The world is moving faster with a number of innovative technologies in order to make our lives easier and to make the world a better place to live in. The best innovation so far is the internet which has made the world a global village. The Internet has made possible to transfer data and create a contact no matter whatever is in between and distance does not really matter. By using the concept of this the blockchain technology has been establishing. It is not less than that as it continues to have the integration into our lives altering in a dramatic manner for interacting by the integration of our lives. Edenchain is not different from this.
It is applying for diversity to the industries and services for the ICOs, IoT, Shared Economic Platforms, Gaming, Finance giving the ability for capitalizing the valuable assets executing the transaction in a rapid, secure and at low cost.
The computer scientists and cryptographer Nick Szabo have explained the smart contracts. According to his quotations, the smart contract is a set of promises with the specified digital form that will include the protocols within the parties performing at their premises. This can be referred to the automated trade agreement by the functions without any human intervention. This condition will specify the contract by the meeting.
The Chamber of Digital Commerce also describes the concept of Szabo of smart contract based on four elements. These elements are model of smart contract, automation, data processing protocol and software code for the chamber of digital commerce in 2016. In addition to the smart contracts are composed in six steps. These certain steps include:
Identity agreement
Set conditions
Code the business logic
Encrypt and blockchain technology
Network updates.
Professor Vincenzo Morabito from Bocconi University has divided the smart contracts into two different types. One is the deterministic and another one is non-deterministic. The deterministic smart contract dost not contain any data from the outside of its execution but the non-deterministic one will form the smart contract by the requirement of external data in its execution.
The non-deterministic smart contract is quite vulnerable to the security breaches relative to the deterministic for the smart contracts as it will need to retrieve the data from the external systems rather than forming the blockchain networks. On the other hand, this form of smart contracts can have the integration with the external systems creating various types of smart contracts and agents of automation with the important elements of smart contracts. The smart contracts have three different elements like:
Bitcoin Smart Contract provides the programming language called the script by the support of functions of stacking manipulation, string manipulation, bitwise manipulation and basic cryptography.
Ethereum Smart Contract supports the Turing-Complete language for using the Loop and Recursion. It runs through the subtractions to a certain amount of gas paid in advance for an individual deliberate delay through the execution of indefinite calculations
NXT Smart Contracts has adopted the POS consensus algorithm to secure the performance and scalability. This will function as input, delete and to update data through the blocks to compete with the usage of NXT API.
The entire formulation of the smart contract of Edenchain has been constructed is based on the autonomous agent. It is done by the performance calculation through the store information. This will send the transaction to other accounts and will go through the real estate. This whole procedure
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