The blockchain plays a vital role in bringing real-world value to the rapidly growing metaverse ecosystem. Metaverse applications can be optimized using smart contracts, a key capability of blockchain technology.
Smart contracts are simple pieces of code responsible for initiating all blockchain actions. They verify and execute an agreement only if specific preconditions are met. For example, purchasing a commodity in the metaverse can be facilitated using a smart contract that executes the transaction when the required conditions are fulfilled.
Use Cases of Smart contracts in the metaverse
Trade and exchange: In the metaverse, smart contracts automate processes and ensure that transactions and trades conform to predetermined rules. All trades and exchanges are governed by smart contracts, creating a virtual economy with various utility tokens, NFTs, and other digital assets (i.e. wearables, estates and avatars, etc.) that users can trade with each other.
Governance and decision-making: Smart contracts also enable users to form groups, participate in decision-making activities, cast votes, and pool capital together through a DAO.
Upgrade application functionality: Smart contracts also enable developers to upgrade their metaverse applications without changing their underlying code.
In conclusion, utilizing smart contracts and blockchain technology is crucial for creating a thriving and sustainable metaverse. Smart contracts are essential in the metaverse to increase the security and transparency of transactions in various areas such as eCommerce, real estate, media & entertainment, and gaming. A metaverse powered by smart contracts and blockchain technology requires negligible or no maintenance cost unlike single authority companies such as Meta (Facebook) and Microsoft who face the limitations of data privacy and high infrastructure maintenance costs as they build their metaverses.
Smart contracts on Klaytn
Klaytn currently utilizes Solidity as the primary programming language as it is a widely used contract language for Ethereum and has a large user base and an active community.
klaytn-contracts is an open-source smart contract library that offers reusable building blocks for developers to quickly and easily use in their Klaytn-based projects. It contains a full suite of standardized smart contract interfaces, libraries, and implementations, enabling developers to inherit and develop applications quickly and safely.
Klaytn Improvement Proposals (KIPs) outline the standards for the Klaytn platform, including core protocol specifications, client APIs, and contract standards. Token standards such as KIP7 (Fungible Tokens), KIP17 (Non-Fungible Tokens), and KIP37 (Multi-tokens) are some of the key contract standards for Klaytn-based projects.