Smart Contracts and Github Repo
Last updated
Last updated
The Smart Contract is one of the fundamental components within a financial blockchain. Chipit contract serves as the digital agreement between engaging parties that is subsequently stored in the blockchain, solidifying prior transactions made on the chain. These contracts may be determined between two parties, through peer-to-peer (P2P), person-to-organisation (P2O) and person-to-machine (P2M) business.
The Chipit smart contracts work similarly to those on popular networks, whereby once a given criteria is fulfilled, the financial contract is automatically performed and the holder’s assets, where that be fiat money, digital currency, and other personal data, are then exchanged between the contracting parties. To prove the transaction occurred, the data is then replicated and validated on the Blockchain.
Smart contracts allow individuals and organisations to exchange fiat and assets in an unprecedented format, opening up the possibility of disintermediating the entire legal system and establishing a new branch of virtual agreements.
The Smart Contracts that contain all Chipit on-chain transactions are key for user security assurance, keeping the tokens and NFTs minted on the Chipit ecosystem safe from fraudulent persons and loss of data.
The foundation of the Chipit technology stems from the functionality of GitHub, which has the capability to fork (copy) a repository from one system to another. GitHub has allowed Chipit to fork the Ethereum Classic chain and repurpose the technology to create a project without re-writing any of the source code.
Prior to the advent of GitHub, if developers wanted to contribute to an open-source project, they were required to manually download the project’s source code, make changes locally, create a list of changes called a “patch” and then email the patch to the project’s maintainer. The maintainer would then have to evaluate this patch, possibly sent by a total stranger, and decide whether to merge the changes.
Even for maintainers who disregard the GitHub interface, it can still ease management. Lowering the barrier to entry democratizes open-source development, and helps young projects grow with a secure and supportive base.
