This Repository is dedicated to code for Alogrand Smart Contracts using Choice Coin. Read Docs for how to implement Algogenous Smart Contracts for your own applications. Smart contracts are programs that automatically execute, transferring cryptocurrency between parties. In other words, smart contracts are logically executed on a blockchain to transfer assets without only computational or formalized oversight. Algorand Smart Contracts (ASCs) allow for global payments and financial transactions, with instantaneous processing and only marginal fees – less than $0.01 in total value. As typically described the three types of ASCs are: (1) Stateful Smart Contracts; (2) Stateless Smart Contracts; and (3) Algogeneous Smart Contracts.
Overview on Choice Coin Smart Contracts
A smart contract is a logical transaction between parties on the blockchain. First theorized by computer scientist, Nick Szabo in the 1990s, smart contracts have grown to be a vital element of Web 3. But, it wasn’t until blockchain technology become more widespread that smart contracts had a robust growth trajectory. In fact, smart contracts already form the bedrock for the approximately $1T blockchain and cryptocurrency market. The critical importance of this technology, what it is and how we talk about it, are addressed in this paper with an emphasis on appreciating the broad scope of this innovation and the impact it will have on the future through real world use.
One definition is proposed by The Founder of Ethereum, Vitalik Buterin, defining a smart contract as, “systems which automatically move digital assets according to arbitrary pre-specified rules. In other words, a smart contract is a computer program which automatically executes, transferring cryptocurrency. In fact, Ethereum’s blockchain is tailored for the execution of smart contracts. This definition has been most largely adopted by industry as Ethereum is the main smart contract platform in the world.
Stateful refers to the contract’s ability to store information in a specific state on the network. For example, one type of stateful smart contract is a request payment function, allowing a user to request payment from another user. Generally, Stateful Smart Contracts are logical programs which store data on the blockchain. Stateless Smart Contracts differ in that they validate transactions between parties, like an escrow and more like a contract in the traditional sense. Stateless Smart Contracts on the Algorand Network also act as signature delegators, signing transactions, thus validating them on the main blockchain network. By analogy, many describe Stateless Smart Contracts as essentially equivalent to escrow functions. Indeed, the essential design purpose for Stateless Smart Contracts were to approve or deny blockchain transactions.
Representing a technical convergence of Stateless and Stateful Smart Contracts, Algogeneous Smart Contracts include an innovative integration with artificial intelligence. Where previous ASCs must be stateful or stateless, Algogeneous contracts may be stateful, stateless, or both.