Question

If all parties want to update a smart contract, they have to build an additional contract, called: multiple choice question.

O an ethereum amendment
O a store-of-value
O a doge agreement
O a proxy contract

Answer 1

A proxy contract can be built to update a smart contract without modifying its core structure or redeploying it. It acts as a middleman between the parties and the original smart contract, forwarding all function calls and data. Proxy contracts allow for the extension of a smart contract's functionality while maintaining its immutability.

Step-by-step explanation:

If all parties want to update a smart contract, they can do so by creating a proxy contract. A proxy contract is a contract that acts as a middleman between the parties and the original smart contract. It can be created to add new functionality or modify existing functionality in the original contract without affecting its core structure.

A proxy contract works by forwarding all function calls and data to the original contract. This allows the parties to update and interact with the smart contract without needing to redeploy or modify the original contract itself. It provides a way to extend the functionality of a smart contract while maintaining its immutability.

For example, if a smart contract is being used to handle a decentralized finance (DeFi) application and the parties want to introduce a new feature like staking, they can create a proxy contract to add the staking functionality without changing the original contract.