Smart Contracts Overview

Smart contracts are autonomous agents deployed on a blockchain which will execute code and actions depending on given conditions.

Usecases for smart contracts

• Function as ‘multi-signature’ accounts, so that funds are spent only when a required percentage of people agree
• Manage agreements between users, say, if one buys insurance from the other
• Provide utility to other contracts (similar to how a software library works)
• Store information about an application, such as domain registration information or membership records.

Solidity language

Solidity is a high-level programming language, that is used to implement smart contracts on Wanchain.

It has Python, C++ and JavaScript influences and is used for Ethereum Virtual Machine ( EVM ). As a result, it is fairly convenient and easy to grasp for those that are already familiar with the Python, C++ or JavaScript. This provides a good opportunity for newcomers to learn how to work with blockchain applications.

In the next chapter we will learn how to create a hello world contract and deploying it on the WAN Blockchain.