What are they? and why they are innovative?
Wrapped smart contracts are a new concept in the world of blockchain technology. They are designed to make it easier for users to execute smart contracts on different parts of the blockchain without having to switch to different networks or use different wallets. For example, you can use an App written in Solidity from Algorand or Cardano L1s.
In order to understand wrapped smart contracts, it’s important to first understand what smart contracts are. Smart contracts are self-executing computer programs that automatically execute when certain conditions are met. They are a key feature of blockchain technology and are often used for things like financial transactions, digital identity verification, and supply chain management.
The problem with smart contracts is that they are often specific to a particular blockchain network. This means that if you want to use a smart contract on a different network, you would need to switch over to that network and use a different wallet. This can be confusing and time-consuming, especially for people who are not familiar with blockchain technology.
Wrapped smart contracts solve this problem by creating a “wrapper” around the original smart contract. This wrapper allows the smart contract to be used on different blockchain networks without the need for users to switch networks or wallets. Essentially, the wrapper acts as a bridge between the different networks, allowing smart contracts to be executed seamlessly across different networks.
The way this works is that the original smart contract is “wrapped” in a new contract that is designed to work on a different network. This wrapped contract can then be executed on the new network without any changes to the original contract. This means that users can use the same contract on different networks without needing to make any modifications or learn how to use a new wallet.
One of the key benefits of wrapped smart contracts is that they make it easier for developers to create cross-chain applications. This means that developers can create applications that work across multiple blockchain networks, making it easier for users to access and use these applications.
In conclusion, wrapped smart contracts are a new concept in the world of blockchain technology that make it easier for users to execute smart contracts across different networks without the need for switching networks or wallets. They are an important development in the blockchain space that will make it easier for developers to create cross-chain applications and for users to access and use these applications