How does the minting process work under smart contracts?

The minting process under smart contracts involves the creation of new tokens or cryptocurrencies on a blockchain network. Smart contracts are self-executing contracts with predefined rules and conditions that are automatically enforced when specific conditions are met. In the context of minting, smart contracts govern the creation and allocation of new tokens. When someone initiates the minting process by triggering a predefined function or transaction, the smart contract validates the request and allows the creation of new tokens according to the predetermined rules. This process typically involves verifying the minting authority, checking the availability of tokens, updating the token supply, and assigning ownership or distribution of the newly minted tokens. By utilizing smart contracts, the minting process ensures transparency, security, and eliminates the need for intermediaries.

This mind map was published on 19 September 2023 and has been viewed 72 times.