Quai Network is a programmable blockchain. A programmable blockchain is a type of blockchain that allows for the execution of programmable code, referred to as smart contracts. Smart contracts allow for the automation of certain processes and the creation of decentralized applications (dApps) on top of Quai Network.
A smart contract is a self-executing contract with the terms of agreement between buyer and seller directly written into lines of code. When deployed on Quai, the agreements contained in smart contracts exist as a permanent record of the agreement over a decentralized network
A distributed state machine is used to execute smart contracts on Quai. A distributed state machine is a virtual machine that runs on a network of computers, rather than a single device. The Ethereum Virtual Machine was the first blockchain-based distributed state machine, and provides a powerful groundwork for programmable blockchains like Quai to start with.
The benefits of smart contracts include increased security and transparency, the automation of processes, and automatic contract execution.
Smart contracts, along with the code they contain, are publicly visible once deployed to Quai Network. This public availability allows contracts to be publicly audited by any network participant, and allow users to view exactly what a contract will do before interacting with it.
Smart contracts allow many previously manual processes involving value to be automated. Smart contracts have the capability to function as intermediaries, escrows, order books, and much more.
Smart contracts automatically execute when a user interacts with them, allowing blockchain-based economies to operate around-the-clock. Automated contract executions ensure that no administrators
While traditional blockchains allow smart contracts to be deployed on a single blockchain, Quai Network's architecture enables trustless interaction between contracts deployed on different Quai blockchains. Multi-chain smart contracts allow ERC-20 and ERC-721 tokens to traverse chains within Quai, opening a new avenue of exploration into the potential of multi-chain smart contracts.