This article will introduce the UOS contract and invite developers to deploy contracts on the UOS chain and jointly build the Ulord ecosystem.
The Origin of Smart Contracts
First, let us look at the traditional contract.
We are quite familiar with the traditional contracts, such as purchase contracts and house rent contracts. In these traditional contract, both parties need to sign to confirm, be witnessed by the third party to get the legal effect and ensure the execution of the contract to avoid disputes.
With the development of technology, online electronic contracts have gradually replaced paper contracts. The electronic contract uses the program code to implement the contract terms. When the external conditions are met, the corresponding rules are automatically executed to avoid manual operation and improve the efficiency of contract execution, such as automatic credit card repayments and stock commission transactions.
Although electronic contracts are very convenient, third-party notarization is still indispensable. Banks and exchanges participate as the third-party arbitration institutions.
Although electronic contracts bring convenience to the public life, the third-party notary agencies are independent. They need to collaborate to handle a large number of clearing and delivery tasks. Therefore, the centralized arbitration model encounters bottlenecks.
Smart contracts, first proposed at the end of the last century, are gradually familiar to the public as the development of blockchain technology. From a historical perspective, smart contracts are an inevitable outcome of the development of electronic contracts and centralized arbitration models to a certain extent. It has three major elements: commitment, agreement, and digital forms. It can extend the application to trading, payment, settlement, and clearing in the financial industry, and is widely used in the blockchain. A smart contract means that when a pre-set condition is triggered, the program will automatically execute the corresponding contract terms immediately, without the need for third-party notarization. It is quite convenient and quick.
The Features of UOS Contract
UOS contract is a contract for the sidechain UOS of the public blockchain Ulord. It belongs to smart contract and has all the attributes and features of a smart contract.
First, the data on the UOS contract are traceable and cannot be tampered with. If the bill contract is deployed on UOS, the bills are unique, traceable, and the data on the contract cannot be tampered with to avoid the risk of fraudulent transactions.
Second, when deploying a UOS contract, the contractual requirements and relevant laws of the transaction parties can be written to facilitate real-time supervision and necessary inspection during the transaction to avoid the risk of information asymmetry.
Third, smart contracts can be executed automatically. And they cannot be traded without meeting the contract requirements.
Fourth, UOS has strong compatibility and strives to deploy various types of contracts seamlessly. Currently, the application on the EOS contract can run on UOS with a little configuration; this is very friendly for experienced developers who have deployed DApp on EOS or are developing DApp. They can migrate DApp to UOS with little cost. Besides, the compatibility of UOS is still expanding. In future, DAPP will be linked more efficiently and seamlessly to form a DAPP ecosystem.
Fifth, after the smart contract is written, it can be uploaded to the UOS chain remotely, and the contract will be distributed to each node of the chain to form an unbreakable consensus.
How to Deploy a UOS Contract
The current TPS peak of UOS is at 4302, which means it can handle 4,302 transactions per second, and 4,302 times of contracts call per second. Since UOS contracts have so many advantages, how to deploy UOS?
UOS developers have uploaded document about the UOS contract development environment, deployment, promotion, and node deployment to the Ulord developer community. You can click the link: https://ulorder.one/uosDocument?id=node#a to get the tutorial. Warmly welcome developers to deploy the contract on UOS to create a prosperous Ulord ecosystem.
