Smart Contract
Let’s discuss the smart contract in detail.
Smart contracts are computer programs that are non-modifiable once deployed, and automatically executed when the criteria defined in it meet.
In simple words, smart contracts are computer programs written in a programming language. These are non-changeable i.e, can’t make changes once deployed. This contract has functions in it, which can be called and executed when required. It can be automatically executed if defined in a certain way. Smart Contracts form the backbone of dApp.
These contracts are deployed on blockchain-based networks. There are test networks, which are used during the development stage to verify the working of the application.
Gas Fee
Once the smart contract is deployed, the execution of the smart contract needs gas fees. Smart Contracts are executed in a Virtual Machine. Ethereum manages the smart contract with the Ethereum Virtual Machine (EVM). These gas fees are paid in terms of cryptocurrencies. Ethereum uses Ether.
This gas fee depends on the complexity of the smart contract. More complex smart contracts require more gas fees. This is implemented to prevent numerous smart contracts and complex smart contracts from being executed on the Virtual Machine. A complex smart contract can overload the system.