What is Event Trigger?
Let's find out Event Trigger meaning, definition in crypto, what is Event Trigger, and all other detailed facts.
An Event Trigger is a term used to describe the event that’s activated in order to execute automated commands.
Before we dive into this term, you first have to understand what exactly is an event.
When it comes to the crypto sector, events are responsible for carrying out crucial tasks within the blockchain. Generally speaking, events enable communication between various smart contracts.
In essence, a smart contract is a program with automation abilities. It takes the terms and conditions of the agreement between the buyer and the seller and turns them into code. This code is responsible for the response with user interfaces (UI).
This allows smart contracts to produce events and track and store transaction logs once a transaction has been mined. Then the front end of the blockchain can process it.
In most cases, users have to interact with the blockchain and sign a transaction manually in order to call a smart contract. Automation that’s implemented within smart contracts is utilized to make this process simpler.
Pre-determined triggers remove the need for user’s to carry out specific actions themselves. Automation tools have the ability to recognize events and set off the pre-determined triggers that activate the built-in processes of smart contracts.
Event triggers are especially useful when trying to make a specific process more efficient. Let’s take a look at a few examples:
- Blockchains, where users experience slow transaction speeds or increasing gas fees, can benefit from implementing event triggers such as notifying users when the threshold for gas fees is reached due to congestion within the network;
- Notifications regarding suspicious activity can be applied in crypto holder’s wallets;
- Trade markets can introduce specific action triggers when the price of a cryptocurrency fluctuates to a certain level.
It entails the exchange functioning as a facilitator to assist the parties' transactions.<\/p>\n<p>A decentralized exchange, on the other hand, allows peer-to-peer cryptocurrency trading and is managed without the need for a central government. <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//uniswap/" target=\"_blank\" rel=\"nofollow noindex noopener\">Uniswap<\/a> and ApolloX DEX<\/strong> are a few examples. The decentralized exchange has a few benefits such as anonymity, vast variety, and reduced risks of hacking. Also, the <strong>volatility<\/strong> levels will be lower if there is more volume on an exchange.<\/p>\n<p>Furthermore, cryptocurrency exchanges have skyrocketed in popularity and influenced the rise of digital currencies, in general.<\/p>\n<p>Overall, exchanges act as <strong>middlemen,<\/strong> accepting payment via credit cards or other kinds of electronic payment in return for cryptocurrencies. Likewise, the exchange frequently charges a fee for this service. Digital assets can be instantly transferred to a consumer's <strong>digital <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">wallet.","definition":"A cryptocurrency exchange is a virtual marketplace that lets customers trade cryptocurrencies as well as assets for other cryptocurrencies or fiat money.","status":"published","meta_title":"What is Exchange? Definition & Meaning | Crypto Wiki","meta_description":"Exchange meaning: Exchange - A cryptocurrency exchange is a virtual marketplace that lets customers trade cryptocurrencies as well as assets for other cryptocurrencies or fiat money.","meta_keywords":null}" :prev-section="{"id":336,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Ethereum#Virtual_machine","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-04T04:58:11.000000Z","slug":"what-is-ethereum-virtual-machine-evm","title":"What is Ethereum Virtual Machine (EVM)?","section":"E","keyword":"Ethereum Virtual Machine (EVM)","content":"<p><strong>Ethereum Virtual Machine (EVM)<\/strong> <strong>is a computation engine<\/strong> that functions as a decentralized computer with millions of projects to be executed. It acts as the virtual machine that drives the entire Ethereum operating system where task execution and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a> happen.<\/p>\n<p>The EVM's purpose is to add a number of new processes to the blockchain so that users have fewer problems with the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-distributed-ledger/">distributed ledger<\/strong><\/a>. To ensure blockchain consensus, every Ethereum node runs on the EVM. <strong>The code inside the EVM is entirely isolated<\/strong>, which means it has no access to the network, file system, or any other processes.<\/p>\n<p><strong>Externally Owned Accounts (EOA) and<\/strong> <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-contract-account/">Contract Accounts<\/strong><\/a> are the two types of accounts that are recognized equally by the EVM. Account abstraction attempts to convert these two into a single account because EOAs and Contract Accounts are interchangeable and work pretty much the same. Contract accounts are maintained in the smart contracts while EOAs are managed by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-key-secret-key/">private keys<\/strong><\/a>.<\/p>\n<p>The majority of the source code of smart contracts is written in the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-solidity/">Solidity programming language<\/strong><\/strong><\/a>. A contract written in the smart-contract coding is transformed into what is known as <strong>bytecode<\/strong>. After that, it is transformed into <strong>opcodes<\/strong> that EVM interprets and uses the operation codes to accomplish specific tasks.<\/p>\n<p>Thus, EVM is one of the biggest projects that run in the cryptocurrency world and it acts as a massive decentralized computer that executes various operations on the blockchain.<\/p>","definition":"a Turing-complete blockchain-based software that executes code exactly the way it was intended.","status":"published","meta_title":"What is Ethereum Virtual Machine (EVM)? Definition & Meaning | Crypto Wiki","meta_description":"Ethereum Virtual Machine (EVM) meaning: Ethereum Virtual Machine (EVM) - a Turing-complete blockchain-based software that executes code exactly the way it was intended.","meta_keywords":null}" :model="{"id":870,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Virtual_event","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2023-12-04T05:04:57.000000Z","slug":"what-is-event-trigger","title":"What is Event Trigger?","section":"E","keyword":"Event Trigger","content":"<p>An <strong>Event Trigger<\/strong> is a term used to describe the <strong>event that’s activated in order to execute automated commands<\/strong>.<\/p>\n<p>Before we dive into this term, you first have to understand what exactly is an event.<\/p>\n<p>When it comes to the crypto sector, events are responsible for carrying out crucial tasks within the blockchain. Generally speaking, events enable communication between various smart contracts.<\/p>\n<p>In essence, a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contract<\/strong><\/a> is a program with automation abilities. It takes the terms and conditions of the agreement between the buyer and the seller and turns them into code. This code is responsible for the response with <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-user-interface-ui/">user interfaces (UI)<\/strong><\/a>.<\/p>\n<p>This allows smart contracts to produce events and track and store transaction logs once a transaction has been mined. Then the front end of the blockchain can process it. <\/p>\n<p>In most cases, users have to interact with the blockchain and sign a transaction manually in order to call a smart contract. Automation that’s implemented within smart contracts is utilized to make this process simpler. <\/p>\n<p><strong>Pre-determined triggers remove the need for user’s to carry out specific actions themselves<\/strong>. Automation tools have the ability to recognize events and set off the pre-determined triggers that activate the built-in processes of smart contracts. <\/p>\n<p><strong>Event triggers are especially useful when trying to make a specific process more efficient<\/strong>. Let’s take a look at a few examples:<\/p>\n<ul>\n<li>Blockchains, where users experience slow transaction speeds or increasing gas fees, can benefit from implementing event triggers such as notifying users when the threshold for gas fees is reached due to congestion within the network;<\/li>\n<li>Notifications regarding suspicious activity can be applied in crypto holder’s wallets;<\/li>\n<li>Trade markets can introduce specific action triggers when the price of a cryptocurrency fluctuates to a certain level.<\/li>\n<\/ul>","definition":"is a process that initiates a planned event.","status":"published","meta_title":"What is Event Trigger? 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He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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