A smart contract has the power to invoke almost all the digital assets. Over the period, these contracts have possessed complexity and completely independent in nature. This is to ensure the progression of complex transactions like that of payments and currency exchange.
The different types of Smart Contracts
- The Dapps: This abbreviation is for ‘decentralized applications’.
- These applications are attached to the blockchain with self-programmed working operations and contain all the particular entities needed for its functioning.
- Moreover, different protocols have given diverse and special definitions for dapps like distributed applications and the one maintaining a public transaction ledger.
- Further, the cryptocurrency ether defines it as a transaction protocol on cryptographic blockchain that maintains the well-execution of contract requisites.
- The users’ information is pseudonymously shielded while running the application across the network nodules.
- For example, LaZooz is decentralized car ride scheme, Storj for decentralized data storing and a lot more.
- The Characteristic features include:
Open Source with no one else to control its operation or data and records should be stored in blockchains;
Uses standard algorithms to issue tokens;
The protocols should be in an updating state that adapts to proposed developments and works with market situation.
- The DAOs and The DACs: This stands for ‘decentralized autonomous organizations and corporations’ respectively.
- These are more complex than dapps as they are derived from the concept of artificial intelligence.
- Initiates to run on blockchain operations with the execution of pre-specified and approved tasks based on changing environments.
- Tasks are being performed without any kind of human involvement under a set of business protocol and give the impact of real-world business that could be re-established on the blockchain.
- For example, DriveShare and Metadisk are the apps that assist users to rent out the left disk storage space on the storj cloud network.
- The DASs and the Self-Bootstrapped firms: Indicates the decentralized autonomous societies.
- This can be stated as the taskforces of smart contracts or the entire world of Dapps, DAOs, and DACs working independently.
- The most interesting feature of a self-bootstrapped organization is that it is the venture ideas stemming out from the bc concept or from an individual. This entirely new project stands out all alone with its smart contract associations and crowdfunds itself and investors on the mission to operate and receive back the comments through the prevailing prediction markets and bc voting. They can eventually dissolve or re-evaluate on periodically conducted voting.
We are gifted with a handful of apps related to these smart contracts like Bit-message, a text share technology and Twister, a decentralized Twitter. All these secured apps come to our benefit and are autonomously operated via network lumps.