Smart contracts are simply programs with self-executing lines of code that perform a specific function. This allows users and applications to push arbitrary code to the Blockchain by using transactions. A smart contract can hold both state and funds/tokens (DJTX, ETH, LINK etc) on the ledger. In other words, smart contracts can be seen as a state machine running in the Blockchain with a public address where we can push or pull the state. The transactions we use to push the arbitrary code in the blockchain can pass both funds and data.
To generalise, smart contracts are used for two main purposes:
- Hold funds and state, which are stored in the Blockchain under the contract's address
- Run logic or code that can perform actions using those funds or update the contract itself.
Compared to the traditional contracts, smart contracts enable users to codify their agreements and trust relations by providing automated transactions without the supervision of a central authority, or a need for a third-party intermediary.
From an implementation standpoint, a Virtual Machine is something that runs the byte code in the Blockchain. Each node in a blockchain network runs an instance of this virtual machine ready to execute any arbitrary code pushed to it.
Smart contracts today are an integral element of DeFi, enabling a wide variety of complex financial transactions to be carried out with speed and efficiency. The benefits of smart contracts specially through the decentralized finance spectrum, simply outmatch the traditional banking institutions.
Dijets Utility Chain and Smart Contracts#
The Utility Chain is one of Dijets Ternary Chain ledgers. As an instance of Ethereum Virtual Machine the Utility Chain offers increased scalability and interoperability while still being compatible with all the Ethereum Tools. Dijets Ternary Chain Ledger system is built to deliver high performance, extreme scaling capabilities, fast confirmation times, and affordability unlike any other platform today. We believe that by making smart contracts cheaper, faster, and more scalable, Dijets can alleviate some of the biggest roadblocks developers are faced with today and unlock the true potential of this wonderful technology.
Dijets enables developers to build and deploy Solidity-compatible dApps, launch custom blockchains with individual rule-sets, and trade digital assets faster than it was ever possible before. With Dijets Utility Chain developers can utilise a network with increased scalability and interoperability all the while being able to continue using the tools they are familiar with.