Smart contracts

Smart contract

A smart contract is a program that runs on a blockchain, such as Ethereum, Polygon, Arbitrum, BNB Chain, Solana, etc. It is deployed at a specific address on the blockchain. Smart contracts enable self-executing agreements with predefined rules and conditions, eliminating the need for intermediaries.


An account in the context of Ethereum refers to an entity with an ether (ETH) balance that can send transactions on the Ethereum network. There are two types of accounts: externally owned accounts (EOAs), which are controlled by private keys, and contract accounts, which are deployed smart contracts.


In the context of blockchain, an address refers to the hashed form of a public key that belongs to a specific user or contract. It is used to identify participants on the blockchain network. In Ethereum, addresses are typically represented as hexadecimal strings and are used to send and receive transactions.

Chainlink VRF

Chainlink Verifiable Random Function (VRF) is a provably-fair and verifiable source of randomness designed for smart contracts. It's a solution to one of the major challenges in blockchain development: generating a secure and truly random number.

Here's how it works:

Request: A smart contract requests randomness from the Chainlink VRF. This request includes a seed value, which can be any number - often, the current block's hash or timestamp is used.

Generate: Chainlink VRF generates a random number and a cryptographic proof. The random number is generated based on the seed and the private key of the oracle node.

Respond: The random number and the proof are sent back to the smart contract.

Verify: The smart contract verifies the proof. It checks that the Oracle node used its known public key and the seed from the original request to generate the random number. If the proof is valid, the random number is accepted.

This process ensures that the random number is truly random and that the oracle node cannot tamper with the result. It provides a reliable way for smart contracts to obtain secure and provably fair random numbers.

Chainlink VRF is often used in blockchain games, gambling apps, and anywhere else a random input is needed in a smart contract.


A token represents an asset or value on a blockchain. Tokens can be fungible or non-fungible. Fungible tokens, such as ERC-20 tokens, are identical and mutually interchangeable, while non-fungible tokens (NFTs), such as ERC-721 tokens, are unique and have distinct characteristics.


ERC-20 is a widely adopted standard for creating and issuing tokens on the Ethereum blockchain. It defines a set of rules and functions that allow for the implementation of fungible tokens. Many popular cryptocurrencies, such as USDT, Apecoin, Dogecoin, and Shiba Inu are ERC-20 tokens.


ERC-721 is a standard for creating and managing non-fungible tokens (NFTs) on the Ethereum blockchain. Unlike ERC-20 tokens, each ERC-721 token is unique and has its own distinct properties and ownership. ERC-721 tokens are commonly used to represent digital collectibles, in-game assets, or unique items.

Renounced ownership of smart contracts

Renouncing ownership of a smart contract means the original developer or owner relinquishes control over the contract and the associated assets. This is often done to enhance trust and decentralization within the Web3 ecosystem. When ownership is renounced, the contract becomes immutable, and nobody can change how it operates.

Smart contract ABI

ABI stands for Application Binary Interface and is a standardized way to interact with smart contracts on the Ethereum network. It defines the functions and data structures of a smart contract in a format that can be understood and used by external entities. The ABI specifies the encoding and decoding rules for data exchange between contracts and external applications.

Smart contract audit

A smart contract audit is a comprehensive review and analysis of a protocol's smart contract code to identify potential security vulnerabilities or flaws. The audit aims to ensure that the smart contract functions as intended, without any loopholes or weaknesses that could compromise the security or user funds. Audits are typically conducted by specialized firms or security experts.


Solidity is the most popular programming language used by Web3 developers to write smart contracts for the Ethereum blockchain. It is a statically-typed, high-level language specifically designed for creating smart contracts. Solidity enables developers to define the behavior and logic of contracts and is supported by a range of development tools and frameworks.

Total value locked

Total value locked (TVL) is a metric used to assess the total value of assets locked or invested in a specific decentralized finance (DeFi) platform or smart contract. It represents the sum of all the assets (tokens or cryptocurrencies) users have deposited or staked within the protocol. TVL is often used as an indicator of a protocol's popularity and the amount of trust users place in it.


Transactions in the context of blockchain are cryptographically signed instructions initiated by accounts. A transaction represents a state-changing operation on the Ethereum network, such as transferring ETH from one account to another, invoking a smart contract function, or deploying a new smart contract. Transactions contain relevant information, such as sender and recipient addresses, transaction value, gas price, and data payload.