1. Smart Contract
Smart contract can be defined as an application or program that runs through the blockchain, and it executes the contract on its own under specified conditions. In general, smart contracts work as digital contracts that are governed by specific rules. These rules are predefined by computer code that is replicated and executed on every network node. Smart contracts execute specific actions when certain conditions are met. By using smart contracts, there is no need for a third party to intervene, which can significantly reduce operating costs.
In the BIG5 Chain Network (BCN), smart contracts are responsible for executing and managing blockchain operations that occur when users (addresses) interact. Thus, smart contracts are controlled by computer code, while EOAs are controlled by the user. Any address that is not a smart contract is called an Externally Owned Account.
Basically, the smart contract of BCN consists of a contract code and two public keys. The first public key is the key provided by the contract creator, and the other represents the contract itself, acting as a unique digital identifier for each smart contract. All smart contracts are built through blockchain transactions and can only be activated when an EOA (user) or other smart contract calls them.
The smart contract of BCN has the following characteristics:
Distributed
Smart contracts are replicated and deployed to all nodes on the BCN network. This is one of the main differences that makes it different from other solutions that are based on centralized servers.
Deterministic
Smart contracts perform tasks for which they are designed only if they meet the requirements. And no matter who executes it, it always produces the same result.
Autonomous
Smart contracts can automate all kinds of tasks and work like a self-executing program. However, in most cases, if the smart contract is not triggered, it remains "dormant" and does not take any action.
Immutable
Smart contracts cannot be changed after deployment. You can only "delete" these items if certain features have been implemented prior to deployment.
Customizable
Prior to deployment, smart contracts can be coded in a number of ways. Therefore, it can be used to write various types of distributed applications (DApps). This has to do with the fact that the BCN is a blockchain with Turing-completeness.
※ Turing completeness of blockchain
The Turing completeness of a blockchain can be secured through the Turing Complete Language. Turing Complete Language is a language that creates a Turing Machine, a machine that can solve all problems in the world based on infinite storage space, and implements algorithms that can be input into the turing machine.
Trustless
Two or more contracting parties can interact through smart contracts without needing to know each other or form a relationship of trust. Blockchain also ensures the accuracy of the data.
Transparent
Since smart contracts are based on public blockchains, the source code is not only immutable but also accessible to anyone.
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