If you want to play Web3.0, understanding smart contracts is the key

This article is based on the opinions published by Color Capital partner cantino.eth on his personal social media platform, and the rhythm BlockBeats has compiled and translated it as follows:

Understanding smart contracts can give you a deeper understanding of a project’s popularity, the distribution of its ownership, and its capabilities. Also, you can view the details of each transaction. These are powerful advantages of web 3.0, and one day they may be taught in schools.

First of all, what is a smart contract?

It is a program that executes code on the blockchain when certain conditions are met, and its operation is permitted and maintained by parties in a digitally signed contract. These codes can be anything as complex as sending money to friends, buying or selling NFT virtual goods, and more.

So, how do you find smart contracts?

Ethereum contracts, transactions and wallets can be viewed on Etherscan.

To find an NFT contract, first navigate to the listing on OpenSea and click on “Details”, there will be a “Contract address” link.

click it.

If you want to play Web3.0, understanding smart contracts is the key

There’s a lot to see here, so let’s break it down.

1. “Balance” and “Value”: Here you can display how many Tokens the contract holds.

2. “My Name Tag”: If you are already logged in, you can create a private note for yourself here.

3. “Creator”: This shows the wallet that created the contract, and the link to the original transaction. Let’s click it.

If you want to play Web3.0, understanding smart contracts is the key

Here, we can see details about the transaction that created the contract.

We can see that:

1. Transaction confirmation

2. Timestamp

3. Quantity minted of each token

4. Contract creator

5. Fees paid

These are all valuable content. 

If you want to play Web3.0, understanding smart contracts is the key

Now, let’s go back to the main contract and look at the “Tracker”

After clicking, we can find out:

1. Minimum token value

2. The total supply of the token (max total supply of the token)

3. How many wallet addresses hold the token (how many wallets hold the token)

4. how many transfers have occurred

If you want to play Web3.0, understanding smart contracts is the key

If you want to play Web3.0, understanding smart contracts is the key

Also, here’s a cool thing that most people don’t know about.

Click “Holders” in the list of tabs.

This shows the ranking of the addresses holding the most Tokens in the contract. If you click “Token Holders Chart”, you can even see a graphical address information.

If you want to play Web3.0, understanding smart contracts is the key

If you want to play Web3.0, understanding smart contracts is the key

OK, go back to the main contract page. Let’s take a closer look at the “Transactions” tab.

The first column is a chronological list of all transactions, each of which can be clicked through.

Next are “Methods”, these are the functions that are executed through the contract. Every contract is different, but common methods include minting, transfers, and approval settings.

If you want to play Web3.0, understanding smart contracts is the key

Now, let’s study the “Contracts” tab.

Code: Shows the source code of the contract.

Read Contract: Shows the function of the contract.

Write Contract: This allows you to initiate specific functions (if your wallet has permission), such as destroying tokens, granting roles, suspending, etc.

If you want to play Web3.0, understanding smart contracts is the key

If you want to play Web3.0, understanding smart contracts is the key

Finally, let’s take another look at Analytics.

Here, we can find graphs showing transactions, fees, ETH balances, and more. For example, the picture below shows the rise of Cryptopunks.

Also, I would recommend the data site nansen, which has more details on volume, project wallet overlap, famous token holders, etc.

If you want to play Web3.0, understanding smart contracts is the key

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/if-you-want-to-play-web3-0-understanding-smart-contracts-is-the-key/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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