What are the different types of smart contracts?

What are the different types of smart contracts?

Smart contracts can be categorized into several types, including public, private, and consortium contracts. Public contracts are open to anyone on the blockchain, while private contracts are restricted to specific parties. Consortium contracts are controlled by a group of organizations.

Can you explain public smart contracts in more detail?

Sure! Public smart contracts are deployed on a public blockchain, like Ethereum, and are accessible to anyone. They are transparent and immutable, meaning once deployed, they cannot be changed. This makes them ideal for applications like decentralized finance (DeFi) and token sales.

What about private smart contracts?

Private smart contracts are used within a closed network, allowing only authorized parties to access and execute them. They offer more privacy and control, making them suitable for businesses that need to keep their transactions confidential.

Are there any real-world examples of these contracts?

Yes, real-world examples include supply chain management using private contracts for tracking goods, and public contracts for decentralized applications like Uniswap in the DeFi space.