A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. This means that the contract is automatically executed when the specified conditions are met, without the need for manual intervention or third-party oversight.
Smart contracts are often used in blockchain applications to automate the management of assets and to facilitate transactions. They provide a secure and transparent way to exchange value, as the terms of the contract are transparent and can be verified on the blockchain.
Smart contracts are a key feature of blockchain technology and are used in a variety of applications, including supply chain management, voting systems, and decentralized finance.
How are they used for gaming?
Smart contracts are commonly used in the gaming industry to automate the management of in-game assets and to facilitate transactions. For example, a smart contract could be used to manage the ownership and trade of in-game items, such as weapons, armor, or collectibles.
When a player buys or sells an in-game item, the transaction is recorded on the blockchain and the smart contract automatically updates the ownership records and transfers the item to the new owner. This eliminates the need for manual intervention and ensures that the transaction is secure, transparent, and verifiable.
Smart contracts are also used in Web3 games, which are games that run on a blockchain and use cryptocurrencies and non-fungible tokens (NFTs) as in-game assets. In Web3 games, smart contracts are used to automate the management and trade of NFTs, as well as to facilitate transactions between players.
Overall, smart contracts are an important technology for the gaming industry, as they provide a secure and transparent way to manage and trade in-game assets, and enable the creation of new types of games and game mechanics.
Does Guild of Guardians use smart contracts?
Yes! Guild of Guardians executes the use of smart contracts for the $GOG token, as well as for our NFT collections.
If you'd like to see and read our smart contracts, you can check out the $GOG token smart contract here on Etherscan.io where the verified contract source code is available to read.