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Introduction to ChainPact

Overview of the ChainPact's decentralized app and contracts

What is ChainPact

ChainPact lets anyone create an agreement on to blockchain, without any intermediaries. Unlike traditional agreements though, ChainPact depends on conditions coded into smart contract for execution of actions and obligations. The entire pact revolves around fulfilment of conditions on the data about the pact stored in the smart contract. This makes pacts inflexible and direct, as against ambiguous nature of more traditional verbal agreements.

Use Cases

  • Creating a pact with a third party that involves the workflow of a gig work or an employment contract
  • Creating a blockchain-based DAO voting proposal
  • Creating a fund-pooling or fund raising campaign based on blockchain
  • Signing a plain document by multiple people using their web3 wallet

About Smart contracts

Smart contracts are like blocks of code which reside on the blockchain and are executed by the nodes to change the state of the blockchain. The support for this functionality in blockchain platforms like ethereum allows people to carry out more sophisticated data modifications and workflows apart from mere payments alone, as in Bitcoin. The smart contract contains immutable code sent to the blockchain through a transaction and is assigned an address, similar to wallet address, but without any private key. The functionality in the smart contract can then be accessed by sending transactions to this smart contract address.

For instance, assume there is a smart contract code has been set with the condition that only A and B can withdraw a certain amount of money locked in the smart contract. If C tries to withdraw it, the transaction will be rejected. The code for this is clearly visible to the public, as all data is, and all nodes in the blockchain will run this transaction through the smart contract code. This eliminates the concerns around secretive and controlled nature of the application logic in traditional web applications.

Getting started

ChainPact currently lets you create two types of pacts, namely a Gig pact and a proposal pact. In order to create a pact you need a browser extension for a wallet app like Metamask. Head over to the ChainPact dAPP and create a pact!