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What is a smart contract and how it work in Atok ecosystem

4 min read -May 16, 2024 by Dat Nguyen

What is a smart contract and how it work in Atok ecosystem

What is a smart contract and how it work in Atok ecosystem

Smart Contract (or Smart Contract) is a concept well-known in the blockchain industry in general and in cryptocurrency in particular. Nowadays, many blockchain projects have successfully incorporated smart contract technology into their project models, and Atok is one of them. Let's delve into the details of smart contracts and how they are applied in the Atok project ecosystem.

1. What is a Smart Contract?

A smart contract is an automated program running on a blockchain. The purpose of a smart contract is to enforce the terms of a contract without the need for third-party intervention. This allows individuals to trade freely without being controlled or supervised.

A smart contract is an automated program running on a blockchain

A smart contract is an automated program running on a blockchain

2. How are Smart Contracts Constructed?

When analyzed more deeply from a technical standpoint, smart contracts are built with basic steps as follows:

2.1. Identifying the Parties and Establishing Smart Contract Terms

This initial step involves identifying the involved parties and reaching agreements on the contract's terms and conditions. The contract's terms, each party's obligations, and the standards for contract execution are outlined in this agreement.

2.2. Defining the Conditions for Smart Contract Execution

The second step is to define the conditions that must be met for the contract to be executed. These conditions are typically expressed as a set of rules or criteria that must be satisfied for the contract to be considered valid.

2.3. Writing Smart Contract Code and Deploying it on a Blockchain Platform

The next step is to write the code for the smart contract. This code specifies the exact steps needed to execute the contract when the specified conditions are met. Deploying the smart contract on a blockchain platform follows, which involves validating the contract's validity by uploading the code to the blockchain network.

2.4. Activating Execution and Recording the Contract on the Blockchain Ledger

The execution of the smart contract is the fifth phase. When the predetermined conditions are satisfied, the contract is automatically executed, and the blockchain network activates it. The contract's details are recorded on the blockchain network upon execution, including the contract's terms, prerequisites for execution, and execution date and time. Once entered into the blockchain ledger, these contract specifics are immutable, meaning they cannot be changed or removed.

3. What are the benefits of Smart Contracts?

Smart contracts leverage computer protocols to automate actions, optimize various commercial processes, and save valuable time. By eliminating the need for intermediaries such as brokers to verify signed legal contracts, the risk of third-party interference is significantly reduced.

The absence of intermediaries in smart contracts not only mitigates risks but also translates into cost savings. With full visibility and access to the contract's terms and conditions, all relevant parties are held accountable once the agreement is signed. This ensures transparent and non-negotiable transactions, fostering trust and accountability among all involved parties.

How are Smart Contracts Constructed?

How are Smart Contracts Constructed?

4. How are Smart Contracts Applied in the Atok Ecosystem?

Smart contracts are applied in the Atok project by DTE Ventures to promote smooth transaction execution and development within the ecosystem. Activities where smart contracts can be applied include:

  • Exchanging M2E tokens within the ecosystem between users and advertisers, between the Atok platform and users.
  • Converting M2E tokens into other cryptocurrencies and vice versa; converting M2E tokens into other digital assets such as Digital Assets in general, and NFTs in particular.

Smart contracts for the Atok project are used for M2E tokens to ensure quick verification of transactions without the need for third-party confirmation. Specifically, the M2E token is built on the BEP-20 token standard. BEP-20 (a token standard built on the smart contract platform of the Layer2 system, using the BNB Smart Chain blockchain technology). This allows tokens to be easily converted and sent back and forth between accounts within the BNB Smart Chain ecosystem. With the support of smart contracts, these transactions occur continuously, without interruption, and without being monitored by anyone.

Another application of smart contracts in the Atok ecosystem is when users purchase digital assets such as NFTs or other assets, this process occurs smoothly and without constraints like trading to own traditional assets.

Smart contracts are applied in the Atok to promote smooth transaction execution

Smart contracts are applied in the Atok to promote smooth transaction execution

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