The smart contract in XinFin Hybrid Blockchain is a kind of software application that works without human intervention based on the transaction logs and provides a solution to the user request.
I want to share the back end mechanism in the Smart Contract of XinFin Hybrid Blockchain.
Smart Contract Mechanism on XinFin Hybrid Blockchain
What is Smart Contract
- A smart contract is a protocol which can auto-execute, facilitate, verify, or enforce the negotiation of a contract.
- Agreement between two parties you can say as a contract.
- Incorporating the rules of the physical contract into the computing world, you can say as a smart contract
- XinFin Hybrid Blockchain supports you to create smart contracts.
- Smart Contracts are self-executing programs which run on the XinFin Hybrid blockchain and are capable of enforcing rules
- Using XinFin Hybrid Blockchain as a platform and making an agreement or contract between more than two parties, you can say as Smart Contract.
Top Benefits of Smart Contract
- Currently, smart contracts are being used only in Crypto Currencies
- Now Smart Contracts being used in all financial transactions
- A smart contract can then raise funds for the foundation to complete a certain objective
- The primary benefit is to avoid middlemen and to avoid fraud and cheating in the business world
Smart Contract-Based Markets
When Smart Contract Initiated
- Smart contracts are self-executed programs. So they run automatically whenever they need it.
- Each Smart contract in the XinFin Hybrid Blockchain is stored in a Block.
- Smart contracts have the following capabilities-self-execute, self-verify, self-enforce, and self-constraint the agreement between two parties.
How many smart contracts are present on XinFin Hybrid Blockchain
- You can create ’N’ number of smart contracts on XinFin Hybrid Blockchain
- Smart Contract Manager oversees all the transactions created on a XinFin network such that it avoids any fraud or cheating.
The contracts created under the XinFin Hybrid blockchain platform you can say as smart contracts. The legality of contracts monitored by kyc enable masternode but not by human beings. They enforce rules and create alerts when something goes wrong.
About XinFin Hybrid Blockchain
XinFin Hybrid Blockchain is an open-source enterprise-ready Hybrid Blockchain for Global Trade and Finance. It combines the power of public and private Blockchains with interoperable smart contracts. XinFin is fully EVM compatible. For more information on XinFin, please visit www.xinfin.org or learn more about XinFin in this video.
XinFin Hybrid Blockchain useful Tools:
- XDC Mobile Wallet: Mobile based wallet to Send/Receive Stable coin Tokens
- XINPAY: Web based Wallet to Send/Receive Stable coin Tokens
- XDC Remix: XDC Remix is a powerful, open source tool that helps you write Solidity contracts straight from the browser.
Reference articles and video on XinFin Network
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