WHAT IS SOLIDITY? LEARN ABOUT THE ETHEREUM PROGRAMMING LANGUAGE AND SMART CONTACT

What is Solidity?

Solidity is an object-oriented, high-level programming language used to create smart contracts that automate transactions on the blockchain. After being proposed in 2014, the language has been developed by the contributors of the Ethereum project. This language is mainly used to create smart contracts on Ethereum and create smart contracts on other blockchains.

 

Solidity is similar to one of the most popular programming languages ​​out there, JavaScript. Solidity can be thought of as a dialect of JavaScript. This means that if a developer understands JavaScript, then Solidity can be easily understood. Solidity also shares similar characteristics with the C++ and Python programming languages.

 

As a high-level language, Solidity eliminates the need to enter code in units and zeros. It makes it much easier for people to write programs in a way that they find easier to understand, using a combination of letters and numbers.

 

How Solidity Works

The beauty of the Ethereum ecosystem is the plethora of different cryptocurrencies and decentralized applications that can use it. Smart contracts enable unique technologies created on Ethereum for all types of businesses and institutions.

 

Every year, the world spends billions of dollars on blockchain solutions. Many of these solutions are created with Solidity. Smart contracts built with Solidity can be seen as a way to automate business and non-business processes between different people. This ensures that those conducting transactions on the blockchain do not have to worry about risks such as fraud or not being able to use the same currency.

 

One of the key components that help execute Solidity code is the EVM. The EVM is described as a virtual computer on the blockchain that turns people's ideas into code that runs applications on the blockchain.

 

Solidity generates machine-level code that is executed on the EVM. Compilers are used to break down human-readable high-level code that turns into instructions that the processor reads. Various platforms offer free Solidity compilers, including Remix online compiler and command-like compiler downloaded on PC.

 

Applications of Solidity

Solidity is used to create smart contracts for fungible tokens and non-fungible tokens. Different standards are used to build fungible tokens and non-fungible tokens in the Ethereum ecosystem.

 

These allow different types of use cases to be created for people using the blockchain. Solidity allows anyone to use fungible tokens and non-fungible tokens on Ethereum. From minting non-fungible tokens to adding them to yield farming pools for more profit, different types of tokens are made possible by Ethereum.

 

Decentralized autonomous organizations (DAOs) are also possible thanks to Solidity. DAO, is a new type of online organizational structure, mainly written in Solidity. DAOs allow different people to come together as members on an online platform where they vote on important DAO decisions.

 

Solidity makes it possible for users to automate processes in the DAO. Examples of process automation in DAOs include voting on important decisions and allocating reputation to DAO members for their contributions to the team.

 

What is a smart contract?

Smart contract (Smart contract) is a protocol or a computer program, which is operated automatically based on approved conditions from both parties (user and application).

 

Advantages and disadvantages of Solidity

Advantages of Solidity

Solidity provides inheritance properties in contracts that include multi-level inheritance properties.

Smart contracts provide a secure, easy, and reliable means for different sources with the participation of two parties to make an agreement about something.

Many type-safe functions are also supported in Solidity through ABI (Application Binary Interface) support.

Disadvantages of Solidity

Once the contract is made, it cannot be upgraded. Programmers cannot add extra features to it.

Since solidity is a new language in the market, it has more disadvantages than other languages ​​like Python, C++ and Javascript. Other languages ​​have a definite advantage in this as different languages ​​have a large number of developers to deal with them.

Data is only available from transactions. There are no other sources for information in terms of creating problems for the machine to function properly.

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