Smart contracts are programs that encode the logic, conditions, and outcomes of agreements and automatically carry out the specified terms. Translating agreements to code is relatively straightforward, but the code must then be executed in a way that all involved parties can trust.
Codius is a platform for securely executing smart contracts and other types of smart programs.
Smart contracts run on Codius can:
- hold assets in one or multiple math-based distributed ledgers, such as Bitcoin and XRP
- collect information from any source connected to the internet
- be written in standard programming languages
Depending on the security model required for a particular smart contract, the contracting parties can select the host or group of hosts they trust. A larger number of hosts can be used to add more redundancy, and thus security, to the contract’s execution and to ensure that the terms are carried out exactly as specified.
Smart contracts are not directly legally enforceable. However, smart contracts could be created alongside corresponding traditional contracts that can provide a legal backing or fallback.
FAQs
Codius is a platform for securely executing smart contracts and other types of smart programs. Smart contracts run on Codius can: hold assets in one or multiple math-based distributed ledgers, such as Bitcoin and XRP.
What does codius mean? ›
Codius is an open hosting protocol. It makes it very easy to upload a program, whether you want it to run on one host or thousands.
How hard is it to write a smart contract? ›
It isn't technically more challenging that most coding languages. To develop basic smart contracts, or decentralized applications (dApps), doesn't required you to have a background in cryptography, game theory, protocol design, distributed computer networks, or anything of the like.
What blockchain is XRP built on? ›
XRP is a cryptocurrency that runs on the XRP Ledger, a blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Can XRP run smart contracts? ›
Instead, the contract is supervised by the distributed, decentralized network of computers that run the blockchain. You can use XRP Ledger escrows as smart contracts that release XRP after a certain time has passed or after a cryptographic condition has been fulfilled.
What is Bitcoin smart contract code? ›
A Bitcoin smart contract is a digital agreement. It is a software code stored then executed across all nodes in the Bitcoin (BSV) Blockchain network. The creator of the smart contract defines the rules and agreed upon by the involved parties.
What is smart contracts for token? ›
A token contract is simply an Ethereum smart contract. "Sending tokens" actually means "calling a method on a smart contract that someone wrote and deployed". At the end of the day, a token contract is not much more a mapping of addresses to balances, plus some methods to add and subtract from those balances.
What is Scrypto language? ›
Scrypto is an asset-orientated smart contract language. The language was developed by Radix, is based on Rust, and keeps most of Rust's features while adding specific functions and syntax for Radix Engine v2.
How do people make money from smart contracts? ›
Smart contracts allow you to automate payments and revenue sharing, which can help you earn revenue from your dApp without manually managing transactions. Another unique opportunity is using decentralized finance (DeFi) protocols.
What are the 4 major parts of a smart contract? ›
These basic components are the properties (static and variable), the logic and the ledger. Each of these components can be mapped directly into technical concepts. Properties represent a data schema, logic represents code, and the ledger corresponds to a database.
Learning resources
You can complete it in two months if you put in 10 hours per week. You'll learn about designing and implementing smart contracts and various methods for developing decentralized applications on blockchain.
How much do smart contract developers make? ›
The average Smart Contract salary (globally) is $138,573 per year.
Can I create my own smart contract? ›
While the nuts and bolts of the technology can seem intimidating, every developer can understand the basics of how to create a smart contract. If you want to learn how to create your own smart contract, you must start at the beginning. Think of a smart contract simply as a computer program that runs on a blockchain.
How much can you make writing smart contracts? ›
Smart Contract Developer Salary - Aug 2023
| Position | Avg Yearly Salary | Max Yearly Salary |
|---|
| Solidity Developer | $130k | $250k |
| Unity Developer | $130k | $200k |
| Cryptography | $127k | $300k |
| Smart Contract Developer | $125k | $250k |
31 more rowsIt is done by using XRP to provide liquidity during cross-border transactions. This service is called On-Demand Liquidity and is used by multinational corporations like Bank of America, Santander, American Express, SBI Remit, and Banco Rendimento.
What wallets use XRP? ›
The common XRP wallets include exchange, hardware, software, and paper wallets. Exchange wallets are suitable for short-term storage, and some of the best ones include Coinbase wallets.
What apps allow XRP? ›
Popular XRP wallets include Binance, Bitcoin IRA, Coinbase, Coinsmart, Ledger Nano, Trezor, Robinhood Crypto, Coinmama, Edge Wallet, Electrum, and Atomic Wallet.
Does anyone use XRP? ›
Through a service that uses XRP to source liquidity during cross-border transactions called On-Demand Liquidity, RippleNet eliminates the need to pre-fund accounts. Remittance players and banking giants like Santander, Bank of America, SBI Remit, American Express and Banco Rendimento use RippleNet.
