Smart Contract

About Smart Contract

Smart Contract is an automated computational code that operates on the blockchain to execute predefined conditions and actions within a contract. It is a crucial component of blockchain technology, aiming to eliminate third-party intermediaries and ensure the automatic execution of transactions and contracts, resulting in safer, transparent, and efficient transactions and contract management.

Smart contracts are typically written in programming languages and stored on the blockchain as code. They can encompass a series of rules, conditions, functions, and events similar to regular contracts, but smart contracts are more automated and executable.

Once deployed on the blockchain, smart contracts remain permanently stored on the blockchain network, independent of any single entity's control. When predefined conditions are met, smart contracts automatically trigger and execute the specified actions, without the need for third-party intervention.

Smart contracts find extensive applications in blockchain applications, including cryptocurrency transactions, NFT issuance and trading, decentralized finance (DeFi), supply chain management, bill settlement, and more. They offer these applications a more secure, efficient, and reliable transaction and contract mechanism, providing technical support for the decentralized nature of blockchain.

While smart contracts bring numerous advantages, they also require careful design and review to avoid potential vulnerabilities and risks. Therefore, developers and users need to thoroughly assess and ensure the correctness and security of the code before utilizing smart contracts.

MMC fully embraces smart contracts for implementation, striving to ensure openness and transparency.

Modules implemented using smart contracts include:

  1. NFT

  2. MMC Tokens

  3. NFT Marketplace

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