How to execute smart contract

Flow

1. Set up and launch the VS Code platform.
2. Develop a smart contract using Node. js.
3. Start a local instance of a Fabric network within the VS Code platform.
4. Install and instantiate the smart contract.
5. Test out the smart contract transactions.

1. How does a smart contract know when to execute?
2. How does a smart contract function?
3. Who pays smart contract execution fees?
4. How are smart contracts triggered?
5. Do smart contracts require Cryptocurrency?
6. Does Bitcoin use smart contracts?
7. Who writes smart contracts?
8. What is a smart contract example?
9. What is the structure of a smart contract?
10. How is a smart contract stored?
11. Is a smart contract legally binding?

How does a smart contract know when to execute?

If a term of the contract is satisfied and it is verified by all participants of the blockchain network, then the relevant transaction is executed. Step 3. When a term is satisfied, computers in the network verify its correctness.

How does a smart contract function?

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.

Who pays smart contract execution fees?

The miners. They mine and take the fees of the transactions, which include the "gas" cost of executing your contract.

How are smart contracts triggered?

A smart contract works through automated conditional performance. When a contractual obligation is met, the corresponding obligation is triggered. For example, an obligation could be triggered by: a specific event (“if X happens, then action Y”)

Do smart contracts require Cryptocurrency?

Anyone can use smart contracts if they have Ethereum's native token ether, which can be bought on cryptocurrency exchanges. Ethereum apps will usually provide instructions for how to use their specific app and underlying smart contracts.

Does Bitcoin use smart contracts?

Many think that smart contracts are only executable on overly-complex blockchains, but Bitcoin is a smart contract platform by definition. Many think that smart contracts are only executable on overly-complex blockchains, but Bitcoin is a smart contract platform by definition.

Who writes smart contracts?

Smart contracts were first proposed in 1994 by Nick Szabo, an American computer scientist who invented a virtual currency called "Bit Gold" in 1998, fully 10 years before the invention of bitcoin. In fact, Szabo is often rumored to be the real Satoshi Nakamoto, the anonymous inventor of bitcoin, which he has denied.

What is a smart contract example?

Examples of smart contract applications include financial purposes like trading, investing, lending, and borrowing. They can be used for applications in gaming, healthcare, and real estate; and they can even be used to configure entire corporate structures.

What is the structure of a smart contract?

A contract contains state variables, functions, function modifiers, events, structures, and enums. Contracts also support inheritance. Inheritance is implemented by copying code at the time of compiling. Smart contracts also support polymorphism.

How is a smart contract stored?

The contract is stored on the ledger on the Blockchain. So, whenever a transaction happens, a function is invoked that calls the smart contract and the processing is done. Smart Contracts are stored on the Blockchain because it is important for the contract to be available to the people making transactions.

Is a smart contract legally binding?

Smart contracts are digital agreements that automatically execute transactions between parties, increasing speed, accuracy, and integrity in payment and performance. Smart contracts are legally enforceable if they comply with contract law.