in it.

A major difference between Ethereum and Bitcoin is that the former provides a Turing-complete programming language (Solidity) and a corresponding runtime environment (EVM). The so-called Turing completeness means that this script programming language can run all possible calculations, while Bitcoin's UTXO model and scripts can only run part of the calculations.

 What is the use of Ethereum’s smart contracts?

Different from Bitcoin, the biggest difference of Ethereum is the introduction of the concept of smart contracts. Bitcoin is a digital currency, Ethereum is also a digital currency, but it is much more than that.

The name "smart contract" is a bit misleading. They are not real contracts, nor are they particularly smart. They are just some code that can be run on the blockchain -
In other words, it is computer logic operations. One of the widely used uses of Ethereum's smart contracts is to create tokens, which mostly correspond to assets outside the Ethereum blockchain.

The image above is a concise illustration that was redrawn from an illustration by Komhar Consulting. The diagram shows a typical ERC20 token issuance process: a project creates a token through a smart contract, and this token is a value representation of physical assets or online assets. The investor (user) initiates a transaction and transfers Ethereum (ETH) to the smart contract. The smart contract automatically operates. After certain rules are met, it transfers the corresponding number of tokens to the investor's account.

The above content is the editor’s detailed explanation of what an Ethereum smart contract is. When a smart contract is deployed to the Ethereum network, everyone can call the functions of the smart contract. However, for security reasons, the functions may prevent people from calling, but we are free to try. We know that as long as there are smart contracts, there may be loopholes. The Ethereum blockchain has also suffered various attacks. As a technological revolution, Ethereum still has many problems that need to be solved. Now Ethereum has different parts. All require security certification to prevent hacker attacks.