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Smart Contracts Networks

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What are Smart Contracts?

• Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met.

• They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.

• They can also automate a workflow, triggering the next action when conditions are met.

How Smart Contracts work?

• Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain.

• A network of computers executes the actions when predetermined conditions have been met and verified.

• These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket.

• The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results.

Remember! Smart contracts are written in the coding solidity language. It is compiled as a json file and this json file is used to deploy the contracts. Smart contracts are deployed on a network i.e: Ethereum, Polygon, Soalna etc. Then this smart contract store data about the NFT.

• Within a smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily.

• To establish the terms, participants must determine how transactions and their data are represented on the blockchain...

• i.e. agree on the “if/when…then…” rules that govern those transactions, explore all possible exceptions, and define a framework for resolving disputes.

• Then the smart contract can be programmed by a developer – although increasingly, organizations that use blockchain for business provide templates, web interfaces, and other online tools to simplify structuring smart contracts.

Minting an NFT

• Minting an NFT means creating and listing an NFT on the blockchain via Smart Contract.

• When an NFT is created on a blockchain and PUT on sale it means anyone can purchase that NFT by paying its price + gas fee by his wallet.

• For minting an NFT you need to pay Gas Fees.

Gas Fee

💡 Gas fee is the minimum charge cut by solidity functions during some action(s).

• A gas fee is a term given to transaction fees on the blockchain network (i.e: Ethereum, Polygon, etc.).

• According to Ethereum’s developer pages, gas is..

  • “...the fuel that allows the [Ethereum network] to operate, in the same way, that a car needs gasoline to run.”

What is a transaction on the blockchain?

• A transaction is a transfer of value on the blockchain.

• In very simple terms, a transaction is when one person gives a designated amount of cryptocurrency they own to another person.

• To perform transactions on the blockchain, you need a wallet, a program linked with the blockchain to which only you have access, that keeps track of the crypto you own and allows you to transact with it.

• Each wallet is protected by a special cryptographic method that uses a unique pair of distinct but connected keys: a private and a public key.

What is a public key?

• A public key, also known as the address, is a series of letters and numbers that a user must share in order to receive funds.

• In contrast, a private key must be kept secret, much like your bank card pin number, as it authorizes the spending of any funds received by the associated public key.

• With their wallet, a user (i.e. whoever has the private key) can authorize or sign transactions and thereby transfer value to a new owner.

• The transaction is then broadcast to the network to be included in the blockchain.

Important!

Transactions have hash codes that can be checked on different network scanner sites. For example, you can verify Ethereum transaction hash on https://etherscan.io/

What is token standards?

• A token standard defines the smart contract and features that the token issued by it has.

• There are many different standards on different blockchains.

• The simplest categorization would be between fungible and non-fungible tokens.

• Over time, Ethereum has gained more and more popularity and now most NFTs are issued on this blockchain.

• Ethereum token standards start with the abbreviation ‘ERC’ (Ethereum Request for Comments).

💡NFT Marketplace (Shopzyte) currently Supports ERC-721 tokens.

The ERC Standards

• ERC-223 – much like ERC-20 but with a feature that ensures the tokens are only sent to compatible addresses. This prevents loss of access to the tokens since they cannot be retrieved from incompatible addresses.

• ERC-827 – allows the approval of fungible token transfers so the tokens can be spent by an on-chain third party.

• ERC-777 – an improvement on ERC-20. Users can send tokens on behalf of different addresses.

• ERC-1155 – a smart contract that allows users to manage Ethereum tokens of many types. It can contain ERC-20 or ERC-721 tokens and it works for all types of assets: fungible and non-fungible.

• ERC-1137 – a token standard designed for recurring payments. It works well for subscriptions requiring payments at certain intervals.

• ERC-998 – a smart contract that allows users to merge several NFTs into one NFT.

• ERC-875 – a smart contract that allows users to transfer several NFTs in a single transaction.

• ERC-865 – a smart contract that allows users to pay for a transaction with tokens instead of gas.

What is MetaMask?

• Most cryptocurrency users only have wallets linked to the exchanges on which they trade.

• It resembles a typical email/password log which gives people the erroneous notion of how blockchain addresses function.

• MetaMask is a non-custodial wallet that can be accessed from your browser or mobile and it provides you with complete control over your assets.

• It has significant advantages and disadvantages, which we shall discuss below.

• In short, MetaMask is a cryptocurrency wallet that allows you to store, transfer and trade ERC-20 tokens.

• What distinguishes MetaMask from other wallet applications is its ability to interface with smart contract-based platforms that are live on Ethereum or Layer2s on Ethereum.

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ERC-1155 Standard Upgrade

• (feature released into production ETA Q2 2023)

• Current State available now...

  • No Bridge. Direct Smart Contract deployment.

  • ERC-1155 standard interface for contracts that manage multiple token types.

  • A single deployed contract may include any combination of fungible tokens, non-fungible tokens, or other configurations (e.g. semi-fungible tokens).

  • Currently, we have built-in ERC-721 contract standards but currently, the most popular standard for minting is 1155 in which multiple editions of an NFT can be published.

• What we're developing...

  • No Bridge. Direct Smart Contract deployment.

  • Existing standards such as ERC-20 require the deployment of separate contracts per token type.

  • The ERC-721 standard’s token ID is a single non-fungible index.

  • The group of these non-fungibles is deployed as a single contract with settings for the entire collection.

  • In contrast, the ERC-1155 Multi Token Standard allows for each token ID to represent a new configurable token type, which may have its own metadata, supply and other attributes

Multi-Chain Traverse Upgrade

• (feature released into production ETA Q2 2023)

• What we're developing...

  • A multi-chain NFT marketplace will traverse multiple blockchains and will support trading across multiple networks.

  • Our Product is now supported with multiple chain networks.

  • Now our site admins can deploy multiple chains and activate them all simultaneously.

  • It will be convenient for the users to use them simultaneously.

  • With multi-chains support unlike other marketplaces, contract deployment will be cost-efficient and very low.

  • Our contracts are audited and are proven to be cost-efficient.

  • Deploy on multi chains or multi networks and create NFT on all of them with ease.