Solidity – What is it, definition and concept | 2022

Solidity is a high-level object-oriented programming language. This language is mainly used in applications hosted on the Ethereum network.

In other words, it is the language by which applications based on blockchain technology can be built.

These applications can range from tokenized projects of almost any kind, to the well-known smart contracts or smart contracts. The latter are actually the biggest use of Solidity.

Then, we can say that this language is closely related to the cryptocurrency ecosystem, specifically with the one that has traditionally had the largest world capitalization after Bitcoin itself: Ethereum.

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Features of Solidity

It should be noted that being a language aimed at creating software, it is a high-level language. In other words, a high-level language aims to generate intuitively understandable software without making references to the hardware as low-level languages ​​do.

On the other hand, Solidity is an object-oriented language, which means that it can handle large references to data in its code structure, which can be calculations, databases or predefined objects (Word or PDF files, for example) , among others. Everything depends on the ability of the programmer so that these objects are properly taken into account in the application.

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This aspect is important because smart contracts may host PDF files, in which certain conditions are determined between the signing parties or in which other relevant aspects are taken into account.

For this reason, Solidity is often compared to JavaScript (JS), since it is based on its simplicity and could be considered as its precursor.

How smart contracts work

The mechanism by which a smart contract works is simple and straightforward. First, two or more parties agree to a specific deal. This deal must be in writing and signed by both parties.

Second, the agreed terms and conditions are raised to the application based on the blockchain network. It will no longer be possible to modify a single comma of what is established.1

Thirdly, if the agreed conditions are met, the smart contract will be automatically executed without the need to notify or request permission from any of the parties.

In summary, it can be stated that the operation of smart contracts is independent. So you do not need any intermediary and they are also automatic, so they do not need any supervision.

Application example in Solidity

One case in which this type of contract could occur is in the real estate or real estate sector.

An example could be a house that is rented with the option to buy. The purchase option would only be activated if the tenant (the one who rents) the last month of rent pays the corresponding rent, plus an amount for housing reservation.

If this reservation is not executed, the tenant loses the opportunity to purchase the home, at least under a prior contract. However, if you execute the contract by paying the set reserve amount, the smart contract automatically recognizes you as a ‘potential buyer’.

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This case can occur only if:

  • Owner and tenant have established the necessary conditions via smart contract.
  • The tenant pays the rent and the reservation before the deadline established in the smart contract.
  • The form of payment is compatible with the smart contract (cash would not initially be an option).

In short, this type of application depends on the creativity and expertise of the person who develops this type of project. Therefore, it depends on your ability to program and quality of work.

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