Your projects as a third party can be powered using the smart contract support by the DMD diamond blockchain. You can also deploy any of your EVM-based smart contract projects on our ecosystem and benefit from our unique offerings in the blockchain space.
What is a Smart Contract, and How to Use It on DMD Diamond Blockchain Version-4?
Smart contracts are automated agreements written in programming codes (for example, Solidity, Ethereum, etc.) between a contract creator and the recipient party. The agreements in programming codes are incorporated into a blockchain, let’s say DMD diamond blockchain, to make it immutable.
Smart contracts on the DMD diamond blockchain version-4 upgrade disintermediate intermediaries like any other smart contract supporting blockchains. It automates the execution of agreements and workflows once certain conditions specified are met without intermediaries.
To use smart contract support on the DMD diamond blockchain, you must understand how smart contract works in the DMD diamond blockchain ecosystem. It works like an “If-then” scenario between the parties involved, meaning the contract can be completed when the other party’s needs are honored within our ecosystem.
How Do Smart Contracts Work On DMD Diamond Blockchain Version-4 Upgrade
Smart contracts on the DMD diamond blockchain work by incorporating your smart contract codes into the DMD diamond blockchain. The codes are then encrypted and stored on our blockchain.
Once your recipient party meets the agreement, the contract is considered complete, and the transaction gets stored on our blockchain. Subsequently, all nodes would have a copy of the transaction, updating as a new network state.
Therefore, a smart contract is built upon agreements and conditions that your recipient meets, followed by turning it into programming codes and incorporated into the DMD diamond blockchain. Execution means the conditions of contracts are met, and then a record of the transactions on the DMD diamond blockchain ecosystem.
Smart Contract Examples
A typical example of smart contract interactions would be seen on our about-to-launch NFT marketplace, where NFT enthusiasts could meet to exchange digital assets ownership. Once your showcased NFT collections interest a buyer, he locks his fund to meet your selling conditions using our native DMD diamond coin, among other requirements. Once you release the purchased NFTs, you have your fund, and then the transaction is stored on our blockchain.
As a buyer, the native DMD diamond coin could be purchased on Bitmart or P2PB2B to your DMD wallet for use on the NFT marketplace via smart contract.
Another example is you, as a third party facilitating your service offerings via smart contract on our ecosystem. For example, you are into real estate, and an individual is looking for a house to purchase. He will lock funds via smart contract, and when you finally offer him an apartment, you get the funds released to you seamlessly.
Benefits of Smart Contracts on DMD Diamond Blockchain
When you offer your services via smart contracts on the DMD diamond blockchain, you stand to benefit from the following unique offerings:
- The first industry HBBFT consensus and DPoS algorithms used by our ecosystem afford the system to be truly decentralized, censorship, and fork resistance, among others. Hence, you would benefit from a decentralized, stable, and robust security-driven ecosystem.
- Higher throughput (400 transaction throughput per second) and a dynamic block time of 1 second. Hence, our ecosystem offers instant transaction finality and no transaction delays.
- Cheaper transaction rates.
- Supports Ethereum Virtual Machine (EVM) based smart contracts, which means you can host a new or deploy your existing EVM-based smart contract project on our ecosystem.
- Has interoperable bridges that enable borderless transactions / interoperability across networks and other cross-chain value transaction methods that provide users access to other chains with DApps (decentralized applications), including games, NFTs, DeFi, etc.
- A good blockchain for the DApps (decentralized applications). Thanks to the above features of the DMD diamond blockchain.
We are committed to more developments that make our ecosystem unique and become competitive in the blockchain space.
Learn more — https://bit.diamonds/
