To master Web 3.0, understanding smart contracts is key

Original author: cantino.eth, Partner at Color Capital
Original translation: 0x137, Rhythm BlockBeats

This article is compiled from the views published by Color Capital partner cantino.eth on his personal social media platform, and is organized and translated by Rhythm BlockBeats as follows:

Understanding smart contracts can give you deeper insights into a project's popularity, the distribution of its ownership, and its capabilities. Additionally, you can view detailed information about each transaction. These are powerful advantages of web3.0, and one day, they may become part of the curriculum in schools.

First, let's clarify what a smart contract is.

It is a program that executes code on the blockchain when specific conditions are met, with parties allowing and maintaining its operation through digitally signed contracts. This code can encompass a range of complex activities, such as sending money to friends, buying and selling NFT virtual goods, etc.

So, how do you find a smart contract?

Ethereum contracts, transactions, and wallets can be browsed on Etherscan.

To find an NFT contract, first navigate to the list on OpenSea, then click on "Details," where a "Contract address" link will be displayed.

Click it.

There is a lot to look at here, so let's break it down.

1. "Balance" and "Value": This shows how many Tokens the contract holds.

2. "My Name Tag": If you are logged in, you can create private notes for yourself here.

3. "Creator": This shows the wallet that created the contract, along with a link to the original transaction. Let's click on it.

Here, we can see detailed information about the transaction that created the contract.

We can see:

1. Transaction confirmation

2. Timestamp

3. Quantity minted of each token

4. Contract creator

5. Fees paid

These are all valuable pieces of information.

Now, let's return to the main contract and take a look at the "Tracker."

After clicking, we can learn about:

1. Minimum token value

2. Max total supply of the token

3. How many wallets hold the token

4. How many transfers have occurred

Additionally, there is something cool that most people don't know about.

Click on the "Holders" tab in the list.

This shows the ranking of addresses holding the most Tokens in the contract, and if you click on "Token Holders Chart," you can even see a chart of the address information.

OK, back to the main contract page. Let's dive into the "Transactions" tab.

The first column is a list of all transactions arranged chronologically, each of which can be clicked on.

Next is "Method," which are the functions executed through the contract. Each contract is different, but common methods include minting, transferring, and approval settings.

Now, let's examine the "Contracts" tab.

Code: Displays the source code of the contract.

Read Contract: Displays the functions of the contract.

Write Contract: This allows you to initiate specific functions (if your wallet has permission), such as burning Tokens, granting roles, pausing, etc.

Finally, let's take a look at "Analytics."

Here, we can find charts displaying transactions, fees, ETH balance, etc. For example, the image below shows the rise of Cryptopunks.

Additionally, I recommend the data site Nansen, which provides more detailed information about quantities, project wallet overlaps, famous Token holders, and more.