Aergo’s Smart Contracts
The other name of smart contracts is digital contracts, blockchain contracts and self-executing contracts. Smart contracts can be converted to codes, stored and are computer reproduced. Computer networks that are blockchain bases manage smart contracts. Smart contracts enable for share, money, property and other valuable transactions in a transparent manner without the need of an intermediary.
Just like traditional, smart contracts, have rules and penalties surrounding them. These rules and penalties are enforceable unlike traditional contracts. Governments, enterprises and other organizations can use smart contracts. These entities will benefit in many ways:
Trust
Smart contracts are encrypted. They are also stored on a shared ledger making it impossible for one to steal the documents. Transactions will be handled by an unbiased system. This system replaces trust. You will not need trust to carry out transactions.
Autonomy
There is no need for intermediaries with smart contracts. An individual, organization or government will have total control over the agreement.
Savings
Facilitators like advisors, notaries, and estate agents will not be needed when using smart contracts. By removing them from project execution, businesses and governments will be able to save money on fees.
Safety
It is near impossible to hack smart contracts. Complex and advanced cryptography safeguards the smart contract environment. The complex cryptography ensures that all documents are kept safe.
Efficiency
Even though they do not save on time, they ensure that the job is done effectively and efficiently. Traditional contracts are error prone. Smart contracts have eliminated the possibility of such errors from occurring.
Smart Contracts and Aergo SQL
Multiple VMs including but not limited to Ethereum’s VM will be supported by Aergo to facilitate solidifying smart contracts along with Aergo’s native plugin based smart contracts with the AERGOSQL language and Hyperledger Fabric Chainfode.
AERGOSQL is uniquely qualified since it can freely interact with the smart contracts. AERGOSQL can also transform, retrieve and store data into datasets. Many people know how to use SQL as a programming language. The vast and untapped pool of non-developers has the potential of becoming fertile ground.
Isomorphic Smart Contract
The ability to run code is a clever innovation from Aergo. Clients can run or make request to run code in the client and node interfaces. Traditional programming refers to this as isomorphic application. Isomorphic code is run between the dApp and Smart Oracle when interacting with the node. Requests can go both ways.
File Storage
AergoFS is loosely based on Facebook’s Haystack technology. AergoFS will store files. These files will be accessed using smart oracles. They can also be accessed directly by dApps. Each DD will store metadata about storage files like hash value, performance statistics and physical location.