Smart Contracts and dapps is the mandatory techniques of this upcoming transaction process. A Dapp is a 'blockchain enabled' website, where the Smart Contract is allows it to connect to the blockchain.
A Dapp is very similar to a conventional web application. The front end uses the exact same technology to render the page.
In this blog we going to know about both Smart Contract and Dapps (Decentralized Application) working process.
What is Smart Contract
Smart contract is the efficient system to make your transaction process in in top secure manner. It is a computer code run with the blockchain and contain with certain rules which the parties of smart contract agree to interact each other
Smart Contract is the connect of two people run under the blockchain coding also stores in public data base which cannot change. This transaction process happen in smart way done by automatically with out any guidence of third party.
Smart contract Works:
It works with legally binding which means that once signed all parties are legally obligated to do what they have agreed to. Contracts are legally enforceable as well. Breach of contract is when one party does not do what the party agreed to do in the contract.
Also smart contract listed in different tokens
ERC20: In this token it is probably the best known smart contract in the world, which is used to launch a token on the Ethereum blockchain of best service.
ERC-223: Here it is a little upgrade version of ERC20. It has an improvement on the ERC20, but not yet a standard, if no bugs happen to appear in this smart contract it might replace ERC20.
ERC-721: This is a smart contract for creating tokens that are used for crypto kitties, where every token is unique.
What is Dapp (Decentralized Application)
Dapp Application is similar to web application, A decentralized application is a computer application that runs on a distributed computing system. DApps have been mostly popularized by distributed ledger technologies, namely the Ethereum Blockchain,
Working process of Dapp:
If someone requested for crypto transaction. That requested transaction will be shares through broadcast P2P network consist of computer the nodes. Once the P2P network receives the information and validates the user status which is known as algorithm.
If the transaction involved in cryptocurrency contracts or records those supply will not be determined by central bank network it is completely decentralized.
And once the transaction is verified, the new block will be created and combined with the block ledger. Then the new ledger will be added to the existing blockchain ledger in the term of permanent and unalterable. At the end transaction will be completed with most trusted secure pattern
Smart Contract VS Decentralized Application what is the difference
Where Dapp is the front end system of website showcase as inner coding of blockchain has placed like back end denotes as smart contract